PENNSYLVANIA ACADEMY OF THE FINE ARTS
Income Statement
Fiscal Year Start:
Jul 1
Revenues in 2024
$17,523,271
Program Services
48%
Contributions
29%
Investments
11%
Other
6%
Government Grants
5%
Fundraising Events
2%
Membership Dues
0%
Expenses in 2024
$21,217,409
Salaries & Benefits
34%
Offices, Occupancy & IT
15%
Grants
14%
Fees to Service Providers
11%
Other
10%
Depreciation
9%
Interest
6%
Advertising & Promotion
<1%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$5,206,479
$5,004,247
-4%
Government Grants
$109,000
$863,670
+692%
Fundraising Events
$385,745
$349,366
-9%
Program Services
$9,138,163
$8,361,104
-9%
Membership Dues
$0
$0
-
Investments
$1,666,052
$1,893,563
+14%
Other
$949,906
$1,051,321
+11%
Total Revenues
$17,455,345
$17,523,271
+0%
Expenses
2023
2024
Change
Grants
$3,675,596
$2,940,105
-20%
Benefits to Members
$0
$0
-
Salaries & Benefits
$8,252,467
$7,300,029
-12%
Fees to Service Providers
$1,202,637
$2,355,613
+96%
Advertising & Promotion
$148,058
$138,682
-6%
Offices, Occupancy & IT
$2,877,367
$3,277,608
+14%
Interest
$875,445
$1,205,894
+38%
Depreciation
$1,975,219
$1,938,522
-2%
Other
$2,898,465
$2,060,956
-29%
Total Expenses
$21,905,254
$21,217,409
-3%
Net income
2023
2024
Change
Net income
-$4,449,909
-$3,694,138
+17%
Functional Expenses
Summary
2023
2024
Change
Program
$17,699,609
$16,350,800
-8%
Admin
$3,079,222
$4,015,048
+30%
Fundraising
$1,126,423
$851,561
-24%
Total Expenses
$21,905,254
$21,217,409
-3%
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