WORCESTER ART MUSEUM
Income Statement
Fiscal Year Start:
Sep 1
Revenues in 2024
$39,935,868
Other
44%
Contributions
42%
Investments
9%
Program Services
3%
Government Grants
<1%
Membership Dues
<1%
Fundraising Events
0%
Expenses in 2024
$14,377,908
Salaries & Benefits
53%
Other
26%
Offices, Occupancy & IT
7%
Fees to Service Providers
6%
Depreciation
5%
Advertising & Promotion
1%
Grants
<1%
Interest
<1%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$10,075,314
$16,695,982
+66%
Government Grants
$2,561,115
$396,831
-85%
Fundraising Events
$0
$0
-
Program Services
$818,681
$1,341,408
+64%
Membership Dues
$244,199
$267,899
+10%
Investments
$3,236,828
$3,640,331
+12%
Other
-$1,680,371
$17,593,417
-1147%
Total Revenues
$15,255,766
$39,935,868
+162%
Expenses
2023
2024
Change
Grants
$53,767
$126,578
+135%
Benefits to Members
$0
$0
-
Salaries & Benefits
$6,818,482
$7,603,078
+12%
Fees to Service Providers
$871,269
$804,059
-8%
Advertising & Promotion
$215,299
$214,618
0%
Offices, Occupancy & IT
$848,825
$1,072,837
+26%
Interest
$0
$2,478
-
Depreciation
$980,196
$774,064
-21%
Other
$2,970,080
$3,780,196
+27%
Total Expenses
$12,757,918
$14,377,908
+13%
Net income
2023
2024
Change
Net income
+$2,497,848
+$25,557,960
+923%
Functional Expenses
Summary
2023
2024
Change
Program
$8,694,348
$10,669,266
+23%
Admin
$3,135,285
$2,643,736
-16%
Fundraising
$928,285
$1,064,906
+15%
Total Expenses
$12,757,918
$14,377,908
+13%
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