My Nonprofit Reviews

Here is just a quick observation from looking at the data: they laid off two people this year under the pretense of budget concerns, while nearly tripling the tuition revenues in the last ten years. And, as I pointed out in detail below, administrative salaries have risen much faster than faculty salaries. All of the following is from the 1997-1998 and 2007-2008 form 990s: Tuition 1997-1998 $3.6 million 2007-2008 $10.2 million Net Assets (line 21, page 1) 1997-1998 $2.2 million 2007-2008 $13.98 million Total Expenses (IV-B e) 1997-1998 $4.4 million 2007-2008 $11.95 million Salaries (line 26) 1997-1998 $2.6 million 2007-2008 $6.4 million Administrative salaries (2008-2009): 1) De Pencier - $277,611 (+$35,000 = $312,611?) || 2007-2008: $204,750 || 2006-2007: $195,000 2) Michael Collins - $234,291 3) Bob Davis - $167,512 || 2007-2008: $161,408 || 2006-2007: $155,350 4) Chris Angel - $129,485 || 2007-2008: $113,530 || 2006-2007: $104,420 5) Julie Brooks - $101,047 In other words, every single administrator received a pay raise every year. Some were substantial (Chris Angel got 14%!). This is after raises from the previous year, and while faculty pay was frozen! Here are the year over year percent changes in salaries for the same positions from 07-08 to 08-09: (calculated as increase divided by original) 1) De Pencier: +35.6% ($204 to $277) 2) Bob Davis: +3.8% ($161 to $167.5) 3) Chris Angel: +14.1% ($113.5 to $129.5) Here is what some other top people made in 2007-2008. Blair Lowery: $91,000 Matt Radtke: $81,000 Tracie Ifkovits: $85,500 Herb Barks: $75,000 (part V-B) Paul Ragan: $72,800 Here's 2006-2007: Herb Barks: $113,000 (section V-B) Rick McCormick (MS Head): $84,892 Julia Moore (Admissions): $66,720 Tracie Ifkovits: $75,850 Paul Ragan: $69,600 Here are the year over year percent changes in salaries for the same positions from 06-07 to 07-08: Adam De Pencier: +5.0% Bob Davis: +3.9% Chris Angel: +8.7% Blair Lowery: +7.2% Matt Radtke: +21.4% Tracie Ifkovits: +12.7% Paul Ragan: +4.6% Check out the "Mortgages and Notes Payable" section near the end of the 2007-2008 form. They increased the debt load of the school by $8.7 million dollars in June 2005 with two loans from Carolina First Bank, ostensibly for construction. While the $3.7 million loan has a 5.7% interest rate and is being repaid normally, strangely enough, the other $5 million loan is being paid interest only and neither of the forms (2007, 2008) have the interest rate listed for that loan. So one has to wonder how much the school is spending by having an interest-only loan at an unknown rate?

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