Civic Intelligence

Spelman College

990 • Fiscal year 2018 • EIN 58-0566243

Jul 01, 2017 to Jun 30, 2018 • Filed on May 07, 2019

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

27th percentile

0.14x

Higher debt load relative to assets than 27% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Liabilities / Revenue

51st percentile

0.53x

Higher debt load relative to revenue than 51% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Net Margin

87th percentile

29%

Higher net margin than 87% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Top Officer Pay

32nd percentile

$564,567

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Asset Growth

75th percentile

9.0%

Faster asset growth than 75% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2017 to 2018

Revenue Growth

91st percentile

41%

Faster revenue growth than 91% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2017 to 2018

Assets

Up

$615,801,515

Up $50,589,582 (+9.0%) from 2017

Net Assets

Up

$526,545,540

Up $57,316,900 (+12%) from 2017

Liabilities

Down

$89,255,975

Down $6,727,318 (-7.0%) from 2017

Revenue

Up

$168,157,416

Up $49,153,321 (+41%) from 2017

Expenses

Up

$119,244,779

Up $5,385,464 (+4.7%) from 2017

Net Income

Up

$48,912,637

Up $43,767,857 (+851%) from 2017

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

2018

Assets$615,801,515
Liabilities$89,255,975
Net Assets$526,545,540

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

2018

Revenue$168,157,416
Expenses$119,244,779
Net Income$48,912,637
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 7, 2019
Return Version
2017v2.3
Gross Receipts
$322,548,608
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$314,199,720$348,487,583▲ $34,287,863
Land, Buildings, and Equipment, Net$163,231,591$163,192,046▼ $39,545
Investments in Publicly Traded Securities$52,026,988$40,919,219▼ $11,107,769
Savings and Temporary Cash Investments$25,729,033$30,568,375▲ $4,839,342
Pledges and Grants Receivable$5,917,349$28,892,802▲ $22,975,453
Accounts Receivable$1,721,247$1,598,648▼ $122,599
Investments Program Related$1,371,996$1,100,031▼ $271,965
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$565,211,933$615,801,515▲ $50,589,582
Other Assets Total$1,014,009$1,042,811▲ $28,802
Liabilities
Tax Exempt Bond Liabilities$80,359,815$75,617,118▼ $4,742,697
Accounts Payable and Accrued Expenses$13,347,782$11,860,654▼ $1,487,128
Other Liabilities$1,616,525$1,151,592▼ $464,933
Deferred Revenue$659,171$626,611▼ $32,560
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$95,983,293$89,255,975▼ $6,727,318
Net Assets / Fund Balance
Temporarily Rstr Net Assets$199,777,921$244,124,875▲ $44,346,954
Unrestricted Net Assets$145,416,445$154,661,383▲ $9,244,938
Permanently Rstr Net Assets$124,034,274$127,759,282▲ $3,725,008
Total Net Assets Fund Balance$469,228,640$526,545,540▲ $57,316,900
Total Liabilities and Net Assets / Fund Balance$565,211,933$615,801,515▲ $50,589,582

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$130,392,396$73,486,899$203,879,295
Equipment$2,053,648$28,561,358$30,615,006
Other Land Buildings$16,058,280$14,369,337$30,427,617
Land$14,687,722-$14,687,722
Other Securities$145,794,507--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$367,884,130$3,725,008▲ $41,975,376$19,882,935$393,701,579
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
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Beverly TatumFormer President-$187,533$377,034$564,567
Mary Schmidt CampbellPresidentFT$425,520$75,940$501,460
Robert D Flanigan JrVP Bus & Fin Affairs/treasurerFT$337,853$46,419$384,272
Jessie BrooksVP Institutional AdvancementFT$226,370$33,603$259,973
Myra BurnettVP Institutional ResearchFT$204,491$44,667$249,158
Terri ReedSecretary of the CollegeFT$200,144$42,513$242,657
Delores BartonFormer VP & Chief Info OfficerFT$222,837$9,457$232,294
Sharon DaviesProvostFT$189,324$24,264$213,588
Darnita KillianVP for Student AffairsFT$172,145$38,033$210,178
Johnnella ButlerProfessorFT$176,123$27,361$203,484
Jane SmithVP for College RelationsFT$163,913$27,730$191,643
Ingrid HayesVP for Enrollment ManagementFT$161,403$30,051$191,454
Helga GreenfieldASSOC Director OF GOV'T RELATIONSFT$156,427$28,771$185,198
Bernadette CohenDirector of Human ResourcesFT$152,918$28,713$181,631
Rhonda HoneganDirector of InvestmentsFT$151,814$29,675$181,489
Dolores BradleyVice ProvostFT$153,561$19,934$173,495
Mario BerryVP & Chief Information OfficerFT$133,408$13,910$147,318
Mark LeeFaculty TrusteeFT$90,566$17,777$108,343

Highest Paid Contractors

ContractorServicesLocationCompensation
Aramark DiningDining350 SPELMAN LANE SW APT 1109, Atlanta, GA 30314-4395$5,026,152
Aramark FacilityFacility350 SPELMAN LANE SW APT 1109, Atlanta, GA 30314-4395$1,306,113
Siemens Industry INCAutomation Services1745 Corporate Drive Ste 240, Norcross, GA 30093-2961$1,207,429
Chesapeake Asset Management LLCInvestment ManagersONE ROCKEFELLER PLAZA SUITE 2321, New York, NY 10020$1,155,975
Studio Gang Architects LtdDesign Services1520 W Division St, Chicago, IL 60642-3312$1,108,472
Revenue and Support

Revenue Composition

Contributions and Grants
$52,278,096
Program Service Revenue
$80,721,017
Investment Income
$34,074,219
Other Revenue
$1,084,084
All Other Contributions
$36,439,096
Change in Net Assets
$48,912,637

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeReported AmountValuation Method
Books and Publications$129,690Fair Market Value (FMV)
Total Noncash Contributions$129,690-

Audited Revenue Reconciliation

Revenue per Audited Statements
$148,628,145
Revenue Not Reported on Financial Statements
$19,529,271
Revenue Not Reported on Form 990
$8,414,017
Other Revenue Adjustments
$19,529,271
Total Revenue per Audited Statements
$157,042,162
Total Revenue per Form 990
$168,157,416
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$52,231,140
Other Expenses$47,147,237
Grants and Similar Amounts Paid$19,694,341
Total Fundraising Expense$3,990,798
Professional Fundraising Fees$172,061

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$30,762,369$5,327,089$1,963,713$38,053,171
Grants to Domestic Individuals$19,519,517--$19,519,517
Fees for Services Other$6,620,386$907,386$86,341$7,614,113
Other Employee Benefits$5,176,291$685,875$388,806$6,250,972
All Other Expenses$1,939,166$2,846,359$74,165$4,859,690
Occupancy$3,428,542$588,223-$4,016,765
Depreciation Depletion$3,933,457$83,196-$4,016,653
Office Expenses$2,769,619$785,465$196,029$3,751,113
Other Expenses$2,204,045$1,078,881$279,442$3,562,368
Payroll Taxes$2,406,084$318,814$180,728$2,905,626
Travel$2,338,348$313,258$118,170$2,769,776
Current Officers, Directors, Trustees, and Key Employees$962,519$1,209,927$392,860$2,565,306
Interest$1,697,857$804,303-$2,502,160
Pension Plan Contributions$1,723,230$228,333$129,437$2,081,000
Insurance$1,390,360$237,252-$1,627,612
Fees for Service Investment Mgmnt Fees$1,331$1,600,520-$1,601,851
Fees for Services Legal-$547,579-$547,579
Comp Disqual Persons-$375,065-$375,065
Fees for Services Accounting-$282,766-$282,766
Grants to Domestic Orgs$174,824--$174,824
Fees for Services Professional Fundraising--$172,061$172,061
Fees for Services Lobbying-$66,000-$66,000
Total Functional Expenses$94,496,718$20,757,263$3,990,798$119,244,779

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$119,244,779
Expenses per Audited Statements$99,725,262
Total Expenses per Audited Statements$99,725,262
Expenses Not Reported on Financial Statements$19,519,517
Other Expense Adjustments$19,519,517
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Wholistic Stress Control Institute IncAtlanta, GA501(c)(3)Sub-contract$145,716
Morehouse CollegeAtlanta, GA501(c)(3)See Part IV$29,108

International Summary

Offices
0
Employees
0
Spending
$183,698

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 ServicesFaculty Seminar00$77,704
East Asia and the PacificProgram ServicesStudy Abroad00$50,442
South AmericaProgram ServicesStudy Abroad00$39,670
Central America and the CaribbeanProgram ServicesStudy Abroad00$9,057
Europe (Including Iceland and Greenland)Program ServicesStem Equality Congress00$4,344
Europe (Including Iceland and Greenland)Program ServicesPublication Subscripti00$2,241
East Asia and the PacificProgram ServicesResearch Supplies00$240
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$172,061
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 Governme$1,151,592

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$9,470,000$487,968
B$28,349,973$9,616,557$12,305,000$460,658
A$6,100,000$0$4,300,000$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 approves the president's compensation. The compensation of other officers and key employees 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.

Form 990, Part VIII, Column C

Unrelated Business Revenue The UBI amount from qualified transportation fringe benefits under IRC Sec. 512(a)(7) is not reflected in Part VIII as the amount is already included as an expense on Part IX. The UBI amount is $33,529 and is reported on Form 990-T.

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
2019-05-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mary Schmidt Campbell
Formed
1881
Legal Domicile
Ga
Voting Board Members
26
Independent Board Members
23
Employees
1,560
Volunteers
769

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 XI, Line 9

Other changes in net assets change in value of split interest trusts (9,754)

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, 2018 or 2017.

Schedule D, Part XI, Line 4B

Change in value of split interest agreements 9,754 student aid reclass 19,519,517 ----------- total 19,529,271 ===========

Schedule D, Part XII, Line 4B

Student aid reclass 19,519,517

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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
2018Detailed filing. Detailed filing data is available for this year.$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