WINSTON-SALEM, NC (JUNE 13, 2019)—The Southern Association of Colleges and Schools Commission on Colleges (SACSCOC), which accredits colleges and universities in 11 Southern states, has deemed Salem Academy and College compliant on three of the four requirements cited when it placed the school on financial probation in June 2018.
Salem has remained fully accredited since that time and will continue to be accredited. SACSCOC recognized that Salem was in compliance with the three requirements after an in-depth review of the school’s finances that proved the school is in sound financial standing.
The fourth compliance requirement for Salem to be removed from probation requires financial stability to be demonstrated over a longer period of time. The fourth requirement will be reviewed in December 2019 when Salem can provide an audited financial statement for the year ending June 30, 2019.
Salem achieved financial stability in recent months after raising more than $14 million, which exceeded the goal of its $10 million Step Up for Salem capital campaign. The campaign received approximately 3,000 contributions, 80 percent of which were received from Salem Academy and College alumnae.
“We developed a path to financial improvement and a balanced budget, and we are on target. Our annual budget is now right-sized, and we’re going to remain that way,” said Salem Academy and College President Sandra J. Doran. “We have worked very hard with the guidance of SACSCOC to prove a strong financial picture.”
“I want to express my deepest appreciation to Salem’s alumnae, board, staff, faculty, and the local community for Stepping Up for Salem during the past year. It takes a village, and the village responded,” she added. “Our school will be forever grateful to those who supported us and, and I’m particularly thankful for the substantial support of BB&T and the Z. Smith Reynolds Foundation. Everyone who contributed made a difference and will continue to make a difference to the future of Salem College.”
Doran said she is confident SACSCOC will lift the remaining compliance requirement in December. In addition to Salem College proving its sound financial footing, Doran said admissions to the school are up 55 percent, which, along with ongoing fundraising efforts, will help Salem continue to have a positive financial standing.
“Our endowment is at a healthy $68 million, and we have every intention of growing it,” Salem Academy and College board chair Dara Folan said. “Salem is a much stronger institution today in a number of ways than it was a year ago thanks to the efforts of many in the Salem family.”
“I have full confidence in a very bright future for Salem,” Folan added. “We’ve already initiated phase two of our strategic planning process to help shape the programs and initiatives that will be the future of Salem Academy and College.”
About Salem Academy and College
Salem Academy and College is the oldest educational institution for girls and women in the United States. With more than 18,000 alumnae who serve as entrepreneurs, physicians, researchers, artists, lawyers, teachers, community volunteers, and corporate executives, Salem Academy and Salem College continues to educate the next generation of global leaders. For more information about Salem Academy, please visit salemacademy.com. For more information about Salem College, please visit salem.edu.