WESTMORELAND MUSEUM OF AMERICAN ART
Income Statement
Fiscal Year Start:
Jul 1
Revenues in 2024
$4,995,625
Contributions
50%
Other
18%
Investments
13%
Government Grants
8%
Program Services
7%
Membership Dues
3%
Fundraising Events
2%
Expenses in 2024
$4,454,090
Salaries & Benefits
48%
Depreciation
15%
Other
14%
Offices, Occupancy & IT
10%
Fees to Service Providers
9%
Advertising & Promotion
3%
Interest
<1%
Grants
0%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$1,731,419
$2,480,807
+43%
Government Grants
$713,306
$396,500
-44%
Fundraising Events
$83,575
$97,045
+16%
Program Services
$156,746
$337,209
+115%
Membership Dues
$110,135
$129,295
+17%
Investments
$449,553
$637,402
+42%
Other
-$114,020
$917,367
-905%
Total Revenues
$3,130,714
$4,995,625
+60%
Expenses
2023
2024
Change
Grants
$0
$0
-
Benefits to Members
$0
$0
-
Salaries & Benefits
$1,874,808
$2,132,689
+14%
Fees to Service Providers
$423,622
$380,023
-10%
Advertising & Promotion
$142,060
$152,966
+8%
Offices, Occupancy & IT
$450,610
$452,975
+1%
Interest
$0
$16,895
-
Depreciation
$689,315
$690,330
+0%
Other
$812,947
$628,212
-23%
Total Expenses
$4,393,362
$4,454,090
+1%
Net income
2023
2024
Change
Net income
-$1,262,648
+$541,535
-143%
Functional Expenses
Summary
2023
2024
Change
Program
$2,821,653
$2,685,821
-5%
Admin
$948,656
$1,013,113
+7%
Fundraising
$623,053
$755,156
+21%
Total Expenses
$4,393,362
$4,454,090
+1%
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