THE NORWICH FREE ACADEMY
Income Statement
Fiscal Year Start:
Jul 1
Revenues in 2024
$39,900,485
Program Services
91%
Other
5%
Government Grants
3%
Investments
<1%
Contributions
0%
Fundraising Events
0%
Membership Dues
0%
Expenses in 2024
$42,176,774
Salaries & Benefits
75%
Other
12%
Depreciation
6%
Offices, Occupancy & IT
4%
Fees to Service Providers
4%
Advertising & Promotion
<1%
Grants
0%
Benefits to Members
0%
Interest
0%
Revenues
2023
2024
Change
Contributions
$5,525
$0
-100%
Government Grants
$9,853,817
$1,280,945
-87%
Fundraising Events
$0
$0
-
Program Services
$33,771,609
$36,461,917
+8%
Membership Dues
$0
$0
-
Investments
$48,645
$213,415
+339%
Other
$3,107,630
$1,944,208
-37%
Total Revenues
$46,787,226
$39,900,485
-15%
Expenses
2023
2024
Change
Grants
$0
$0
-
Benefits to Members
$0
$0
-
Salaries & Benefits
$32,748,581
$31,437,547
-4%
Fees to Service Providers
$2,352,523
$1,487,793
-37%
Advertising & Promotion
$53,994
$72,076
+33%
Offices, Occupancy & IT
$1,610,132
$1,529,231
-5%
Interest
$0
$0
-
Depreciation
$2,168,038
$2,535,900
+17%
Other
$4,435,382
$5,114,227
+15%
Total Expenses
$43,368,650
$42,176,774
-3%
Net income
2023
2024
Change
Net income
+$3,418,576
-$2,276,289
-167%
Functional Expenses
Summary
2023
2024
Change
Program
$31,301,281
$33,423,605
+7%
Admin
$12,067,369
$8,753,169
-27%
Fundraising
$0
$0
-
Total Expenses
$43,368,650
$42,176,774
-3%
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