MERIT SCHOOL OF MUSIC
Income Statement
Fiscal Year Start:
Sep 1
Revenues in 2024
$15,958,128
Contributions
50%
Other
19%
Program Services
18%
Fundraising Events
7%
Investments
5%
Government Grants
<1%
Membership Dues
0%
Expenses in 2024
$9,170,963
Salaries & Benefits
69%
Grants
9%
Offices, Occupancy & IT
7%
Other
6%
Fees to Service Providers
4%
Depreciation
4%
Advertising & Promotion
<1%
Interest
<1%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$6,270,164
$8,058,637
+29%
Government Grants
$72,073
$71,000
-1%
Fundraising Events
$1,072,322
$1,178,659
+10%
Program Services
$2,555,595
$2,822,223
+10%
Membership Dues
$0
$0
-
Investments
$599,275
$766,436
+28%
Other
$1,148,860
$3,061,173
+166%
Total Revenues
$11,718,289
$15,958,128
+36%
Expenses
2023
2024
Change
Grants
$912,255
$820,545
-10%
Benefits to Members
$0
$0
-
Salaries & Benefits
$5,781,687
$6,302,225
+9%
Fees to Service Providers
$237,499
$392,676
+65%
Advertising & Promotion
$78,055
$87,009
+11%
Offices, Occupancy & IT
$583,474
$639,442
+10%
Interest
$420
$7,189
+1612%
Depreciation
$386,073
$342,886
-11%
Other
$412,072
$578,991
+41%
Total Expenses
$8,391,535
$9,170,963
+9%
Net income
2023
2024
Change
Net income
+$3,326,754
+$6,787,165
+104%
Functional Expenses
Summary
2023
2024
Change
Program
$6,745,512
$7,251,882
+8%
Admin
$1,097,123
$1,275,086
+16%
Fundraising
$548,900
$643,995
+17%
Total Expenses
$8,391,535
$9,170,963
+9%
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