Durham Academy INC: FY2021 Nonprofit Profile & 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

74 cents of each dollar spent went to programs.

74%

23%

Program services 74% · $25.7M Management & general 23% · $8.0M Fundraising 3% · $1.0M

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

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Who runs it and what they're paid

30 people listed on the 990; $1.9M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII

Michael Ulku-Steiner

Head of School

$409,516Pt VII · Sec A

Gerald D Benson

Director of Business Servi

$300,010Pt VII · Sec A

Kristen Klein

Assistant Head of School

$169,179Pt VII · Sec A

Michelle Morgan

Director of Philanthropy

$154,642Pt VII · Sec A

Jonathan M Meredith

Director of Middle School

$150,953Pt VII · Sec A

Victoria Muradi

Director of Enrollment Management

$143,851Pt VII · Sec A

Carolyn Ronco

Director of Lower School

$141,222Pt VII · Sec A

Michael Smith

Director of Facilities

$140,779Pt 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.

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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.

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Provided by the organization

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1 program · $25.7M · in their own filed words · FY2020

01

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

$25.7Mprogram 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 FY2021 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$38.8M

Ln 12

Fees for servicesLn 2g$33.7M

Gifts and grantsLn 1h$3.9M

Investment incomeLn 3$981K

Money outPt IX

$34.7M

Ln 25

Programscol B$25.7M

Managementcol C$8.0M

Fundraisingcol D$1.0M

Owns and owesPt X

$80.6M

net assets · Ln 32

Cash and savingsLn 1–2$7.3M

Total assetsLn 16$115.2M

LiabilitiesLn 26$34.6M

PeoplePt VI, VII

30

listed · VII A

PaidVII A10

Voting boardVI 1a20

IndependentVI 1b20

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$3.9M

Noncash giftsLn 1g$251K

Fees for servicesLn 2g$33.7M

Investment incomeLn 3$981K

Other incomeLn 4–11$173K

Gains on assetsLn 7$70K

Total revenueLn 12$38.8M

Assets in detailPt X, end of year

CashLn 1$5.2M

SavingsLn 2$2.1M

Cash and savings togetherLn 1–2$7.3M

InvestmentsLn 11–13$51.6M

Land, buildings, equipmentLn 10c$50.9M

Total assetsLn 16$115.2M

LiabilitiesLn 26$34.6M

Net assetsLn 32$80.6M

OperationsPt I, VI

EmployeesI 5277

VolunteersI 6970

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

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

Line	Start FY21	End FY21
Cash and savingsLn 1–2	$20.2M	$7.3M
InvestmentsLn 11–13	$29.2M	$51.6M
Land, buildings, equipmentLn 10c	$42.6M	$50.9M
Total assetsLn 16	$98.7M	$115.2M
LiabilitiesLn 26	$28.1M	$34.6M
Net assetsLn 32	$70.6M	$80.6M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$2.8M	$2.8M
Pay of current officers, directors and key staffLn 5	$1.7M	$1.2M	$429K	$54K
Other salaries and wagesLn 7	$15.6M	$11.2M	$3.9M	$493K
Pension plan contributionsLn 8	$831K	$596K	$208K	$26K
Other employee benefitsLn 9	$4.0M	$2.8M	$989K	$124K
Payroll taxesLn 10	$1.4M	$980K	$334K	$47K
Legal feesLn 11b	$33K		$33K
Accounting feesLn 11c	$53K		$53K
Investment management feesLn 11f	$59K		$59K
Other fees for servicesLn 11g	$278	$137	$141
Advertising and promotionLn 12	$102K	$4K	$93K	$6K
Office expensesLn 13	$389K	$195K	$118K	$76K
Information technologyLn 14	$436K	$307K	$129K
OccupancyLn 16	$2.1M	$1.6M	$444K	$42K
TravelLn 17	$78K	$76K	$2K
Depreciation, depletion and amortizationLn 22	$2.5M	$2.0M	$533K	$51K
InsuranceLn 23	$128K	$128K
Other expenses (24a–d)Ln 24	$2.4M	$1.8M	$579K	$75K
All other expensesLn 24e	$123K	$26K	$85K	$12K
Total functional expensesLn 25	$34.7M	$25.7M	$8.0M	$1.0M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$47.6M	$44.7M	$2.9M	$96.7M	990 PDF
FY2024	$45.3M	$43.7M	$1.6M	$90.7M	990 PDF
FY2023	$42.6M	$39.8M	$2.8M	$85.6M	990 PDF
FY2022	$40.9M	$36.2M	$4.7M	$81.0M	990 PDF
FY2021 Viewing	$38.8M	$34.7M	$4.0M	$80.6M	990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

See the full FY2021 990 (6 parts)

Part I · Summary $38,768,231 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $6,585,389$3,884,726

I-9 Program service revenuePrior year $33,994,096$33,729,403

I-10 Investment incomePrior year $210,860$981,382

I-11 Other revenuePrior year $198,525$172,720

I-12 Total revenuePrior year $40,988,870$38,768,231

I-13 Grants and similar amounts paidPrior year $2,267,266$2,760,384

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

I-15 Salaries and benefitsPrior year $22,512,343$23,488,378

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

I-17 Other expensesPrior year $9,204,170$8,490,343

I-18 Total expensesPrior year $33,983,779$34,739,105

I-19 Revenue less expensesPrior year $7,005,091$4,029,126

Part VI · Governance 20 of 20 board members independent, no flags

VI-1a Voting members of the governing body20

VI-1b Independent voting members20

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 $38,768,231 across 10 lines filed

Lines not itemized here account for $29,642 of total revenue; see the IRS return.

VIII-1f All other contributions, gifts and grants$3,884,726

VIII-1g Noncash contributions (included above)$251,122

VIII-1h Total contributions, gifts and grants$3,884,726

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $33,729,403$33,729,403

VIII-3 Investment incomeExcluded from tax $911,128$911,128

VIII-6 Net rental income or lossExcluded from tax $40,130$40,130

VIII-7 Net gain or loss on sales of assetsUnrelated business $4,218 · Excluded from tax $66,036$70,254

VIII-8 Net income from fundraising eventsExcluded from tax $9,898$9,898

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $93,050$93,050

VIII-12 Total revenueRelated to mission $33,852,095 · Unrelated business $4,218 · Excluded from tax $1,027,192$38,768,231

Part IX · Statement of functional expenses $34,739,105 across 19 lines filed

IX-2 Grants to domestic individualsPrograms $2,760,384$2,760,384

IX-5 Pay of current officers, directors and key staffPrograms $1,230,768 · Management $429,292 · Fundraising $54,018$1,714,078

IX-7 Other salaries and wagesPrograms $11,214,615 · Management $3,914,108 · Fundraising $492,516$15,621,239

IX-8 Pension plan contributionsPrograms $596,249 · Management $208,102 · Fundraising $26,185$830,536

IX-9 Other employee benefitsPrograms $2,847,958 · Management $989,202 · Fundraising $124,473$3,961,633

IX-10 Payroll taxesPrograms $979,720 · Management $334,318 · Fundraising $46,854$1,360,892

IX-11b Legal feesManagement $32,521$32,521

IX-11c Accounting feesManagement $52,718$52,718

IX-11f Investment management feesManagement $58,742$58,742

IX-11g Other fees for servicesPrograms $137 · Management $141$278

IX-12 Advertising and promotionPrograms $3,502 · Management $92,746 · Fundraising $6,229$102,477

IX-13 Office expensesPrograms $194,867 · Management $118,000 · Fundraising $75,998$388,865

IX-14 Information technologyPrograms $306,994 · Management $129,434$436,428

IX-16 OccupancyPrograms $1,629,559 · Management $444,425 · Fundraising $42,326$2,116,310

IX-17 TravelPrograms $75,696 · Management $2,500$78,196

IX-22 Depreciation, depletion and amortizationPrograms $1,954,546 · Management $533,059 · Fundraising $50,767$2,538,372

IX-23 InsurancePrograms $127,598$127,598

IX-24 Other expenses (24a–d)Programs $1,780,854 · Management $579,211 · Fundraising $74,548$2,434,613

IX-24e All other expensesPrograms $26,218 · Management $85,478 · Fundraising $11,529$123,225

IX-25 Total functional expensesPrograms $25,729,665 · Management $8,003,997 · Fundraising $1,005,443$34,739,105

Part X · Balance sheet $115,235,784 assets, 18 lines filed

X-1 Cash, non-interest-bearingStart of year $160,054$5,168,261

X-2 Savings and temporary cash investmentsStart of year $20,071,228$2,088,858

X-3 Pledges and grants receivableStart of year $6,267,772$4,562,734

X-4 Accounts receivableStart of year $66,633$527,578

X-8 Inventories for sale or useStart of year $37,344$38,066

X-9 Prepaid expenses and deferred chargesStart of year $332,731$396,440

X-10c Land, buildings and equipment, netStart of year $42,635,029$50,878,279

X-11 Publicly traded securitiesStart of year $27,205,748$49,312,415

X-12 Other securitiesStart of year $1,966,396$2,263,153

X-16 Total assetsStart of year $98,742,935$115,235,784

X-17 Accounts payable and accrued expensesStart of year $2,830,764$2,806,330

X-19 Deferred revenueStart of year $3,223,128$4,244,538

X-20 Tax-exempt bond liabilitiesStart of year $22,053,915$20,058,970

X-26 Total liabilitiesStart of year $28,113,440$34,609,838

X-27 Net assets without donor restrictionsStart of year $50,635,364$60,664,591

X-28 Net assets with donor restrictionsStart of year $19,994,131$19,961,355

X-32 Total net assets or fund balancesStart of year $70,629,495$80,625,946

X-33 Total liabilities and net assetsStart of year $98,742,935$115,235,784

Part XI · Reconciliation of net assets $80,625,946 net assets at year end

XI-1 Total revenue$38,768,231

XI-2 Total expenses$34,739,105

XI-3 Revenue less expenses$4,029,126

XI-4 Net assets at start of year$70,629,495

XI-5 Net unrealized gains (losses) on investments$5,967,325

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$80,625,946

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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Durham Academy INC FY2021 filing

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