THE NEWARK MUSEUM ASSOCIATION
Income Statement
Fiscal Year Start:
Jan 1
Revenues in 2024
$23,750,238
Other
38%
Government Grants
29%
Contributions
19%
Investments
7%
Program Services
3%
Fundraising Events
3%
Membership Dues
1%
Expenses in 2024
$20,384,154
Salaries & Benefits
54%
Fees to Service Providers
13%
Other
13%
Offices, Occupancy & IT
9%
Depreciation
7%
Advertising & Promotion
3%
Interest
<1%
Grants
0%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$2,448,928
$4,482,966
+83%
Government Grants
$11,451,605
$6,779,231
-41%
Fundraising Events
$588,216
$663,837
+13%
Program Services
$760,004
$777,502
+2%
Membership Dues
$344,190
$277,600
-19%
Investments
$1,421,917
$1,651,201
+16%
Other
$1,143,905
$9,117,901
+697%
Total Revenues
$18,158,765
$23,750,238
+31%
Expenses
2023
2024
Change
Grants
$0
$0
-
Benefits to Members
$0
$0
-
Salaries & Benefits
$10,529,123
$11,105,259
+5%
Fees to Service Providers
$3,219,394
$2,615,853
-19%
Advertising & Promotion
$458,652
$643,285
+40%
Offices, Occupancy & IT
$2,040,746
$1,897,981
-7%
Interest
$92,170
$156,206
+69%
Depreciation
$1,405,609
$1,377,081
-2%
Other
$2,312,774
$2,588,489
+12%
Total Expenses
$20,058,468
$20,384,154
+2%
Net income
2023
2024
Change
Net income
-$1,899,703
+$3,366,084
-277%
Functional Expenses
Summary
2023
2024
Change
Program
$14,713,252
$14,475,497
-2%
Admin
$2,273,379
$2,722,459
+20%
Fundraising
$3,071,837
$3,186,198
+4%
Total Expenses
$20,058,468
$20,384,154
+2%
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