Salem College’s Step Up for Salem campaign has brought in $13.1 million to date, exceeding the original $10 million goal.
The campaign was set up to help with the college’s current financial situation. Salem College was placed on probation by the Southern Association of Colleges and Schools Commission on Colleges in 2018 and is working to keep its accreditation.
The college was $26 million in debt at the start of this academic year, and has been able to work that debt down to about $20 million.
Of the $13.1 million, $2 million is a matching gift from BB&T.
Other than the fundraising effort, Salem’s turnaround efforts included passing a balanced budget and selling excess outlying properties.
“I am deeply grateful to everyone who contributed to the record-setting pace of the Step Up for Salem campaign,” Sandra Doran, interim president of the college, said in a news release. “Salem is a much stronger institution today than it was only months ago, and this means that we are in a better position to continue moving full-steam ahead.”
And as of March 31, applicants to the college rose 22 percent from last year, according to the release. The number of students to confirm enrollment for the fall is up 43 percent.