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The Atlanta Journal Constitution on Sunday reported on the unusual history and structure of the Savannah College of Art and Design in an investigative article focused on the university's president and founder, Paula Wallace.
Wallace for years has attracted national attention for the pay she receives from the nonprofit art and design college. She made $9.6 million in 2014, making her then the highest paid college leader, according to an article published by The Wall Street Journal earlier this year.
"How much Wallace makes from SCAD is a perpetually sensitive subject. The school has paid her at least $1 million a year 10 times since she became president in 2000 and $2 million or more during each of the past five years," the Atlanta newspaper reported. "The $9.6 million she made in 2014 included about $7.5 million in deferred compensation that rewarded her for agreeing to stay at SCAD until at least 2019, the school’s tax returns said."
The college operates much like a private business, according to the newspaper, which said Wallace and 13 members of her family have earned more than $60 million from SCAD during the last two decades. The newspaper also noted the college's relatively high applicant acceptance and student tuition rates.
"Many students rely on loans to cover the $50,000 a year in tuition, housing and other fees. SCAD’s 2016 graduates with student loans owed an average of $37,000, about 25 percent more than the national average, according to government data," the article said. "Student payments from federally guaranteed loans make up more than one-fourth of SCAD’s annual budget."
