Civic Intelligence

Spelman College

990 • Fiscal year 2017 • EIN 58-0566243

Jul 01, 2016 to Jun 30, 2017 • Filed on May 11, 2018

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

29th percentile

0.17x

Higher debt load relative to assets than 29% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Liabilities / Revenue

69th percentile

0.81x

Higher debt load relative to revenue than 69% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Net Margin

48th percentile

4.3%

Higher net margin than 48% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Top Officer Pay

29th percentile

$520,773

Higher top officer pay than 29% of similar nonprofits.

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

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Asset Growth

33rd percentile

3.3%

Faster asset growth than 33% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Revenue Growth

32nd percentile

1.6%

Faster revenue growth than 32% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Assets

Up

$565,211,933

Up $18,254,718 (+3.3%) from 2016

Net Assets

Up

$469,228,640

Up $21,604,966 (+4.8%) from 2016

Liabilities

Down

$95,983,293

Down $3,350,248 (-3.4%) from 2016

Revenue

Up

$119,004,095

Up $1,926,107 (+1.6%) from 2016

Expenses

Up

$113,859,315

Up $413,010 (+0.4%) from 2016

Net Income

Up

$5,144,780

Up $1,513,097 (+42%) from 2016

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

2017

Assets$565,211,933
Liabilities$95,983,293
Net Assets$469,228,640

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

2017

Revenue$119,004,095
Expenses$113,859,315
Net Income$5,144,780
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 11, 2018
Return Version
2016v3.1
Gross Receipts
$196,629,786
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$315,475,696$314,199,720▼ $1,275,976
Land, Buildings, and Equipment, Net$164,439,620$163,231,591▼ $1,208,029
Investments in Publicly Traded Securities$31,505,476$52,026,988▲ $20,521,512
Savings and Temporary Cash Investments$22,461,440$25,729,033▲ $3,267,593
Pledges and Grants Receivable$8,444,408$5,917,349▼ $2,527,059
Accounts Receivable$1,913,614$1,721,247▼ $192,367
Investments Program Related$1,471,839$1,371,996▼ $99,843
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$546,957,215$565,211,933▲ $18,254,718
Other Assets Total$1,245,122$1,014,009▼ $231,113
Liabilities
Tax Exempt Bond Liabilities$85,530,131$80,359,815▼ $5,170,316
Accounts Payable and Accrued Expenses$10,896,101$13,347,782▲ $2,451,681
Other Liabilities$1,603,538$1,616,525▲ $12,987
Deferred Revenue$1,090,161$659,171▼ $430,990
Unsecured Notes Loans Payable$213,610$0▼ $213,610
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$99,333,541$95,983,293▼ $3,350,248
Net Assets / Fund Balance
Temporarily Rstr Net Assets$186,485,605$199,777,921▲ $13,292,316
Unrestricted Net Assets$138,422,740$145,416,445▲ $6,993,705
Permanently Rstr Net Assets$122,715,329$124,034,274▲ $1,318,945
Total Net Assets Fund Balance$447,623,674$469,228,640▲ $21,604,966
Total Liabilities and Net Assets / Fund Balance$546,957,215$565,211,933▲ $18,254,718

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$133,183,076$69,848,537-
Other Land Buildings$13,118,853$13,882,153-
Land$14,687,723--
Equipment$2,241,939$27,662,458-
Other Securities$138,170,639--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$348,408,394$1,318,945▲ $37,414,084$19,257,293$367,884,130
2015$365,029,335$2,951,117▲ $187,050$19,759,108$348,408,394
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
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mary Schmidt CampbellPresidentFT$424,028$96,745$520,773
Beverly TatumFormer President-$375,548$105,913$481,461
Robert D Flanigan JrVP Bus & Fin Affairs/treasurerFT$334,670$47,812$382,482
Myra BurnettInterim ProvostFT$203,482$43,999$247,481
Terri ReedSecretary of the CollegeFT$198,098$37,670$235,768
Darnita KillianVP for Student AffairsFT$171,510$37,657$209,167
Johnnella ButlerProvostFT$188,635$20,167$208,802
Delores BartonVP & Chief Information OfficerFT$166,867$30,181$197,048
Ingrid HayesVP for Enrollment ManagementFT$157,732$34,202$191,934
Jane SmithVP for College RelationsFT$162,239$27,673$189,912
Helga GreenfieldASSOC Director OF GOV'T RELATIONSFT$154,815$28,376$183,191
Bernadette CohenDirector of Human ResourcesFT$151,534$27,988$179,522
Rhonda HoneganDirector of InvestmentsFT$148,958$29,150$178,108
Mark LeeFaculty TrusteeFT$94,670$17,362$112,032
Jessie BrooksVP Institutional AdvancementFT$34,060$3,399$37,459
Mya HavardStudent TrusteePT$1,160-$1,160

Highest Paid Contractors

ContractorServicesLocationCompensation
Aramark Dining ServicesFacility ServicesCAMPUS BOX 1109 350 SPELMAN LANE SW, Atlanta, GA 30314-4395$4,672,358
The Winter Construction CompanyConstruction191 Peachtree St NE Ste 2100, Atlanta, GA 30303-1770$3,146,095
Aramark Facility ServicesFacility ServicesCAMPUS BOX 1109 350 SPELMAN LANE SW, Atlanta, GA 30314-4395$1,296,069
Marsh USA INCInsurance Services116 AVENUE OF THE AMERICAS, New York, NY 10036-2708$1,120,028
Chesapeake Asset Management LLCInvestment ManagersONE ROCKEFELLER PLAZA SUITE 2321, New York, NY 10020$1,081,266
Revenue and Support

Revenue Composition

Contributions and Grants
$19,285,905
Program Service Revenue
$77,664,306
Investment Income
$21,066,886
Other Revenue
$986,998
All Other Contributions
$12,050,590
Change in Net Assets
$5,144,780

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
Works of Art12$113,600Fair Market Value (FMV)
Other Non Cash Contri Table3$6,807Fair Market Value (FMV)
Total Noncash Contributions15$120,407-

Audited Revenue Reconciliation

Revenue per Audited Statements
$101,530,357
Revenue Not Reported on Financial Statements
$17,473,738
Revenue Not Reported on Form 990
$16,460,996
Other Revenue Adjustments
$17,473,738
Total Revenue per Audited Statements
$117,991,353
Total Revenue per Form 990
$119,004,095
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$51,705,860
Other Expenses$44,367,729
Grants and Similar Amounts Paid$17,732,320
Total Fundraising Expense$3,174,912
Professional Fundraising Fees$53,406

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$29,782,821$6,327,545$1,644,420$37,754,786
Grants to Domestic Individuals$17,472,928--$17,472,928
Fees for Services Other$5,646,373$1,490,563$12,823$7,149,759
Other Employee Benefits$4,765,619$1,242,912$300,779$6,309,310
Depreciation Depletion$3,920,183$1,396,192-$5,316,375
All Other Expenses$2,306,421$2,066,994$42,954$4,416,369
Occupancy$3,547,836$552,937-$4,100,773
Other Expenses$2,961,745$709,798$296,665$3,968,208
Office Expenses$2,961,682$717,985$163,371$3,843,038
Payroll Taxes$2,131,520$555,917$134,529$2,821,966
Interest$1,709,791$955,852-$2,665,643
Travel$1,817,686$337,879$117,672$2,273,237
Current Officers, Directors, Trustees, and Key Employees$761,847$1,101,814$307,666$2,171,327
Pension Plan Contributions$1,491,976$389,119$94,165$1,975,260
Insurance$1,455,292$213,387-$1,668,679
Fees for Service Investment Mgmnt Fees-$1,571,398-$1,571,398
Comp Disqual Persons-$673,211-$673,211
Fees for Services Legal$164$593,048-$593,212
Fees for Services Accounting$6,099$282,147-$288,246
Grants to Domestic Orgs$259,392--$259,392
Fees for Services Lobbying-$60,658-$60,658
Fees for Services Professional Fundraising--$53,406$53,406
Total Functional Expenses$88,281,415$22,402,988$3,174,912$113,859,315

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$113,859,315
Expenses per Audited Statements$96,386,387
Total Expenses per Audited Statements$96,386,387
Expenses Not Reported on Financial Statements$17,472,928
Other Expense Adjustments$17,472,928
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Wholistic Stress Control Institute IncAtlanta, GA501(c)(3)Sub-contract$239,182
Morehouse CollegeAtlanta, GA501(c)(3)See Part IV$20,210

International Summary

Offices
0
Employees
0
Spending
$161,299

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 Abroad00$71,585
East Asia and the PacificProgram ServicesStudy Abroad00$41,070
Sub-Saharan AfricaProgram ServicesFine Arts00$30,000
South AmericaProgram ServicesStudy Abroad00$18,644
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$53,406
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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$1,616,525

Bond Issues

BondIssuerIssuedIssue PricePurpose
CDevelopment Authority of Fulton County2015-04-21$60,338,401SEE PART VI
APrivate Colleges & Universities Authority2003-01-30$30,800,673SEE PART VI
BDevelopment Authority of Fulton County2012-04-19$28,349,973SEE PART VI
ADevelopment Authority of Fulton County2009-09-01$6,100,000SEE PART VI

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
C$60,338,401$0$0$655,536
A$31,540,044$6,213,020$8,950,000$487,968
B$28,349,973$9,616,557$9,795,000$460,658
A$6,100,000$0$3,400,000$0

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
Yes
Form 8038-T filed
Yes
Gross proceeds invested
Yes
Gross proceeds invested in GIC
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 executive 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 executive 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 D Flanigan Jr
Title
VP Bus & Fin Affairs
Phone
4042705072
Signed
2018-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mary Schmidt Campbell
Formed
1881
Legal Domicile
Ga
Voting Board Members
28
Independent Board Members
25
Employees
1,546
Volunteers
718

Preparer

Firm
Kpmg Llp
Address
300 North Greene Street Suite 400, Greensboro, NC 27401
Preparer
Whitney E Blair
Phone
3362753394
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 9

Other changes in net assets change in value of split interest trusts (810)

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, 2017 or 2016.

Schedule D, Part XI, Line 4B

Change in value of split interest agreements 810 student aid reclass 17,472,928 ----------- total 17,473,738 ===========

Schedule D, Part XII, Line 4B

Student aid reclass 17,472,928

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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 SOUTHERN 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
2017Detailed filing. Detailed filing data is available for this year.$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