Civic Intelligence

Spelman College

990 • Fiscal year 2015 • EIN 58-0566243

Jul 01, 2014 to Jun 30, 2015 • Filed on May 11, 2016

350 Spelman Lane SWAtlanta, GA 30314

(404) 681-3643

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

30th percentile

0.19x

Higher debt load relative to assets than 30% of similar nonprofits.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2015

Liabilities / Revenue

67th percentile

0.77x

Higher debt load relative to revenue than 67% of similar nonprofits.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2015

Net Margin

81st percentile

19%

Higher net margin than 81% of similar nonprofits.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2015

Top Officer Pay

27th percentile

$500,517

Higher top officer pay than 27% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2015

Asset Growth

31st percentile

-0.9%

Faster asset growth than 31% of similar nonprofits.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Revenue Growth

66th percentile

8.3%

Faster revenue growth than 66% of similar nonprofits.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Assets

Down

$565,729,276

Down $5,244,317 (-0.9%) from 2014

Net Assets

Down

$459,224,387

Down $4,840,790 (-1.0%) from 2014

Liabilities

Down

$106,504,889

Down $403,527 (-0.4%) from 2014

Revenue

Up

$137,519,279

Up $10,497,717 (+8.3%) from 2014

Expenses

Up

$111,492,523

Up $8,945,912 (+8.7%) from 2014

Net Income

Up

$26,026,756

Up $1,551,805 (+6.3%) from 2014

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0B$500M$0Assets 2010: $486,702,683Liabilities 2010: $120,129,504Net Assets 2010: $366,573,1792010Assets 2011: $512,177,411Liabilities 2011: $115,742,467Net Assets 2011: $396,434,9442011Assets 2012: $508,108,237Liabilities 2012: $118,018,440Net Assets 2012: $390,089,7972012Assets 2013: $523,703,169Liabilities 2013: $110,501,584Net Assets 2013: $413,201,5852013Assets 2014: $570,973,593Liabilities 2014: $106,908,416Net Assets 2014: $464,065,1772014Assets 2015: $565,729,276Liabilities 2015: $106,504,889Net Assets 2015: $459,224,3872015Assets 2016: $546,957,215Liabilities 2016: $99,333,541Net Assets 2016: $447,623,6742016Assets 2017: $565,211,933Liabilities 2017: $95,983,293Net Assets 2017: $469,228,6402017Assets 2018: $615,801,515Liabilities 2018: $89,255,975Net Assets 2018: $526,545,5402018Assets 2019: $625,620,827Liabilities 2019: $84,891,998Net Assets 2019: $540,728,8292019Assets 2020: $668,899,439Liabilities 2020: $79,511,310Net Assets 2020: $589,388,1292020Assets 2021: $855,779,306Liabilities 2021: $78,155,429Net Assets 2021: $777,623,8772021Assets 2022: $821,952,118Liabilities 2022: $72,641,432Net Assets 2022: $749,310,6862022Assets 2023: $870,926,521Liabilities 2023: $72,043,869Net Assets 2023: $798,882,6522023Assets 2024: $993,511,573Liabilities 2024: $65,693,878Net Assets 2024: $927,817,6952024

Highlighted filing

2015

Assets$565,729,276
Liabilities$106,504,889
Net Assets$459,224,387

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$300M$200M$100M$0Expenses 2010: $100,642,0492010Revenue 2011: $103,192,905Expenses 2011: $102,412,274Net Income 2011: $780,6312011Revenue 2012: $118,606,685Expenses 2012: $102,086,586Net Income 2012: $16,520,0992012Revenue 2013: $123,964,406Expenses 2013: $103,414,782Net Income 2013: $20,549,6242013Revenue 2014: $127,021,562Expenses 2014: $102,546,611Net Income 2014: $24,474,9512014Revenue 2015: $137,519,279Expenses 2015: $111,492,523Net Income 2015: $26,026,7562015Revenue 2016: $117,077,988Expenses 2016: $113,446,305Net Income 2016: $3,631,6832016Revenue 2017: $119,004,095Expenses 2017: $113,859,315Net Income 2017: $5,144,7802017Revenue 2018: $168,157,416Expenses 2018: $119,244,779Net Income 2018: $48,912,6372018Revenue 2019: $136,754,272Expenses 2019: $118,980,032Net Income 2019: $17,774,2402019Revenue 2020: $194,986,172Expenses 2020: $123,089,218Net Income 2020: $71,896,9542020Revenue 2021: $182,970,731Expenses 2021: $117,097,563Net Income 2021: $65,873,1682021Revenue 2022: $204,393,744Expenses 2022: $145,583,655Net Income 2022: $58,810,0892022Revenue 2023: $194,372,216Expenses 2023: $160,810,189Net Income 2023: $33,562,0272023Revenue 2024: $288,422,165Expenses 2024: $171,469,550Net Income 2024: $116,952,6152024

Highlighted filing

2015

Revenue$137,519,279
Expenses$111,492,523
Net Income$26,026,756
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 11, 2016
Return Version
2014v6.0
Gross Receipts
$192,705,000
Mission and Program Overview

Mission

Spelman college, a historically black college and global leader in the education of women of african descent, is dedicated to academic excellence in the liberal arts and sciences, and the intellectual, creative, ethical and leadership development of its students. Spelman empowers the whole person to engage the many cultures of the world and inspires a commitment to positive social change.

Spelman college, a historically black college and global leader in the education of women of african descent, is dedicated to the academic excellence of its students.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$315,599,229$317,560,163▲ $1,960,934
Land, Buildings, and Equipment, Net$158,635,322$168,340,746▲ $9,705,424
Investments in Publicly Traded Securities$51,437,468$45,426,242▼ $6,011,226
Savings and Temporary Cash Investments$23,318,260$21,031,644▼ $2,286,616
Pledges and Grants Receivable$16,244,087$9,041,776▼ $7,202,311
Accounts Receivable$1,854,068$1,521,055▼ $333,013
Investments Program Related$1,511,279$1,483,478▼ $27,801
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$570,973,593$565,729,276▼ $5,244,317
Other Assets Total$2,373,880$1,324,172▼ $1,049,708
Liabilities
Tax Exempt Bond Liabilities$91,844,346$90,302,364▼ $1,541,982
Accounts Payable and Accrued Expenses$11,563,156$12,666,832▲ $1,103,676
Other Liabilities$1,623,058$1,589,588▼ $33,470
Deferred Revenue$1,237,027$1,518,885▲ $281,858
Unsecured Notes Loans Payable$640,829$427,220▼ $213,609
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$106,908,416$106,504,889▼ $403,527
Net Assets / Fund Balance
Temporarily Rstr Net Assets$215,449,658$198,622,874▼ $16,826,784
Unrestricted Net Assets$127,828,885$140,787,597▲ $12,958,712
Permanently Rstr Net Assets$120,786,634$119,813,916▼ $972,718
Total Net Assets Fund Balance$464,065,177$459,224,387▼ $4,840,790
Total Liabilities and Net Assets / Fund Balance$570,973,593$565,729,276▼ $5,244,317

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$123,956,669$64,505,434-
Other Land Buildings$27,606,724$12,921,259-
Land$14,687,723--
Equipment$2,089,631$25,587,388-
Other Securities$135,338,599--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$368,648,473$3,027,282▲ $17,084,644$23,731,064$365,029,335
2013$328,779,797$2,010,658▲ $56,724,046$18,866,028$368,648,473
2012$310,081,185$3,526,371▲ $34,925,196$19,752,955$328,779,797
2011$332,285,750$1,607,182▼ $2,990,194$20,821,553$310,081,185
2010$304,160,522$1,281,477▲ $47,000,450$20,156,699$332,285,750
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Beverly Daniel TatumCollege PresidentFT$368,577$131,940$500,517
Robert D Flanigan JrVP Business&finance/treasurerFT$318,747$25,361$344,108
Johnnella ButlerProvostFT$229,657$23,077$252,734
Kassandra JolleyVP for DevelopmentFT$217,646$22,624$240,270
Darnita KillianVP for Student AffairsFT$168,873$19,480$188,353
Delores BartonVP & Chief Information OfficerFT$162,247$18,946$181,193
Myra BurnettInterim ProvostFT$160,122$18,377$178,499
Ingrid HayesVP for Enrollment ManagementFT$158,433$18,685$177,118
Eloise AlexisVP for College RelationsFT$158,264$18,409$176,673
Rhonda HoneganDirector of InvestmentsFT$144,872$17,639$162,511
Gloria Wade-gaylesProfessorFT$141,816$16,657$158,473
Arthur FrazierDirector Facilities ManagementFT$134,003$16,573$150,576
Rasheed TogundeAssoc Prov for Global EduFT$132,620$16,317$148,937
Cynthia Neal SpenceFaculty TrusteeFT$105,819$13,889$119,708

Highest Paid Contractors

ContractorServicesLocationCompensation
Brasfield Gorrie LLCConstruction1990 VAUGHN RD NW, Kennesaw, GA 30144$4,211,224
Aramark Dining SvcsFacility ServicesCAMPUS BOX 1109 350 SPELMAN LANE SW, Atlanta, GA 60673$4,140,074
Chesapeake Asset Management LLCInvestment ManagersONE ROCKEFELLER PLAZA SUITE 2321, New York, NY 10020$1,082,746
Siemens Industry INCMechanical Services1745 CORPORATE DRIVE STE 240, Norcross, GA 30093$912,932
Follet Higher Education GroupEducation3146 SOLUTIONS CENTER, Chicago, IL 60677$767,723
Revenue and Support

Revenue Composition

Contributions and Grants
$20,391,174
Program Service Revenue
$71,787,867
Investment Income
$44,273,434
Other Revenue
$1,066,804
All Other Contributions
$13,022,261
Change in Net Assets
$26,026,756

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table9$264,783Fair Market Value (FMV)
Total Noncash Contributions9$264,783-

Audited Revenue Reconciliation

Revenue per Audited Statements
$119,754,932
Revenue Not Reported on Financial Statements
$17,764,347
Revenue Not Reported on Form 990
$-30,857,467
Other Revenue Adjustments
$17,764,347
Total Revenue per Audited Statements
$88,897,465
Total Revenue per Form 990
$137,519,279
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$48,348,962
Other Expenses$45,281,396
Grants and Similar Amounts Paid$17,811,181
Total Fundraising Expense$4,125,227
Professional Fundraising Fees$50,984

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$27,724,790$6,207,745$1,870,179$35,802,714
Grants to Domestic Individuals$17,754,268--$17,754,268
All Other Expenses$5,477,441$1,597,195$63,546$7,138,182
Fees for Services Other$5,002,060$1,251,605$146,838$6,400,503
Other Employee Benefits$4,586,407$1,138,332$365,417$6,090,156
Depreciation Depletion$4,496,738$416,074-$4,912,812
Occupancy$3,476,380$529,806-$4,006,186
Other Expenses$2,516,199$802,941$430,069$3,749,209
Office Expenses$2,599,695$758,135$260,666$3,618,496
Payroll Taxes$2,019,098$501,134$160,869$2,681,101
Interest$1,352,599$1,091,247-$2,443,846
Current Officers, Directors, Trustees, and Key Employees$865,719$893,669$402,484$2,161,872
Travel$1,435,684$402,900$268,305$2,106,889
Pension Plan Contributions$1,214,816$301,514$96,789$1,613,119
Fees for Service Investment Mgmnt Fees$1,000$1,599,398-$1,600,398
Insurance$1,370,905$176,449-$1,547,354
Fees for Services Legal-$633,655-$633,655
Fees for Services Accounting-$276,674-$276,674
Grants to Domestic Orgs$56,913--$56,913
Fees for Services Lobbying-$51,326-$51,326
Fees for Services Professional Fundraising--$50,984$50,984
Total Functional Expenses$87,311,755$20,055,541$4,125,227$111,492,523

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$111,482,523
Expenses per Audited Statements$93,728,255
Total Expenses per Audited Statements$93,728,255
Expenses Not Reported on Financial Statements$17,754,268
Other Expense Adjustments$17,754,268
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Wholistic Stress Control Institute IncAtlanta, GA-Sub-contract$42,577
Gadsden State Community CollegeGadsden, AL501(c)(3)Sub-contract$14,336

International Summary

Spending
$148,229

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Europe (Including Iceland and Greenland)Program ServicesStudy Abroad--$58,067
East Asia and the PacificProgram ServicesStudy Abroad--$40,970
South AmericaProgram ServicesStudy Abroad--$30,942
Central America and the CaribbeanProgram ServicesStudy Abroad--$18,250
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$50,984
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Advances From Federal Government$1,589,588

Bond Issues

BondIssuerIssuedIssue PricePurpose
ADevelopment Authority of Fulton County2007-03-21$64,041,214SEE PART VI
ADevelopment Authority of Fulton County2015-04-21$60,338,401SEE PART VI
APrivate Colleges & Universities Authority2003-01-30$30,800,674SEE PART VI
DDevelopment Authority of Fulton County2012-04-19$28,349,973SEE PART VI
CDevelopment Authority of Fulton County2009-09-01$6,100,000SEE PART VI
BDevelopment Authority of Fulton County2009-09-01$1,500,000SEE PART VI

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$68,883,486$9,578,570$62,455,000$754,073
A$60,338,401$59,682,865$0$655,536
A$31,540,044$6,213,020$8,950,000$487,968
D$28,349,973$9,616,557$5,205,000$460,658
C$6,100,000$6,100,000$2,000,000$0
B$1,500,000$1,500,000$1,200,000$0

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
Yes
Gross proceeds invested
No
Gross proceeds invested in GIC
Yes
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Question 11

Form 990 review process a representative of kpmg will present the 990 to the budget and finance committee of the board of trustees. The chairman of the budget and finance committee will present the draft 990 to the full board of trustees. The final copy of the 990 will be placed on the trustees intranet for their review prior to filing with the irs.

Form 990, Part VI, Section B, Question 12C

Conflict of interest policy employees are required to sign a conflict of interest disclosure upon their initial hiring. The college has a written conflict of interest policy in its employee handbook. If human resources becomes aware of a conflict, the employee is notified and required to submit a conflict of interest statement, which is filed in the employee's personnel file. All trustees, board representatives and senior team members must complete and sign a conflict of interest form on an annual basis. Compliance is monitored and a summary is provided to the secretary of the board.

Form 990, Part VI, Section B, Questions 15A and 15B

Process for determining compensation the compensation of the college's president is determined as follows: comparability studies are performed by an independent third party compensation consultant. It is the college's goal that the president's compensation be in the 50th-75th percentile of the colleges and universities used in the comparability survey. The human resources committee of the board of trustees reviews the recommendations made by the compensation consultant and makes a recommendation to the full board of trustees. The full board of trustees votes on the president's compensation package. With respect to other officers and key employees, the compensation of these individuals is determined by the president. The president recommends the compensation for these individuals. The human resources committee of the board of trustees reviews and approves the compensation. For these individuals, compensation studies are performed by an independent third party firm or the college's human resources department.

Form 990, Part VI, Section C, Question 19

Making documents available to the public spelman college does not make governing documents, conflict of interest policy, or financial statements available to the public. However, documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Spelman College
EIN
58-0566243
In Care Of
% ROBERT D FLANIGAN JR
Phone
4046813643
Address
350 SPELMAN LANE SW, ATLANTA, GA 30314

Signing Officer

Name
Robert Flanigan
Title
VP Business & Finance
Phone
4042705072
Signed
2016-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mary Schmidt Campbell
Formed
1881
Legal Domicile
Ga
Voting Board Members
27
Independent Board Members
25
Employees
1,502
Volunteers
630

Preparer

Firm
Kpmg Llp
Address
300 North Greene Street Suite 400, Greensboro, NC 27401
Preparer
Allison H Franklin
Phone
3362753394
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 9

Other changes in net assets change in value of split interest trusts (10,079)

Form 990, Part IX, Line 24

Other Expenses Other expenses includes $3,929 in unrelated business income tax.

Financial Statement Notes

Schedule D, Part III, Line 1A

Sfas 116 the organization elected, as permitted under sfas 116, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service. There is no financial statement footnote disclosure that describes these items.

Schedule D, Part V, Question 4

Intended uses of organization's endowment funds investment in a mix of securities to provide sufficient income to support the college's operations in accordance with donor wishes, while preserving equity.

Schedule D, Part III, Line 4

Art collection the college's permanent collection of art -- including historically significant paintings, sculpture, and works on paper -- is an academic resource that offers students, faculty, and staff first-hand engagement with important original works of art. Object lessons, workshops, conservation projects, exhibitions, and thematic programs demonstrate the various ways that the permanent holdings are used to expand, complement, and enhance the academic curriculum.

Schedule D, Part X, Line 2

Fin 48 (asc 740) footnote the college is recognized as an organization exempt from federal income tax under section 501(a) of the internal revenue code (the code) as an organization described in section 501(c)(3), whereby only unrelated business income, as defined by section 512(a) of the code, is subject to federal income tax. The college reviews its tax positions annually and has determined that there are no material uncertain tax positions that require recognition in the financial statements at june 30, 2015 and 2014.

Schedule D, Part XI, Line 4B

Change in value of split interest agreements 10,079 student aid reclass 17,754,268 ------------ total 17,764,347 ============

Schedule D, Part XII, Line 4B

Student aid reclass 17,754,268

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IRS990/Desc0INSTRUCTION FOUNDED IN 1881, SPELMAN COLLEGE IS A PRIVATE, NONPROFIT INSTITUTION OF HIGHER EDUCATION BASED IN ATLANTA, GEORGIA. THE COLLEGE IS ACCREDITED BY THE COMMISSION ON COLLEGES OF THE ASSOCIATION OF COLLEGES AND SCHOOLS AND PROVIDES QUALITY LIBERAL ARTS EDUCATION AND TRAINING SERVICES FOR APPROXIMATELY 2,100 UNDERGRADUATE STUDENTS. IN ADDITION, THE COLLEGE MAINTAINS SPECIAL PROGRAMS SUCH AS CONTINUING EDUCATION, SUMMER SCIENCE AND DUAL DEGREES IN ENGINEERING.
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$994$65.7$928$288$171$117
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$871$72.0$799$194$161$33.6
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$822$72.6$749$204$146$58.8
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$856$78.2$778$183$117$65.9
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$669$79.5$589$195$123$71.9
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$626$84.9$541$137$119$17.8
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$616$89.3$527$168$119$48.9
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$565$96.0$469$119$114$5.14
2016Detailed filing. Detailed filing data is available for this year.$547$99.3$448$117$113$3.63
2015Detailed filing. Detailed filing data is available for this year.$566$107$459$138$111$26.0
2014Detailed filing. Detailed filing data is available for this year.$571$107$464$127$103$24.5
2013Summary only. Only limited summary data is available for this year.$524$111$413$124$103$20.5
2012Summary only. Only limited summary data is available for this year.$508$118$390$119$102$16.5
2011Summary only. Only limited summary data is available for this year.$512$116$396$103$102$0.78
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$487$120$367$101