Durham Academy INC: Nonprofit Profile, Financials & Form 990 (EIN 56-0538019)

Revenue by fiscal year
FY2021	$38.8M
FY2022	$40.9M
FY2023	$42.6M
FY2024	$45.3M
FY2025	$47.6M

Expenses by fiscal year
FY2021	$34.7M
FY2022	$36.2M
FY2023	$39.8M
FY2024	$43.7M
FY2025	$44.7M

Net assets by fiscal year
FY2021	$80.6M
FY2022	$81.0M
FY2023	$85.6M
FY2024	$90.7M
FY2025	$96.7M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jan 1961.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

76 cents of each dollar spent went to programs.

76%

22%

Program services 76% · $33.8M Management & general 22% · $9.7M Fundraising 3% · $1.2M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

34 people listed on the 990; $2.1M paid to officers and key staff (Part VII, Section A).

Part VII, Section A · reportable compensation

Michael Ulku-Steiner

Ex Officio Durham Academy

$485,773Pt VII · Sec A

Adam Braude

Chief Financial Operations

$248,926Pt VII · Sec A

Kristen Klein

Associate Head of School

$217,439Pt VII · Sec A

Chris Farr

Director of Philanthropy

$195,281Pt VII · Sec A

Victoria Muradi

Director of Strategic Init

$181,463Pt VII · Sec A

Jonathan M Meredith

Director of Middle School

$167,086Pt VII · Sec A

Lanis Wilson

Director of Upper School

$163,007Pt VII · Sec A

Michael Smith

Director of Facilities Ser

$152,019Pt VII · Sec A

Michael Ulku-Steiner’s $486K as Ex Officio Durham Academy is at the 87th percentile of top reported officer pay among 3683 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021
Michael Ulku-Steiner	$485,773	$759,726	$404,071	$408,308	$409,516
Gerald D Benson	—	—	—	$552,910	$300,010
Gerald Benson	—	$167,280	$326,403	—	—
Adam Braude	$248,926	$126,392	—	—	—
Kristen Klein	$217,439	$214,703	$193,410	$184,958	$169,179
Chris Farr	$195,281	$153,750	—	—	—
Victoria Muradi	$181,463	$186,813	$176,065	$174,863	$143,851
Michelle Morgan	—	—	—	$173,500	$154,642

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Durham Academy INC executive salaries →

16 open jobs right now. See them →

Claim your page to feature a role

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Educates students to live moral, happy, and productive lives through intellectual growth and knowledge acquisition.

Questions for Durham Academy INC

Tap to ask. Durham Academy INC sees how many people are interested.

Your first name shows with your question. Durham Academy INC answers here, for everyone.

1 program · $33.8M · in their own filed words · FY2024

01

Durham Academy provides schooling for pre-school through twelfth grade students.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 56-0538019) · Dispute this line

$33.8Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid

Grants received · FY2025

George Watts Hill FoundationFY2025$66K

U/W Ann McCulloch Hill F/B/O Durham Academy Central Carolina Bk & Tr CFY2025$6K

James C and Linda F Smith Charitable TrFY2025$5K

Total grants receivedfrom 3 funders$77K

See all 3 funders →

Grants paid · 2 grants · $5.4M · 2023–2024

Unitemized GrantFY2024$2,696,481

Unitemized GrantFY2023$2,703,305

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$47.6M

Ln 12

Fees for servicesLn 2g$42.4M

Gifts and grantsLn 1h$4.0M

Investment incomeLn 3$893K

Money outPt IX

$44.7M

Ln 25

Programscol B$33.8M

Managementcol C$9.7M

Fundraisingcol D$1.2M

Owns and owesPt X

$96.7M

net assets · Ln 32

Cash and savingsLn 1–2$3.9M

Total assetsLn 16$124.2M

LiabilitiesLn 26$27.6M

PeoplePt VI, VII

34

listed · VII A

PaidVII A10

Voting boardVI 1a24

IndependentVI 1b24

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$4.0M

Noncash giftsLn 1g$284K

Fees for servicesLn 2g$42.4M

Investment incomeLn 3$893K

Other incomeLn 4–11$210K

Gains on assetsLn 7$7K

Total revenueLn 12$47.6M

Assets in detailPt X, end of year

CashLn 1$367K

SavingsLn 2$3.6M

Cash and savings togetherLn 1–2$3.9M

Pledges and grants receivableLn 3$3.4M

Accounts receivableLn 4$1.3M

Inventories for sale or useLn 8$23K

Prepaid expenses and deferred chargesLn 9$476K

Land, buildings, equipmentLn 10c$65.7M

InvestmentsLn 11–13$47.6M

Other assetsLn 15$1.7M

Total assetsLn 16$124.2M

LiabilitiesLn 26$27.6M

Net assetsLn 32$96.7M

OperationsPt I, VI

EmployeesI 5277

VolunteersI 6970

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3More from this return

BondsSch K, Pt X

Tax-exempt bond debt owedX 20$11.9M

Bond issues listedSch K Pt I1

Raised by those issuesSch K Pt I$25.6M

Abroad and in kindSch F, M

Noncash gifts receivedSch M Pt I$284K

Investment feesPt IX, Sch D

Investment fees, as reportedPt IX 11f$100K

Share of the $18.5M endowmentSch D 1g0.54%

Typical, median of 2,202 orgs0.44%

EndowmentSch D · Pt V

Line	FY25	FY24	FY23	FY22	FY21
End of yearLn 1g	$18.5M	$16.9M	$15.8M	$14.2M	$16.0M
AddedLn 1b	$380K	$406K	$129K	$37K	$71K
SpentLn 1d–1f	$382K	$170K	$470K	$351K	$339K

4Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$5.6M	$3.9M
InvestmentsLn 11–13	$41.1M	$47.6M
Land, buildings, equipmentLn 10c	$67.1M	$65.7M
Total assetsLn 16	$118.3M	$124.2M
LiabilitiesLn 26	$27.6M	$27.6M
Net assetsLn 32	$90.7M	$96.7M

Business incomeForm 990-T, Part I

Line	FY25	FY24
Gross	$2K	$3K
Net	$2K	$3K
Tax	$288	$376

5Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$2.7M	$2.7M
Pay of officers and key staff (Part IX, line 5)Ln 5	$1.2M	$866K	$302K	$38K
Other salaries and wagesLn 7	$20.1M	$14.4M	$5.0M	$634K
Pension plan contributionsLn 8	$1.0M	$747K	$261K	$33K
Other employee benefitsLn 9	$4.3M	$3.1M	$1.1M	$134K
Payroll taxesLn 10	$1.7M	$1.2M	$433K	$54K
Legal feesLn 11b	$30K		$30K
Accounting feesLn 11c	$78K		$78K
Investment management feesLn 11f	$100K		$100K
Other fees for servicesLn 11g	$355K	$355K
Advertising and promotionLn 12	$22K	$9K		$13K
Office expensesLn 13	$586K	$343K	$153K	$91K
Information technologyLn 14	$407K	$243K	$164K
OccupancyLn 16	$2.5M	$2.0M	$450K	$50K
TravelLn 17	$622K	$578K	$44K
InterestLn 20	$1.1M	$863K	$194K	$22K
Depreciation, depletion and amortizationLn 22	$3.7M	$3.0M	$672K	$75K
InsuranceLn 23	$205K	$205K
Other expenses (24a–d)Ln 24	$3.7M	$3.1M	$588K	$55K
All other expensesLn 24e	$135K		$135K
Total functional expensesLn 25	$44.7M	$33.8M	$9.7M	$1.2M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest ViewingFiled with the IRS May 12, 2026	$47.6M	$44.7M	$2.9M	$96.7M	990 PDF
FY2024Filed with the IRS Mar 27, 2025	$45.3M	$43.7M	$1.6M	$90.7M	990 PDF
FY2023Filed with the IRS May 13, 2024	$42.6M	$39.8M	$2.8M	$85.6M	990 PDF
FY2022Filed with the IRS Apr 24, 2023	$40.9M	$36.2M	$4.7M	$81.0M	990 PDF
FY2021Filed with the IRS Nov 12, 2021	$38.8M	$34.7M	$4.0M	$80.6M	990 PDF

Schedules filed Part IV

A · Public support B · Donors D · Assets and endowments E · Schools I · Grants J · Pay K · Bonds L · Interested persons M · Noncash O · Explanations

See the full FY2025 990

Part I · Summary $47,555,061 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $3,933,769$4,021,085

I-9 Program service revenuePrior year $40,290,733$42,430,146

I-10 Investment incomePrior year $879,482$900,540

I-11 Other revenuePrior year $209,799$203,290

I-12 Total revenuePrior year $45,313,783$47,555,061

I-13 Grants and similar amounts paidPrior year $2,703,305$2,696,481

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $27,313,164$28,433,870

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $13,710,693$13,547,323

I-18 Total expensesPrior year $43,727,162$44,677,674

I-19 Revenue less expensesPrior year $1,586,621$2,877,387

Part VI · Governance 24 of 24 board members independent, no flags

VI-1a Voting members of the governing body24

VI-1b Independent voting members24

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $47,555,061 across 10 lines filed

Lines not itemized here account for $34,055 of total revenue; see the IRS return.

VIII-1f All other contributions, gifts and grants$4,021,085

VIII-1g Noncash contributions (included above)$284,127

VIII-1h Total contributions, gifts and grants$4,021,085

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $42,430,146$42,430,146

VIII-3 Investment incomeExcluded from tax $893,344$893,344

VIII-6 Net rental income or lossExcluded from tax $24,558$24,558

VIII-7 Net gain or loss on sales of assetsUnrelated business $2,370 · Excluded from tax $4,826$7,196

VIII-8 Net income from fundraising eventsExcluded from tax $5,946$5,946

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $138,731$138,731

VIII-12 Total revenueRelated to mission $42,602,932 · Unrelated business $2,370 · Excluded from tax $928,674$47,555,061

Part IX · Statement of functional expenses $44,677,674 across 20 lines filed

IX-2 Grants to domestic individualsPrograms $2,696,481$2,696,481

IX-5 Pay of officers and key staff (Part IX, line 5)Programs $866,161 · Management $301,962 · Fundraising $37,995$1,206,118

IX-7 Other salaries and wagesPrograms $14,442,410 · Management $5,040,669 · Fundraising $634,272$20,117,351

IX-8 Pension plan contributionsPrograms $746,552 · Management $260,560 · Fundraising $32,786$1,039,898

IX-9 Other employee benefitsPrograms $3,148,683 · Management $1,060,949 · Fundraising $133,501$4,343,133

IX-10 Payroll taxesPrograms $1,240,093 · Management $432,815 · Fundraising $54,462$1,727,370

IX-11b Legal feesManagement $30,410$30,410

IX-11c Accounting feesManagement $77,500$77,500

IX-11f Investment management feesManagement $99,941$99,941

IX-11g Other fees for servicesPrograms $354,540$354,540

IX-12 Advertising and promotionPrograms $8,674 · Fundraising $13,244$21,918

IX-13 Office expensesPrograms $342,684 · Management $152,761 · Fundraising $90,598$586,043

IX-14 Information technologyPrograms $243,423 · Management $163,518$406,941

IX-16 OccupancyPrograms $1,999,948 · Management $449,988 · Fundraising $49,999$2,499,935

IX-17 TravelPrograms $577,975 · Management $43,931$621,906

IX-20 InterestPrograms $862,913 · Management $194,156 · Fundraising $21,573$1,078,642

IX-22 Depreciation, depletion and amortizationPrograms $2,985,941 · Management $671,837 · Fundraising $74,649$3,732,427

IX-23 InsurancePrograms $205,072$205,072

IX-24 Other expenses (24a–d)Programs $3,053,780 · Management $588,270 · Fundraising $55,228$3,697,278

IX-24e All other expensesManagement $134,770$134,770

IX-25 Total functional expensesPrograms $33,775,330 · Management $9,704,037 · Fundraising $1,198,307$44,677,674

Part X · Balance sheet $124,206,074 assets, 20 lines filed

X-1 Cash, non-interest-bearingStart of year $304,744$367,193

X-2 Savings and temporary cash investmentsStart of year $5,287,764$3,563,865

X-3 Pledges and grants receivableStart of year $2,976,523$3,383,478

X-4 Accounts receivableStart of year $1,036,182$1,337,134

X-8 Inventories for sale or useStart of year $39,987$23,495

X-9 Prepaid expenses and deferred chargesStart of year $438,776$475,821

X-10c Land, buildings and equipment, netStart of year $67,074,759$65,729,564

X-11 Publicly traded securitiesStart of year $37,829,953$43,819,419

X-12 Other securitiesStart of year $3,271,743$3,773,994

X-15 Other assetsStart of year $0$1,732,111

X-16 Total assetsStart of year $118,260,431$124,206,074

X-17 Accounts payable and accrued expensesStart of year $1,649,462$3,177,396

X-19 Deferred revenueStart of year $4,846,807$5,213,863

X-20 Tax-exempt bond liabilitiesStart of year $13,645,803$11,941,275

X-23 Secured mortgages and notes payableStart of year $7,453,746$7,217,480

X-26 Total liabilitiesStart of year $27,595,818$27,550,014

X-27 Net assets without donor restrictionsStart of year $72,795,436$77,032,544

X-28 Net assets with donor restrictionsStart of year $17,869,177$19,623,516

X-32 Total net assets or fund balancesStart of year $90,664,613$96,656,060

X-33 Total liabilities and net assetsStart of year $118,260,431$124,206,074

Part XI · Reconciliation of net assets $96,656,060 net assets at year end

XI-1 Total revenue$47,555,061

XI-2 Total expenses$44,677,674

XI-3 Revenue less expenses$2,877,387

XI-4 Net assets at start of year$90,664,613

XI-5 Net unrealized gains (losses) on investments$3,116,430

XI-9 Other changes in net assets−$2,370

XI-10 Net assets at end of year$96,656,060

Form 990 e-file FY2025 from the IRS (about our sources) · Classification, formation year and address from the IRS Business Master File

The names, titles, and financial information shown on this page are reproduced from IRS Form 990 filings, which are public records. More

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown. A filing can only be corrected by the organization filing an amended return with the IRS; the corrected information appears here at our next update.

We publish only information contained in the public IRS filing, and less than the filing contains. Our pages do not display home addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, contact the filing organization or the IRS directly.

Durham Academy INC

Before you give