Michigan Saves
Income Statement
Fiscal Year Start:
Jan 1
Revenues in 2024
$20,641,601
Government Grants
67%
Program Services
13%
Other
10%
Contributions
5%
Investments
5%
Fundraising Events
0%
Membership Dues
0%
Expenses in 2024
$14,846,679
Other
65%
Fees to Service Providers
35%
Interest
<1%
Offices, Occupancy & IT
<1%
Grants
0%
Benefits to Members
0%
Salaries & Benefits
0%
Advertising & Promotion
0%
Depreciation
0%
Revenues
2023
2024
Change
Contributions
$485,000
$950,000
+96%
Government Grants
$12,814,419
$13,818,224
+8%
Fundraising Events
$0
$0
-
Program Services
$3,291,578
$2,779,677
-16%
Membership Dues
$0
$0
-
Investments
$853,816
$932,369
+9%
Other
$314,062
$2,161,331
+588%
Total Revenues
$17,758,875
$20,641,601
+16%
Expenses
2023
2024
Change
Grants
$0
$0
-
Benefits to Members
$0
$0
-
Salaries & Benefits
$0
$0
-
Fees to Service Providers
$3,653,523
$5,125,569
+40%
Advertising & Promotion
$0
$0
-
Offices, Occupancy & IT
$30,678
$13,173
-57%
Interest
$0
$45,477
-
Depreciation
$0
$0
-
Other
$3,691,835
$9,662,460
+162%
Total Expenses
$7,376,036
$14,846,679
+101%
Net income
2023
2024
Change
Net income
+$10,382,839
+$5,794,922
-44%
Functional Expenses
Summary
2023
2024
Change
Program
$6,265,492
$13,178,661
+110%
Admin
$1,091,009
$1,639,658
+50%
Fundraising
$19,535
$28,360
+45%
Total Expenses
$7,376,036
$14,846,679
+101%
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