MASSACHUSETTS HIGHER EDUCATION ASSISTANCE CORPORATION
Income Statement
Fiscal Year Start:
Jan 1
Revenues in 2024
$153,640,929
Program Services
49%
Investments
25%
Other
25%
Government Grants
<1%
Contributions
0%
Fundraising Events
0%
Membership Dues
0%
Expenses in 2024
$114,855,624
Other
37%
Grants
18%
Salaries & Benefits
15%
Advertising & Promotion
10%
Fees to Service Providers
9%
Offices, Occupancy & IT
5%
Depreciation
4%
Interest
2%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$0
$0
-
Government Grants
$410,773
$448,272
+9%
Fundraising Events
$0
$0
-
Program Services
$85,077,064
$75,914,640
-11%
Membership Dues
$0
$0
-
Investments
$25,612,907
$39,056,519
+52%
Other
$2,022,260
$38,221,498
+1790%
Total Revenues
$113,123,004
$153,640,929
+36%
Expenses
2023
2024
Change
Grants
$9,250,341
$20,394,926
+120%
Benefits to Members
$0
$0
-
Salaries & Benefits
$15,549,019
$16,751,195
+8%
Fees to Service Providers
$6,195,376
$10,414,036
+68%
Advertising & Promotion
$12,180,597
$11,909,225
-2%
Offices, Occupancy & IT
$6,005,338
$6,200,118
+3%
Interest
$2,775,858
$2,775,858
+0%
Depreciation
$3,442,558
$4,198,387
+22%
Other
$39,696,081
$42,211,879
+6%
Total Expenses
$95,095,168
$114,855,624
+21%
Net income
2023
2024
Change
Net income
+$18,027,836
+$38,785,305
+115%
Functional Expenses
Summary
2023
2024
Change
Program
$82,249,843
$90,637,773
+10%
Admin
$12,845,325
$24,217,851
+89%
Fundraising
$0
$0
-
Total Expenses
$95,095,168
$114,855,624
+21%
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