SALEM ACADEMY AND COLLEGE
Balance Sheet
Fiscal Year Start:
Jul 1
Assets in 2024 (Year End)
$110,111,288
Investments
55%
Property, Plant, & Equipment (net)
23%
Other Assets
8%
Receivables (Non-Related)
7%
Cash & Equivalents
7%
Prepaid Expenses
<1%
Related-Party Receivables
0%
Inventories
0%
Liabilities in 2024 (Year End)
$20,751,996
Notes Payable / Debt (Non-Related)
80%
Payables & Accruals
11%
Deferred Revenue
7%
Other Liabilities
1%
Grants Payable
0%
Tax-Exempt Bond Liabilities
0%
Custodial & Escrow Liabilities
0%
Related-Party Payables
0%
Assets
2023
2024
Change
Cash & Equivalents
$10,265,711
$7,599,004
-26%
Receivables (Non-Related)
$3,623,509
$7,946,403
+119%
Related-Party Receivables
-
-
-
Inventories
-
-
-
Prepaid Expenses
$146,187
$180,186
+23%
Investments
$58,542,047
$60,510,012
+3%
Property, Plant, & Equipment (net)
$23,955,077
$24,951,145
+4%
Other Assets
$8,363,801
$8,924,538
+7%
Total Assets
$104,896,332
$110,111,288
+5%
Liabilities
2023
2024
Change
Payables & Accruals
$1,738,556
$2,371,441
+36%
Grants Payable
-
-
-
Deferred Revenue
$1,455,233
$1,428,064
-2%
Tax-Exempt Bond Liabilities
-
-
-
Custodial & Escrow Liabilities
-
-
-
Notes Payable / Debt (Non-Related)
$15,324,890
$16,643,992
+9%
Related-Party Payables
-
-
-
Other Liabilities
$130,398
$308,499
+137%
Total Liabilities
$18,649,077
$20,751,996
+11%
Net assets
2023
2024
Change
Restricted Net Assets
$73,270,676
$81,354,902
+11%
Unrestricted Net Assets
$12,976,579
$8,004,390
-38%
Net assets
2023
2024
Change
Net assets
+$86,247,255
+$89,359,292
+4%
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