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Durham Academy INC FY2024 filing

Tax-deductible

Durham, NC501(c)(3)Since 1961Education EIN 56-0538019Revenue $45.3M in FY2024

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

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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.
$2.9M 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

FY2024 · 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
$2.9M
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
2 mo
of spending, in cash
Plus $41.1M in investments, Pt X · Ln 11–13
Fine: 1.5 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
$27.6M
23% of total assets
Looks good: liabilities are 23% of assets; 50% or less.
Pt X · Ln 26
Independent board members
25
of 25 voting members
Looks good: 25 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
$45.3M
+6% vs prior year
Spent
$43.7M
To programs
76%
Net assets
$90.7M
By yearFY2021–FY2025
Revenue
$45.3M
FY2024▲ +6%
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
$43.7M
FY2024▲ +10%
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
$90.7M
FY2024▲ +6%
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 FY2024 Form 990 (year ending June 2024) · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 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% · $33.2M Management & general 21% · $9.3M Fundraising 3% · $1.2M

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

40 people listed on the 990; $2.9M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Michael Ulku-Steiner
Ex Officio Durham Academy Head of School
$759,726Pt VII · Sec A
Kristen Klein
Associate Head of School
$214,703Pt VII · Sec A
Victoria Muradi
Director of Strategic Init
$186,813Pt VII · Sec A
Jonathan M Meredith
Director of Middle School
$171,914Pt VII · Sec A
Gerald Benson
Director of Business Services
$167,280Pt VII · Sec A
Lanis Wilson
Director of Upper School
$166,490Pt VII · Sec A
Michael Smith
Director of Facilities Ser
$164,535Pt VII · Sec A
Caroline Ronco
Director of Lower School
$161,450Pt 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.

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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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1 program · $33.2M · in their own filed words · FY2023
01

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

$33.2Mprogram 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 FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$45.3M
Ln 12
Fees for servicesLn 2g$40.3M
Gifts and grantsLn 1h$3.9M
Investment incomeLn 3$879K
Money outPt IX
$43.7M
Ln 25
Programscol B$33.2M
Managementcol C$9.3M
Fundraisingcol D$1.2M
Owns and owesPt X
$90.7M
net assets · Ln 32
Cash and savingsLn 1–2$5.6M
Total assetsLn 16$118.3M
LiabilitiesLn 26$27.6M
PeoplePt VI, VII
40
listed · VII A
PaidVII A15
Voting boardVI 1a25
IndependentVI 1b25
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$3.9M
Noncash giftsLn 1g$394K
Fees for servicesLn 2g$40.3M
Investment incomeLn 3$879K
Other incomeLn 4–11$210K
Gains on assetsLn 7$3K
Total revenueLn 12$45.3M
Assets in detailPt X, end of year
CashLn 1$305K
SavingsLn 2$5.3M
Cash and savings togetherLn 1–2$5.6M
InvestmentsLn 11–13$41.1M
Land, buildings, equipmentLn 10c$67.1M
Total assetsLn 16$118.3M
LiabilitiesLn 26$27.6M
Net assetsLn 32$90.7M
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
LineStart FY24End FY24
Cash and savingsLn 1–2$814K$5.6M
InvestmentsLn 11–13$44.1M$41.1M
Land, buildings, equipmentLn 10c$67.0M$67.1M
Total assetsLn 16$116.1M$118.3M
LiabilitiesLn 26$30.5M$27.6M
Net assetsLn 32$85.6M$90.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$2.7M$2.7M
Pay of current officers, directors and key staffLn 5$1.1M$759K$265K$33K
Other salaries and wagesLn 7$19.3M$13.8M$4.8M$607K
Pension plan contributionsLn 8$1.0M$736K$257K$32K
Other employee benefitsLn 9$4.3M$3.1M$1.1M$136K
Payroll taxesLn 10$1.7M$1.2M$416K$52K
Legal feesLn 11b$33K$33K
Accounting feesLn 11c$66K$66K
Investment management feesLn 11f$100K$100K
Other fees for servicesLn 11g$591K$591K
Advertising and promotionLn 12$60K$13K$47K
Office expensesLn 13$559K$323K$179K$57K
Information technologyLn 14$510K$363K$147K
OccupancyLn 16$2.5M$2.0M$454K$50K
TravelLn 17$628K$583K$44K
Depreciation, depletion and amortizationLn 22$3.4M$2.7M$613K$68K
InsuranceLn 23$169K$169K
Other expenses (24a–d)Ln 24$5.0M$4.1M$756K$117K
All other expensesLn 24e$99K$12K$60K$27K
Total functional expensesLn 25$43.7M$33.2M$9.3M$1.2M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $47.6M$44.7M$2.9M$96.7M 990 PDF
FY2024 Viewing $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 $38.8M$34.7M$4.0M$80.6M 990 PDF

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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 FY2024 990 (6 parts)
Part I · Summary $45,313,783 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $3,115,590$3,933,769
I-9 Program service revenuePrior year $38,263,871$40,290,733
I-10 Investment incomePrior year $990,180$879,482
I-11 Other revenuePrior year $223,361$209,799
I-12 Total revenuePrior year $42,593,002$45,313,783
I-13 Grants and similar amounts paidPrior year $2,498,814$2,703,305
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $25,625,206$27,313,164
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $11,701,165$13,710,693
I-18 Total expensesPrior year $39,825,185$43,727,162
I-19 Revenue less expensesPrior year $2,767,817$1,586,621
Part VI · Governance 25 of 25 board members independent, no flags
VI-1a Voting members of the governing body25
VI-1b Independent voting members25
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 $45,313,783 across 10 lines filed
Lines not itemized here account for $81,715 of total revenue; see the IRS return.
VIII-1f All other contributions, gifts and grants$3,933,769
VIII-1g Noncash contributions (included above)$393,659
VIII-1h Total contributions, gifts and grants$3,933,769
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $40,290,733$40,290,733
VIII-3 Investment incomeExcluded from tax $876,521$876,521
VIII-6 Net rental income or lossExcluded from tax $21,399$21,399
VIII-7 Net gain or loss on sales of assetsUnrelated business $2,790 · Excluded from tax $171$2,961
VIII-8 Net income from fundraising eventsExcluded from tax $1,500$1,500
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $105,185$105,185
VIII-12 Total revenueRelated to mission $40,477,633 · Unrelated business $2,790 · Excluded from tax $899,591$45,313,783
Part IX · Statement of functional expenses $43,727,162 across 19 lines filed
IX-2 Grants to domestic individualsPrograms $2,703,305$2,703,305
IX-5 Pay of current officers, directors and key staffPrograms $758,881 · Management $264,862 · Fundraising $33,329$1,057,072
IX-7 Other salaries and wagesPrograms $13,827,941 · Management $4,826,208 · Fundraising $607,286$19,261,435
IX-8 Pension plan contributionsPrograms $735,513 · Management $256,708 · Fundraising $32,302$1,024,523
IX-9 Other employee benefitsPrograms $3,094,834 · Management $1,080,155 · Fundraising $135,916$4,310,905
IX-10 Payroll taxesPrograms $1,191,174 · Management $415,742 · Fundraising $52,313$1,659,229
IX-11b Legal feesManagement $32,947$32,947
IX-11c Accounting feesManagement $66,100$66,100
IX-11f Investment management feesManagement $100,436$100,436
IX-11g Other fees for servicesPrograms $590,914$590,914
IX-12 Advertising and promotionPrograms $13,154 · Fundraising $46,879$60,033
IX-13 Office expensesPrograms $322,709 · Management $178,822 · Fundraising $57,290$558,821
IX-14 Information technologyPrograms $362,849 · Management $147,066$509,915
IX-16 OccupancyPrograms $2,018,033 · Management $454,057 · Fundraising $50,451$2,522,541
IX-17 TravelPrograms $583,385 · Management $44,488$627,873
IX-22 Depreciation, depletion and amortizationPrograms $2,725,389 · Management $613,211 · Fundraising $68,135$3,406,735
IX-23 InsurancePrograms $169,063$169,063
IX-24 Other expenses (24a–d)Programs $4,093,035 · Management $756,398 · Fundraising $117,303$4,966,736
IX-24e All other expensesPrograms $11,782 · Management $60,269 · Fundraising $26,528$98,579
IX-25 Total functional expensesPrograms $33,201,961 · Management $9,297,469 · Fundraising $1,227,732$43,727,162
Part X · Balance sheet $118,260,431 assets, 18 lines filed
X-1 Cash, non-interest-bearingStart of year $434,221$304,744
X-2 Savings and temporary cash investmentsStart of year $379,745$5,287,764
X-3 Pledges and grants receivableStart of year $3,050,866$2,976,523
X-4 Accounts receivableStart of year $744,937$1,036,182
X-8 Inventories for sale or useStart of year $35,765$39,987
X-9 Prepaid expenses and deferred chargesStart of year $333,323$438,776
X-10c Land, buildings and equipment, netStart of year $67,041,318$67,074,759
X-11 Publicly traded securitiesStart of year $41,201,021$37,829,953
X-12 Other securitiesStart of year $2,880,501$3,271,743
X-16 Total assetsStart of year $116,101,697$118,260,431
X-17 Accounts payable and accrued expensesStart of year $2,450,796$1,649,462
X-19 Deferred revenueStart of year $4,641,733$4,846,807
X-20 Tax-exempt bond liabilitiesStart of year $15,899,914$13,645,803
X-26 Total liabilitiesStart of year $30,492,443$27,595,818
X-27 Net assets without donor restrictionsStart of year $68,511,477$72,795,436
X-28 Net assets with donor restrictionsStart of year $17,097,777$17,869,177
X-32 Total net assets or fund balancesStart of year $85,609,254$90,664,613
X-33 Total liabilities and net assetsStart of year $116,101,697$118,260,431
Part XI · Reconciliation of net assets $90,664,613 net assets at year end
XI-1 Total revenue$45,313,783
XI-2 Total expenses$43,727,162
XI-3 Revenue less expenses$1,586,621
XI-4 Net assets at start of year$85,609,254
XI-5 Net unrealized gains (losses) on investments$3,471,528
XI-9 Other changes in net assets−$2,790
XI-10 Net assets at end of year$90,664,613

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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