2024 Annual Report

Kortney Swanson Davis, Esq.
President & CEO

A letter from our President

This year marked an incredible milestone for the Forman Acton Foundation: celebrating our 10th anniversary and our decade-long commitment to inspiring, educating and empowering Salem’s youth. 

As a longtime advocate for education and equity, I am thrilled to lead our efforts in advancing and expanding this transformative mission. Our organization has long been a beacon of opportunity, and we continue to seek new avenues for lasting growth, impact and positive change in the lives of the students we serve.

Our journey over the last ten years has been nothing short of inspiring. But the strides we have made in uplifting and empowering the next generation of leaders, scholars and change-makers in our community would not have been possible without the passion and leadership of our Foundation’s staff and Board of Trustees. Together, we will continue to break down barriers to education access, ensure high standards of excellence and foster an environment where everyone can thrive. The Foundation is a catalyst for change across Salem, and we remain committed to carrying out our work with transparency, accountability and dedication.

As a person of color in leadership, I am deeply aware of the challenges for myself and the community we serve. But I also know that we must remain determined in the face of adversity. Our Foundation is built on a simple yet profound belief: Education is the key to unlocking potential. By providing access to quality education, mentorship and resources, we transform lives and reshape the future of our community.

From our scholarship programs to our Acorn Fund to our outreach initiatives, we have seen firsthand the power of education to eliminate obstacles and unlock possibilities. But there is still so much work to be done. 

As we look ahead to our next ten years, we must never forget our guiding light: ensuring that every young person in Salem has the opportunity to succeed. Our work is far from easy but extremely fulfilling and effective. I hope the Foundation remains an indispensable resource to our community, a driver of meaningful progress and a source of inspiration for decades to come.

Tracking Growth

In 2024, we contributed $679,975 to students’ Acorn Fund accounts, advancing our core purpose: unlocking the possibilities of higher education for all Salem students.

The Year in Review

Cumulative number of Acorn Fund accounts established

1,582

Cumulative number of Forman Scholars

104

Celebrating 10 Years of Impact and Inspiration

On October 3, we celebrated the Foundation’s 10th anniversary. To mark the occasion, members of the Foundation’s community – students, staff, Trustees and parents – shared their thoughts about this momentous milestone and their vision for the future of our work.

The Acorn Fund

Closing Education Affordability Gaps for Salem Students

In 2024, we sustained our support of Salem students by making an annual contribution to 1,017 Acorn Fund accounts, in addition to establishing 99 new accounts.

Our Acorn Fund regularly invests in college savings accounts, and all children living in or attending school in Salem City are eligible to enroll in the program and receive an account. Once students graduate from high school, these Acorn Scholars are then encouraged to use the money invested in their account to pay for higher education expenses, such as tuition, fees, room and board.

We are proud to remain one of the only organizations in the nation that establishes, manages and makes annual contributions to a college savings account for every child in a given community from birth through high school graduation.

This year, we maintained two additional supports for Acorn Scholars:

We distributed 41 Graduation Bonus Awards of $500 to eligible Acorn Fund account holders in celebration of their high school graduation, an additional, cumulative contribution totaling $20,500.

Through our College Deposit Program, we funded 40 deposits for Acorn Scholars beginning their first semester of college to further lessen the financial burden of higher education, an additional, cumulative contribution totaling $15,420.

In 2024

Total amount distributed to colleges and universities on behalf of Acorn Scholars

$189,403.10

Total amount distributed from the Foundation’s College Retention Fund

$18,279.98

Number of students who requested an Acorn Fund distribution

69

Number of colleges attended by Acorn Scholars

$189,403.10

Since 2014

Total grant amount from Foundation to fund Acorn Fund accounts

$3,609,450

Number of Acorn Fund accounts established

1,596

The Forman Scholars Program

Shaping the Futures of Salem’s Next Leaders

The Forman Scholars Program, our cornerstone scholarship initiative, is a living embodiment of the vision of our namesake, Dr. Forman S. Acton.

Throughout his life, Dr. Acton stressed the importance of education and committed his significant wealth to ensure future generations of Salem students had similar opportunities to benefit from post-secondary schooling. Each year, we ensure his continued impact by naming a cohort of Forman Scholars, high-achieving students with a thirst for knowledge and a desire to make a difference.

This year, we welcomed 12 Forman Scholars, each of whom received 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 2024

Average GPA of Forman Scholars

3.35

Number of Forman Scholars currently in college

48

Number of states where Forman Scholars are currently attending college

8

Since 2014

Total amount awarded since program inception

$3,237,561.23

Number of Forman Scholar college graduates

47

Number of colleges & universities attended

49

Our Growing Impact

Forman Scholars are currently attending the following schools:

Alabama
Tuskegee University

Delaware
University of Delaware

Florida
Embry-Riddle Aeronautica University
University of Tampa 

Maryland
Coppin State University
Frostburg State University
Morgan State University
Towson University

Alabama
Tuskegee University

Delaware
Delaware State University
Delaware Technical Community College
Goldey Beacom College

Massachusetts
Stonehill College
Morgan State University 

New Jersey 
Drew University
Fairleigh Dickinson University
Montclair State University
Rowan College of South Jersey
Rowan University
Rutgers University–New Brunswick
Salem Community College
Stockton University
The College of New Jersey

Acorn Scholars are currently attending the following schools: 

Georgia
Morehouse College
Savannah College of Art and Design
Spelman College

Maryland
Bowie State University
Morgan State University
Washington College

New York
Hobart and William Smith Colleges
Rochester Institute of Technology
Vassar College

Pennsylvania
Alvernia University
Bloomsburg University
Elizabethtown College
Franklin & Marshall College
Haverford College
Lincoln University
St. Joseph’s University
Swarthmore College
Thomas Jefferson University
University of Pittsburgh

New Jersey
Salem Community College
Rowan University
Camden County College
The College of New Jersey
Atlantic Cape Community College
Monmouth University
Rowan College of South Jersey
Salem County Vocational School
Stockton University
Montclair State University
William Patterson University
Kean University
Fairleigh Dickinson University-   Metropolitan

North Carolina
East Carolina University
Elizabeth City State University
North Carolina Agricultural and Technical State University

Virginia
Washington and Lee University

Washington, D.C.
Georgetown University

Wisconsin
University of Wisconsin–Madison

Pennsylvania
Delaware Valley University
East Stroudsburg University
La Salle University
Lincoln University
Susquehanna University
Widener University

Texas
Clarendon College

Download the 2024 Annual Report

By downloading and sharing our Annual Report with friends, family and colleagues, you can help us spread the word about the Foundation and its mission.