NORTH CAROLINA MUSEUM OF ART FOUNDATION
Income Statement
Fiscal Year Start:
Jul 1
Revenues in 2024
$20,314,001
Contributions
60%
Investments
16%
Membership Dues
9%
Program Services
8%
Other
6%
Fundraising Events
<1%
Government Grants
0%
Expenses in 2024
$16,399,583
Fees to Service Providers
29%
Salaries & Benefits
28%
Other
17%
Grants
10%
Offices, Occupancy & IT
7%
Depreciation
6%
Advertising & Promotion
2%
Benefits to Members
0%
Interest
0%
Revenues
2023
2024
Change
Contributions
$12,393,237
$12,255,704
-1%
Government Grants
$0
$0
-
Fundraising Events
$56,662
$29,140
-49%
Program Services
$1,456,100
$1,699,174
+17%
Membership Dues
$1,745,953
$1,809,340
+4%
Investments
$2,746,603
$3,200,798
+17%
Other
$381,799
$1,319,845
+246%
Total Revenues
$18,780,354
$20,314,001
+8%
Expenses
2023
2024
Change
Grants
$972,298
$1,682,789
+73%
Benefits to Members
$0
$0
-
Salaries & Benefits
$3,426,698
$4,586,557
+34%
Fees to Service Providers
$4,189,402
$4,794,183
+14%
Advertising & Promotion
$280,437
$346,082
+23%
Offices, Occupancy & IT
$733,100
$1,226,066
+67%
Interest
$0
$0
-
Depreciation
$791,627
$913,850
+15%
Other
$2,791,845
$2,850,056
+2%
Total Expenses
$13,185,407
$16,399,583
+24%
Net income
2023
2024
Change
Net income
+$5,594,947
+$3,914,418
-30%
Functional Expenses
Summary
2023
2024
Change
Program
$8,658,556
$10,684,680
+23%
Admin
$2,253,179
$3,388,830
+50%
Fundraising
$2,273,672
$2,326,073
+2%
Total Expenses
$13,185,407
$16,399,583
+24%
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