philanthropy.org | 990 Resource | FAQ Verify yourself
Sign in

Durham Academy INC FY2022 filing

Tax-deductible

Durham, NC501(c)(3)Since 1961Education EIN 56-0538019Revenue $40.9M in FY2022Latest return filed May 12, 2026

On file with the IRSda.org3130 Pickett Rd, 27705-6008 · Durham, NCTax-exempt since Jan 1961School — 170(b)(1)(A)(ii)

Claim this org

(tell your story, add context, and more)

How does your 990 look to donors? Take the 10-Question Audit

The purpose of Durham Academy is to provide each student an education that will enable him or her to live a moral, happy and productive life. The development of intellect is central to such a life and, thus, intellectual endeavor and growth are the primary work of the school. The acquisition of knowledge; the development of skills, critical judgment and intellectual curiosity; and increased understanding are the goals of the school's academic program.

501(c)(3) charity; gifts are tax-deductible.
76¢ of each $1 spent went to programs.
$2.4M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $3.2M a year · 7% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
76%
of spending
Looks good: 76% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$2.4M
to officers and key staff · 7% of spending
Looks good: pay to officers and key staff is 7% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
1 mo
of spending, in cash
Plus $47.2M in investments, Pt X · Ln 11–13
Fine: 1.4 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
3
named funders · $77K
Looks good: 3 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$31.4M
28% of total assets
Looks good: liabilities are 28% of assets; 50% or less.
Pt X · Ln 26
Independent board members
24
of 25 voting members
Looks good: 24 of 25 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$40.9M
+5% vs prior year
Spent
$36.2M
To programs
76%
Net assets
$81.0M
By yearFY2021–FY2025
Revenue
$40.9M
FY2022▲ +5%
Tap a bar for its year
Revenue by fiscal year
FY2021$38.8M
FY2022$40.9M
FY2023$42.6M
FY2024$45.3M
FY2025$47.6M
Expenses
$36.2M
FY2022▲ +4%
Tap a bar for its year
Expenses by fiscal year
FY2021$34.7M
FY2022$36.2M
FY2023$39.8M
FY2024$43.7M
FY2025$44.7M
Net assets
$81.0M
FY2022▲ +0.5%
Tap a bar for its year
Net assets by fiscal year
FY2021$80.6M
FY2022$81.0M
FY2023$85.6M
FY2024$90.7M
FY2025$96.7M

From the FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

Give Claim
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

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.

Program services 76% · $27.5M Management & general 21% · $7.6M Fundraising 3% · $1.0M

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

35 people listed on the 990; $2.4M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Gerald D Benson
Director of Business Servi
$552,910Pt VII · Sec A
Michael Ulku-Steiner
Head of School
$408,308Pt VII · Sec A
Kristen Klein
Assistant Head of School
$184,958Pt VII · Sec A
Victoria Muradi
Director of Enrollment Man
$174,863Pt VII · Sec A
Michelle Morgan
Director of Philanthropy
$173,500Pt VII · Sec A
Jonathan M Meredith
Director of Middle School
$169,125Pt VII · Sec A
Carolyn Ronco
Director of Lower School
$149,723Pt VII · Sec A
Lanis Wilson
Director of Upper School
$149,598Pt 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

NameFY2025FY2024FY2023FY2022FY2021
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 →

15 open jobs right now. See them →

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 · $27.5M · in their own filed words · FY2021
01

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

$27.5Mprogram 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 FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$40.9M
Ln 12
Fees for servicesLn 2g$36.9M
Gifts and grantsLn 1h$3.7M
Other incomeLn 4–11$197K
Money outPt IX
$36.2M
Ln 25
Programscol B$27.5M
Managementcol C$7.6M
Fundraisingcol D$1.0M
Owns and owesPt X
$81.0M
net assets · Ln 32
Cash and savingsLn 1–2$4.4M
Total assetsLn 16$112.4M
LiabilitiesLn 26$31.4M
PeoplePt VI, VII
35
listed · VII A
PaidVII A11
Voting boardVI 1a25
IndependentVI 1b24
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$3.7M
Government grantsLn 1e$67K
Noncash giftsLn 1g$343K
Fees for servicesLn 2g$36.9M
Investment incomeLn 3$117K
Other incomeLn 4–11$197K
Gains on assetsLn 7$30K
Total revenueLn 12$40.9M
Assets in detailPt X, end of year
CashLn 1$2.3M
SavingsLn 2$2.1M
Cash and savings togetherLn 1–2$4.4M
InvestmentsLn 11–13$47.2M
Land, buildings, equipmentLn 10c$55.7M
Total assetsLn 16$112.4M
LiabilitiesLn 26$31.4M
Net assetsLn 32$81.0M
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$18.0M
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$343K
EndowmentSch D · Pt V
LineFY22FY21FY20FY19FY18
End of yearLn 1g$14.2M$16.0M$13.4M$13.6M$13.2M
Given inLn 1b$37K$71K$119K$172K$68K
SpentLn 1d–1f$351K$339K$237K$232K$224K
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$7.3M$4.4M
InvestmentsLn 11–13$51.6M$47.2M
Land, buildings, equipmentLn 10c$50.9M$55.7M
Total assetsLn 16$115.2M$112.4M
LiabilitiesLn 26$34.6M$31.4M
Net assetsLn 32$80.6M$81.0M
5Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$2.6M$2.6M
Pay of current officers, directors and key staffLn 5$1.9M$1.4M$480K$60K
Other salaries and wagesLn 7$15.8M$11.4M$4.0M$499K
Pension plan contributionsLn 8$899K$646K$225K$28K
Other employee benefitsLn 9$3.7M$2.6M$919K$116K
Payroll taxesLn 10$1.4M$1.0M$359K$45K
Legal feesLn 11b$32K$32K
Accounting feesLn 11c$63K$63K
Other fees for servicesLn 11g$10K$10K
Advertising and promotionLn 12$54K$8K$46K
Office expensesLn 13$446K$216K$152K$78K
Information technologyLn 14$421K$286K$135K
OccupancyLn 16$2.2M$1.8M$400K$44K
TravelLn 17$338K$329K$9K
Depreciation, depletion and amortizationLn 22$2.8M$2.2M$505K$56K
InsuranceLn 23$137K$137K
Other expenses (24a–d)Ln 24$3.1M$2.8M$243K$39K
All other expensesLn 24e$180K$19K$126K$35K
Total functional expensesLn 25$36.2M$27.5M$7.6M$1.0M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled 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
FY2022 ViewingFiled 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

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash J · Pay O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $40,893,092 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $3,884,726$3,696,412
I-9 Program service revenuePrior year $33,729,403$36,883,035
I-10 Investment incomePrior year $981,382$116,521
I-11 Other revenuePrior year $172,720$197,124
I-12 Total revenuePrior year $38,768,231$40,893,092
I-13 Grants and similar amounts paidPrior year $2,760,384$2,632,956
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $23,488,378$23,774,058
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $8,490,343$9,778,673
I-18 Total expensesPrior year $34,739,105$36,185,687
I-19 Revenue less expensesPrior year $4,029,126$4,707,405
Part VI · Governance 24 of 25 board members independent, no flags
VI-1a Voting members of the governing body25
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 $40,893,092 across 11 lines filed
Lines not itemized here account for $80,059 of total revenue; see the IRS return.
VIII-1e Government grants$67,236
VIII-1f All other contributions, gifts and grants$3,629,176
VIII-1g Noncash contributions (included above)$342,506
VIII-1h Total contributions, gifts and grants$3,696,412
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $36,883,035$36,883,035
VIII-3 Investment incomeExcluded from tax $86,386$86,386
VIII-6 Net rental income or lossExcluded from tax $38,224$38,224
VIII-7 Net gain or loss on sales of assetsUnrelated business $1,443 · Excluded from tax $28,692$30,135
VIII-8 Net income from fundraising eventsExcluded from tax $7,032$7,032
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $71,809$71,809
VIII-12 Total revenueRelated to mission $37,034,903 · Unrelated business $1,443 · Excluded from tax $160,334$40,893,092
Part IX · Statement of functional expenses $36,185,687 across 18 lines filed
IX-2 Grants to domestic individualsPrograms $2,632,956$2,632,956
IX-5 Pay of current officers, directors and key staffPrograms $1,376,844 · Management $480,274 · Fundraising $60,433$1,917,551
IX-7 Other salaries and wagesPrograms $11,370,544 · Management $3,968,531 · Fundraising $499,363$15,838,438
IX-8 Pension plan contributionsPrograms $645,507 · Management $225,294 · Fundraising $28,349$899,150
IX-9 Other employee benefitsPrograms $2,649,748 · Management $919,252 · Fundraising $115,671$3,684,671
IX-10 Payroll taxesPrograms $1,029,658 · Management $359,370 · Fundraising $45,220$1,434,248
IX-11b Legal feesManagement $31,686$31,686
IX-11c Accounting feesManagement $63,182$63,182
IX-11g Other fees for servicesPrograms $10,000$10,000
IX-12 Advertising and promotionPrograms $8,216 · Fundraising $46,115$54,331
IX-13 Office expensesPrograms $216,100 · Management $152,266 · Fundraising $77,858$446,224
IX-14 Information technologyPrograms $286,308 · Management $134,714$421,022
IX-16 OccupancyPrograms $1,777,023 · Management $399,830 · Fundraising $44,426$2,221,279
IX-17 TravelPrograms $329,208 · Management $8,759$337,967
IX-22 Depreciation, depletion and amortizationPrograms $2,243,848 · Management $504,867 · Fundraising $56,096$2,804,811
IX-23 InsurancePrograms $137,235$137,235
IX-24 Other expenses (24a–d)Programs $2,788,855 · Management $243,482 · Fundraising $38,659$3,070,996
IX-24e All other expensesPrograms $19,180 · Management $125,623 · Fundraising $35,137$179,940
IX-25 Total functional expensesPrograms $27,521,230 · Management $7,617,130 · Fundraising $1,047,327$36,185,687
Part X · Balance sheet $112,409,131 assets, 18 lines filed
X-1 Cash, non-interest-bearingStart of year $5,168,261$2,300,598
X-2 Savings and temporary cash investmentsStart of year $2,088,858$2,066,345
X-3 Pledges and grants receivableStart of year $4,562,734$3,922,059
X-4 Accounts receivableStart of year $527,578$434,698
X-8 Inventories for sale or useStart of year $38,066$27,869
X-9 Prepaid expenses and deferred chargesStart of year $396,440$722,005
X-10c Land, buildings and equipment, netStart of year $50,878,279$55,726,850
X-11 Publicly traded securitiesStart of year $49,312,415$45,099,079
X-12 Other securitiesStart of year $2,263,153$2,109,628
X-16 Total assetsStart of year $115,235,784$112,409,131
X-17 Accounts payable and accrued expensesStart of year $2,806,330$1,861,133
X-19 Deferred revenueStart of year $4,244,538$4,023,862
X-20 Tax-exempt bond liabilitiesStart of year $20,058,970$17,979,442
X-26 Total liabilitiesStart of year $34,609,838$31,364,437
X-27 Net assets without donor restrictionsStart of year $60,664,591$62,335,594
X-28 Net assets with donor restrictionsStart of year $19,961,355$18,709,100
X-32 Total net assets or fund balancesStart of year $80,625,946$81,044,694
X-33 Total liabilities and net assetsStart of year $115,235,784$112,409,131
Part XI · Reconciliation of net assets $81,044,694 net assets at year end
XI-1 Total revenue$40,893,092
XI-2 Total expenses$36,185,687
XI-3 Revenue less expenses$4,707,405
XI-4 Net assets at start of year$80,625,946
XI-5 Net unrealized gains (losses) on investments−$4,288,657
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$81,044,694

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

Similar organizations you could support · Compare with another nonprofit

Names, privacy, and removal requests More

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

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.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street 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, corrections must be made by the filing organization or the IRS directly.

All figures are derived from public IRS Form 990 filings and are presented without evaluation of any organization. philanthropy.org does not rate, score, or rank organizations, including the pay comparisons above.