TRUSTEES OF PHILLIPS ACADEMY
Income Statement
Fiscal Year Start:
Jul 1
Revenues in 2024
$207,899,000
Program Services
42%
Other
38%
Contributions
14%
Investments
6%
Government Grants
0%
Fundraising Events
0%
Membership Dues
0%
Expenses in 2024
$161,869,538
Salaries & Benefits
46%
Grants
17%
Other
16%
Offices, Occupancy & IT
8%
Depreciation
7%
Interest
3%
Fees to Service Providers
3%
Advertising & Promotion
<1%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$45,200,612
$29,255,120
-35%
Government Grants
$0
$0
-
Fundraising Events
$0
$0
-
Program Services
$82,390,133
$87,017,521
+6%
Membership Dues
$0
$0
-
Investments
$10,834,495
$11,911,119
+10%
Other
$48,343,353
$79,715,240
+65%
Total Revenues
$186,768,593
$207,899,000
+11%
Expenses
2023
2024
Change
Grants
$25,473,175
$27,523,735
+8%
Benefits to Members
$0
$0
-
Salaries & Benefits
$70,880,054
$75,050,686
+6%
Fees to Service Providers
$2,519,048
$4,709,734
+87%
Advertising & Promotion
$194,362
$125,708
-35%
Offices, Occupancy & IT
$12,182,035
$12,579,230
+3%
Interest
$5,305,543
$5,022,007
-5%
Depreciation
$10,088,854
$11,043,552
+9%
Other
$24,094,073
$25,814,886
+7%
Total Expenses
$150,737,144
$161,869,538
+7%
Net income
2023
2024
Change
Net income
+$36,031,449
+$46,029,462
+28%
Functional Expenses
Summary
2023
2024
Change
Program
$118,358,374
$127,178,207
+7%
Admin
$19,420,804
$21,145,677
+9%
Fundraising
$12,957,966
$13,545,654
+5%
Total Expenses
$150,737,144
$161,869,538
+7%
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