2023
Annual Report
“An investment in knowledge pays the best interest.”
— BENJAMIN FRANKLIN
A letter from our President
KORTNEY SWANSON DAVIS, ESQ.
President & CEO
This year has been one of great transition for the Foundation, as we celebrated the retirement of Larry Van Meter as President & CEO and marked my appointment as head of the organization.
Although I am fairly new to the position of President & CEO, I am no stranger to the Foundation and its incredible work. I’m proud to have been a part of the organization’s leadership team for nearly seven years, and throughout that time, I’ve seen the Foundation and its impact grow in new and exciting ways.
But one thing has never changed, and that’s our promise to invest in the young people of Salem City. For nearly a decade, our dedication to improving access to educational opportunities for the youth of our community has remained strong. In the coming years, I look forward to sustaining our work and connecting with even more students seeking success in higher education.
Education is something near and dear to generations of my family. My grandparents, born in the 1920s, earned college degrees, as did both of my parents, and all of them instilled in me the importance and impact of education from an early age. Growing up, I benefited immensely from learning about the titans of education, figures like W. E. B. Du Bois, Marva Collins, Mary McLeod Bethune, Benjamin Mays and so many others. The path these trailblazers forged and the legacy set by my parents and grandparents motivated me to dream big and pursue an education of my own.
Both my sister and I were fortunate to obtain not only undergraduate but also doctoral degrees, and we plan on encouraging our children to pursue higher education and carry on our family’s legacy. But I’ve always yearned to help even more children build educational legacies of their own, which originally led me to the Foundation. Now, as President & CEO, I am tasked with planting the seeds of education in the lives of hundreds of students each year through programs that remove barriers, unlock opportunities and cultivate success.
We believe that education presents our greatest chance to pass on an irrevocable and life-changing gift to the next generation of children in Salem City. And so together with our staff, trustees, community ambassadors and all those who support our work, I renew our commitment to inspiring, educating and empowering the future leaders of our community.
The Year in Review
Tracking Growth
In 2023, we contributed $2,774,772.13 to students’ Acorn Fund accounts, maintaining our commitment to opening the doors to higher education for every single Salem student.
Foundation News
Celebrating a Treasured Member of our Community
In June, we celebrated the retirement of longtime President & CEO Larry Van Meter. Larry initially joined the Foundation in 2015 as a Trustee, assuming the role of President & CEO in 2019. Throughout his tenure, he led the Foundation through a period of tremendous growth, and his day-to-day presence is surely missed. However, we’re honored that Larry has accepted a role on our Board as Trustee Emeritus where he will lend his characteristic guidance, insight and wisdom.
Elevating a Longtime Staff Member and Advocate
Later that fall, we announced the official appointment of Kortney Swanson Davis, Esq., as the Foundation’s third President & CEO. Kortney, an attorney by trade, joined the organization’s staff in 2017 as Chief Operating Officer and has since contributed to the development and growth of key programs and initiatives, including the Acorn Fund and Forman Scholars Program.
Welcoming New Faces to Our Team
This year, we also introduced new partners in our work supporting Salem’s students. Nicole Ross joined the Foundation’s staff as Administrative/Financial Manager, responsible for overseeing all office operations and coordinating our administrative and financial functions. We also expanded our Board of Trustees to eleven members with the addition of Melissa Litwin, MBA; Stephen R. Burns, CFA; Jackie Edwards, M.A.; Rick Wilson, M.Ed.; and Evelyn Campbell, Ph.D. Our newest Trustees, each with their strengths and areas of expertise, share a passion for education and a belief in its capacity to transform lives.
The Acorn Fund
Investing in the Future of All Salem Students
In 2023, we maintained our support of Salem students by making an annual contribution to 993 Acorn Fund accounts, in addition to establishing 188 accounts for new enrollees.
The Acorn Fund program regularly invests in college savings accounts, and all children living in or attending school in Salem City are eligible to sign up for an account. Once students graduate from high school, our Acorn Scholars can use the money invested in their Acorn Fund account to pay for higher education expenses, like tuition, fees, room and board. Already, the Foundation has benefited 25 Acorn Scholars in their journey toward attaining higher education.
We are proud to remain one of the only organizations in the nation offering a program designed to establish and manage a college savings account for every child in a given community from birth through their high school graduation.
In 2023
75
Students who requested an Acorn Fund distribution
Number of colleges attended by Acorn Scholars
24
Number of Graduation Bonuses awarded
46
$114,716.79
Total amount distributed to colleges and universities on behalf of Acorn Scholars
Number of deposits funded through College Deposit Program
32
$13,501
Total amount distributed to colleges and universities through College Deposit Program
$27,399.97
Total amount distributed from the Foundation’s College Retention Fund
This year, we maintained two additional supports for Acorn Scholars:
We distributed 46 Graduation Bonus
Awards of $500 to eligible Acorn Fund
account holders in celebration of their
high school graduation, an additional
contribution totaling $23,000.Through our College Deposit Program,
we funded 32 deposits for Acorn Scholars
beginning their first semester of college
to further lessen the financial burden
of higher education, a contribution
totaling $13,501.
Since 2024
$3,166,000
Total grant amount from Foundation to fund Acorn Fund accounts
1,518
Total number of Acorn Fund accounts established
The Forman Scholars Program
Cultivating a New Generation of Leaders & Changemakers
Our Foundation brings to life the vision of Dr. Forman S. Acton, our namesake and benefactor, who pledged to support generations of Salem’s students in their pursuit of higher education. As stewards of his generosity, one of the ways we memorialize his commitment is the Forman Scholars Program, our cornerstone scholarship initiative.
This year, we welcomed 12 Forman Scholars to this prestigious program. Each Forman Scholar receives a cumulative scholarship totaling $50,000 for use toward their undergraduate and/or graduate studies. To be eligible, a Forman Scholar must be in their senior year of high school and either a student of Salem High School or a resident of Salem City attending high school elsewhere. All Forman Scholars must also be enrolled in the Acorn Fund program. The Foundation’s Scholarship Committee considers an array of factors, including applicants’ financial need and academic performance, when making its decisions.
In addition to the financial award, Forman Scholars are invited to take part in mentorship and networking opportunities that inspire academic, personal, and professional growth.
In 2023
3.31
Average GPA of
Forman Scholars
Number of states where Forman Scholars are currently attending college
9
Number of Forman Scholars currently
in college
46
Since 2024
33
Number of Forman
Scholar college graduates
61
Number of colleges & universities attended
$2,422,311.23
Amount awarded since program inception
Our Impact is Growing
Forman Scholars are currently attending the following schools:
Alabama
Tuskegee University
Florida
Embry-Riddle Aeronautical University
University of Tampa
Maryland
Towson University
Frostburg State University
Morgan State University
Massachusetts
Stonehill College
New Jersey
Rowan University
Drew University
Fairleigh Dickinson University-Florham
Stockton University
The College of New Jersey
Rutgers University-New Brunswick
Rutgers University-Camden
Pennsylvania
Bloomsburg University of Pennsylvania
St. Joseph’s University
University of Pittsburgh
Swarthmore College
Haverford College
Elizabethtown College
Alvernia University
Franklin and Marshall College
Lincoln University
Widener University
York College of Pennsylvania
New York
Vassar College
Rochester Institute of Technology
Hobart and William Smith Colleges
North Carolina
East Carolina University
Washington, D.C.
Georgetown University
Acorn Scholars are currently attending the following schools:
Connecticut
Quinnipiac University
Delaware
Delaware State University
Florida
University of Central Florida
Georgia
Morehouse College
Savannah College of Art and Design
Spelman College
Kansas
Dodge City Community College
Maryland
Washington College
New Jersey
Atlantic Cape Community College
Drew University
Fairleigh Dickinson University-Metropolitan
Kean University
Montclair State University
Rowan University
Rutgers University-Camden
Salem Community College
Stockton University
The College of New Jersey
William Paterson University
New York
Saint Thomas Aquinas College
North Carolina
East Carolina University
Pennsylvania
Delaware Valley University
East Stroudsburg University
La Salle University
Lincoln University
Susquehanna University
South Carolina
Coastal Carolina University
Washington, D.C.
George Washington University
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2023 Annual Report
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