By Eric Curl
July 29, 2024 – The Savannah College of Art and Design’s net worth increased by almost $220 million to more than $1.5 billion during the fiscal year that ended June 30, 2023, according to the nonprofit’s latest IRS 990 form.
That growth came after SCAD reportedly generated almost $777 million in revenue during the 12-month period, while expenses amounted to almost $557 million.
About $593 million in revenue came from tuition and fees, while more than $109 million was derived from housing and food service.
Check out Savannah Agenda’s SCAD property map and database
SCAD President Paula Wallace earned more than $2.7 million in compensation during the year. which is determined by SCAD’s board in conjunction with an independent consulting firm, according to the report.
Nonprofits such as SCAD are required to file the 990 forms to retain their tax-exempt status. The financial reports are public documents and published on websites such as nonprofit tracker Guidestar.org, where Savannah Agenda obtained the report.
The latest report comes about three years after the university reported its net worth first topping $1 billion in 2020. Meanwhile, the number of reported employees increased from 3,095 in the 2022 fiscal year to 3,832 in FY23. That shows a sharp recovery after the employee county dropped from 3,997 in the 2020 fiscal year report and to 3,207 in the 2021 fiscal year report.
The university also reported providing education services to more than 14,500 students seeking undergraduate and graduate degrees in 2020, while the number of students increased to more than 16,000 in the 2023 report.
Report highlights include:
- Net assets: $1,551,592, 859 (Up from $1,331,672,465)
- Total revenue: $776,798,715 (Up from $$622,387,162)
- Total expenses: $556,719,421 (up from $$515,629,941)
- Revenue less expenses: $220,079,294 (up from $106,757,221)
- President Paula Wallace’s total compensation: $2,740,721 (down from $2,892,437)
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