Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $7,890,245

• 1g · Noncash contributions included above

  $867,273

• 2a · Program service revenue: TUITION AND FEES

  total $593,189,056 · related or exempt $593,189,056

• 2b · Program service revenue: HOUSING & FOOD SERVICE

  total $109,256,428 · related or exempt $109,256,428

• 2c · Program service revenue: OTHER FEES AND REVENUE

  total $6,298,026 · related or exempt $6,298,026

• 2d · Program service revenue: OTHER STUDENT REVENUE

  total $5,246,298 · related or exempt $5,246,298

• 2e · Program service revenue: CONFERENCES & COMMUNITY ED

  total $231,009 · related or exempt $231,009

• 2f · All other program service revenue

  total $280,573 · related or exempt $280,573

• 3 · Investment income

  total $15,939,225 · excluded $15,939,225

• 4 · Income from investment of tax-exempt bond proceeds

  total $433,320 · excluded $433,320

• 6a · Gross rents

  real property $567,225 · personal property $96,118

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $567,225 · personal property $96,118

• 6d · Net rental income or loss

  total $663,343 · unrelated business $96,118 · excluded $567,225

• 7a · Gross sales of assets other than inventory

  securities $308,714,000 · other assets $39,990

• 7b · Less cost or other basis and sales expenses

  securities $274,988,523 · other assets -$1,026,447

• 7c · Gain or loss

  securities $33,725,477 · other assets $1,066,437

• 7d · Net gain or loss

  total $34,791,914 · excluded $34,791,914

• 10a · Gross sales of inventory

  $2,562,356

• 10b · Cost of goods sold

  $1,339,513

• 10c · Net income from sales of inventory

  total $1,222,843 · unrelated business $1,222,843

• 11a · Other revenue: OTHER REVENUE

  total $810,875 · unrelated business $803,357 · excluded $7,518

• 11b · Other revenue: TRUSTEES THEATER

  total $545,560 · unrelated business $545,560

• 11e · Other revenue, total

  $1,356,435

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $356,025 · program services $356,025

• 2 · Grants to domestic individuals

  total $154,174,341 · program services $154,174,341

• 3 · Grants to foreign organizations and individuals

  total $1,111,324 · program services $1,111,324

• 5 · Compensation of officers, directors and key employees

  total $6,379,866 · program services $1,020,779 · management and general $5,359,087

• 6 · Compensation of disqualified persons

  total $320,285 · program services $320,285

• 7 · Other salaries and wages

  total $149,234,792 · program services $123,146,408 · management and general $25,669,332 · fundraising $419,052

• 9 · Other employee benefits

  total $27,520,164 · program services $21,970,160 · management and general $5,476,048 · fundraising $73,956

• 10 · Payroll taxes

  total $9,567,522 · program services $7,638,036 · management and general $1,903,775 · fundraising $25,711

• 11b · Fees: legal

  total $1,642,053 · management and general $1,642,053

• 11c · Fees: accounting

  total $309,181 · management and general $309,181

• 11g · Fees: other

  total $51,931,756 · program services $43,214,356 · management and general $8,715,767 · fundraising $1,633

• 12 · Advertising and promotion

  total $2,041,048 · program services $95,719 · management and general $1,945,329

• 13 · Office expenses

  total $17,727,106 · program services $10,491,137 · management and general $7,205,654 · fundraising $30,315

• 16 · Occupancy

  total $14,957,398 · program services $13,508,085 · management and general $1,447,617 · fundraising $1,696

• 17 · Travel

  total $11,941,012 · program services $8,891,498 · management and general $3,049,514

• 19 · Conferences, conventions and meetings

  total $1,024,682 · program services $903,379 · management and general $121,303

• 20 · Interest

  total $127,806 · program services $40,710 · management and general $87,096

• 22 · Depreciation, depletion and amortization

  total $49,146,203 · program services $47,088,066 · management and general $2,057,740 · fundraising $397

• 23 · Insurance

  total $5,465,702 · program services $169,189 · management and general $5,296,513

• 24a · Other expenses: STUDENT MEAL PLAN

  total $28,497,320 · program services $28,497,320

• 24b · Other expenses: STUDENT ACTIVITIES

  total $5,808,183 · program services $5,573,929 · management and general $232,254 · fundraising $2,000

• 24c · Other expenses: MEALS & REFRESHMENTS

  total $4,184,990 · program services $3,418,553 · management and general $764,079 · fundraising $2,358

• 24d · Other expenses: EQUIPMENT RENTAL AND ST

  total $2,410,104 · program services $858,880 · management and general $1,551,019 · fundraising $205

• 24e · All other expenses

  total $10,840,558 · program services $5,312,216 · management and general $5,455,702 · fundraising $72,640

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $61,955,049 · end of year $3,245,532

• 2 · Savings and temporary cash investments

  beginning of year $75,370,541 · end of year $239,331,974

• 3 · Pledges and grants receivable

  beginning of year $1,939,382 · end of year $4,236,676

• 4 · Accounts receivable

  beginning of year $7,205,198 · end of year $7,374,887

• 7 · Other notes and loans receivable

  beginning of year $2,329,699 · end of year $3,174,738

• 8 · Inventories for sale or use

  beginning of year $1,200,265 · end of year $1,325,754

• 9 · Prepaid expenses and deferred charges

  beginning of year $11,806,481 · end of year $10,623,946

• 10a · Land, buildings and equipment: cost or other basis

  $1,489,667,995

• 10b · Land, buildings and equipment: accumulated depreciation

  $431,375,147

• 10c · Land, buildings and equipment, net

  beginning of year $910,642,509 · end of year $1,058,292,848

• 11 · Investments: publicly traded securities

  beginning of year $456,699,942 · end of year $422,251,344

• 12 · Investments: other securities

  beginning of year $296,527 · end of year $296,527

• 13 · Investments: program-related

  beginning of year $50,004,950 · end of year $49,593,139

• 15 · Other assets

  beginning of year $46,471,100 · end of year $50,957,707

• 17 · Accounts payable and accrued expenses

  beginning of year $59,735,928 · end of year $68,685,623

• 18 · Grants payable

  beginning of year $85,081 · end of year $85,081

• 19 · Deferred revenue

  beginning of year $29,374,011 · end of year $33,466,520

• 20 · Tax-exempt bond liabilities

  beginning of year $185,773,482 · end of year $179,612,653

• 23 · Secured mortgages and notes payable

  beginning of year $13,982,500 · end of year $11,931,635

• 25 · Other liabilities

  beginning of year $5,298,176 · end of year $5,330,701

• 27 · Net assets without donor restrictions

  beginning of year $1,298,677,413 · end of year $1,521,677,633

• 28 · Net assets with donor restrictions

  beginning of year $32,995,052 · end of year $29,915,226

The filer's explanations (Part III)

PART I, LINE 1A

BUSINESS CLASS OR CHARTER TRAVEL - SENIOR MANAGEMENT AND TRUSTEES ARE ELIGIBLE FOR BUSINESS CLASS SEATS WHEN TRAVELING ON AUTHORIZED BUSINESS. NO AMOUNT IS REPORTED AS TAXABLE INCOME FOR BUSINESS TRAVEL. THE INSTITUTION'S WHOLLY-OWNED SUBSIDIARY, ACORN LEASING, LLC, OWNS A CORPORATE AIRCRAFT TO FACILITATE THE BUSINESS TRAVEL OF SENIOR MANAGEMENT AND TRUSTEES. THE BOARD HAS ADOPTED A POLICY THAT PROHIBITS ANY NON-BUSINESS USE OF THE AIRCRAFT. WHEN APPLICABLE, IMPUTED INCOME HAS BEEN REPORTED AS TAXABLE COMPENSATION FOR ANY COMPANIONS OF LISTED PERSONS WHO ARE NOT TRAVELING FOR A BUSINESS PURPOSE. TRAVEL FOR COMPANIONS- TO FACILITATE THE ABILITY OF THE PRESIDENT AND TRUSTEES TO CONDUCT BUSINESS AND PARTICIPATE IN THE ACTIVITIES OF THE UNIVERSITY, TRAVEL FOR COMPANIONS/MINOR CHILDREN HAS BEEN PROVIDED AT TIMES. IN SUCH CASES, THE COST OF THE FLIGHT (IF THE TRAVEL WAS VIA COMMERCIAL CARRIER) OR THE APPROPRIATE AMOUNT OF IMPUTED INCOME (PURSUANT TO TAX REGULATIONS REGARDING PERSONAL USE OF CORPORATE AIRCRAFT) HAS BEEN TREATED AS A TAXABLE BENEFIT AND REPORTED AS COMPENSATION. THE BENEFIT WAS PROVIDED DUE TO EXTENSIVE TRAVEL BEING REQUIRED BETWEEN MULTIPLE LOCATIONS (SAVANNAH, ATLANTA, LACOSTE, FRANCE AND HONG KONG). HOUSING ALLOWANCE - AS IS STANDARD PRACTICE FOR UNIVERSITIES, THE PRESIDENT IS PROVIDED A RESIDENCE IN SAVANNAH THAT IS FREQUENTLY USED FOR BUSINESS AND/OR BUSINESS FUNCTIONS (I.E. MEETINGS, RECEPTIONS, DINNERS WITH GUESTS AND DONORS, ETC.). NO AMOUNT HAS BEEN INCLUDED IN THE PRESIDENT'S TAXABLE INCOME FOR USE OF THE PROPERTY. SINCE NOVEMBER 2014, THE PRESIDENT HAS BEEN PROVIDED A HOUSING ALLOWANCE IN CONNECTION WITH HER PERSONAL RESIDENCE IN THE ATLANTA AREA. THE HOUSING ALLOWANCE IS TREATED AS TAXABLE WAGES AND IS INCLUDED IN COLUMN (B) OF PART VII OF THIS FORM 990 AND IN COLUMN (B) (III) OF SCHEDULE J PART II.

PART I, LINES 4A-B

THE PRESIDENT BEGAN A NEW AGREEMENT STARTING JULY 1, 2019 WHEREBY SHE WILL, ON EACH JUNE 30TH OF HER CONTINUED EMPLOYMENT DURING THE TERM OF THE AGREEMENT, VEST IN A SUPPLEMENTAL RETIREMENT BENEFIT EQUAL TO THE PRESENT VALUE OF A LIFE ANNUITY THAT WILL PROVIDE AN ANNUAL BENEFIT EQUAL TO TWO PERCENT (2%) OF HER BASE SALARY IN EFFECT ON THE APPLICABLE JUNE 30TH. EACH SUCH VESTED SUPPLEMENTAL BENEFIT SHALL BE PAID TO THE PRESIDENT IN A LUMP SUM WITHIN THIRTY (30) DAYS AFTER THE APPLICABLE JUNE 30TH.

PART I, LINE 7

THE PRESIDENT'S TOTAL COMPENSATION (BASE PAY AND BONUSES), EXECUTIVE MANAGEMENT COMPENSATION (BASE PAY AND BONUSES) AND RELATED PARTY COMPENSATION (BASE PAY AND BONUSES) ARE DETERMINED BY THE BOARD OF TRUSTEES IN CONJUNCTION WITH AN INDEPENDENT COMPENSATION CONSULTING FIRM (AON). FOR ALL OTHERS LISTED, COMPENSATION IS DETERMINED IN THE SOLE DISCRETION OF THE COMPENSATION COMMITTEE.

PART I, QUESTION 3

THE INSTITUTION COMPLIES WITH THE PROCEDURES AND STANDARDS SET FORTH IN THE IRS REGULATIONS TO RECEIVE THE 'REBUTTABLE PRESUMPTION OF REASONABLENESS' WITH RESPECT TO THE TOTAL COMPENSATION PAID TO THE PRESIDENT. A COMMITTEE OF THE BOARD CONDUCTS AN ANNUAL PERFORMANCE REVIEW OF THE PRESIDENT'S SALARY AND BONUS. ANY AND ALL DECISIONS ARE BASED ON: A) A DOCUMENTED COMPENSATION PHILOSOPHY AND STRATEGY; B) A DETAILED ANNUAL PERFORMANCE REVIEW ON BOTH JOB PERFORMANCE AND THE "BALANCED SCORECARD" OF THE RESULTS OF THE INSTITUTION AND SUBSIDIARIES; AND C) DETAILED AND COMPREHENSIVE MARKET DATA WHICH CONSIDERS ORGANIZATIONS THAT ARE "SIMILARLY SITUATED." AN INDEPENDENT CONSULTING FIRM THAT SPECIALIZES IN BENEFITS AND COMPENSATION PROVIDES TOTAL COMPENSATION MARKET VALUATIONS VIA A COMPENSATION STUDY THAT INCLUDES CONSIDERATION OF THE TOTAL COMPENSATION PAID BY COMPARABLE INSTITUTIONS. THE COMPENSATION EXPERT PROVIDES A WRITTEN OPINION ON THE REASONABLENESS OF TOTAL COMPENSATION. THE FULL BOARD RECEIVES THE DETAILED PERFORMANCE REVIEW AND THE COMPENSATION MARKET ANALYSIS AND WRITTEN OPINION FROM THE INDEPENDENT CONSULTING FIRM, CONSIDERS THE RECOMMENDATION OF THE COMMITTEE, AND VOTES ON THE PRESIDENT'S COMPENSATION. THIS PRACTICE ALSO INCLUDES A MARKET ANALYSIS OF COMPENSATION PAID TO SENIOR MANAGEMENT AND ANY INDIVIDUAL RELATED TO A MEMBER OF SENIOR MANAGEMENT OR THE BOARD.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• SAVANNAH MEDIA SUPPORT SERVICES LLC

  SUPPORT · GA · income $0 · assets $0

  Directly controlled by SAVANNAH COLLEGE OF ART AND DESIGN INC

• ACORN HANGAR LLC

  AIRCRAFT MANAGEMENT · GA · income $0 · assets $0

  Directly controlled by SAVANNAH COLLEGE OF ART AND DESIGN INC

• ACORN LEASING COMPANY

  AIRCRAFT MANAGEMENT · GA · income $0 · assets $0

  Directly controlled by SAVANNAH COLLEGE OF ART AND DESIGN INC

• SCAD HOLDINGS LLC

  SUPPORT · GA · income $0 · assets $0

  Directly controlled by SAVANNAH COLLEGE OF ART AND DESIGN INC

• MUSEUM CAFE LLC

  SUPPORT · GA · income $0 · assets $0

  Directly controlled by SAVANNAH COLLEGE OF ART AND DESIGN INC

• SCAD MUSEUM LLC

  MUSEUM · GA · income $275,545

  Directly controlled by SAVANNAH COLLEGE OF ART AND DESIGN INC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• LACOSTE SCHOOL OF THE ARTS IN FRANCE ASSOCIATION

  C · CAMPUS · FR · 100% owned · share of income $2,681,639 · controlled entity

  Directly controlled by SAVANNAH COLLEGE OF ART AND DESIGN INC

• LACOSTE SCHOOL OF THE ARTS IN FRANCE SA (FKA COMPANIA DE NAVEGACION)

  C · CAMPUS · PM · 100% owned · controlled entity

  Directly controlled by SAVANNAH COLLEGE OF ART AND DESIGN INC