MICHIGAN COLLEGE ACCESS NETWORK
Income Statement
Fiscal Year Start:
Oct 1
Revenues in 2024
$14,657,793
Government Grants
55%
Contributions
43%
Program Services
2%
Investments
<1%
Fundraising Events
0%
Membership Dues
0%
Other
0%
Expenses in 2024
$12,718,565
Salaries & Benefits
45%
Other
21%
Grants
15%
Fees to Service Providers
15%
Offices, Occupancy & IT
3%
Advertising & Promotion
<1%
Depreciation
<1%
Benefits to Members
0%
Interest
0%
Revenues
2023
2024
Change
Contributions
$5,577,324
$6,243,998
+12%
Government Grants
$4,993,795
$7,996,385
+60%
Fundraising Events
$0
$0
-
Program Services
$245,138
$310,373
+27%
Membership Dues
$0
$0
-
Investments
$43,849
$107,037
+144%
Other
$0
$0
-
Total Revenues
$10,860,106
$14,657,793
+35%
Expenses
2023
2024
Change
Grants
$920,488
$1,942,862
+111%
Benefits to Members
$0
$0
-
Salaries & Benefits
$4,876,719
$5,764,186
+18%
Fees to Service Providers
$1,535,739
$1,857,816
+21%
Advertising & Promotion
$10,223
$60,582
+493%
Offices, Occupancy & IT
$434,286
$441,292
+2%
Interest
$0
$0
-
Depreciation
$5,629
$5,691
+1%
Other
$2,199,804
$2,646,136
+20%
Total Expenses
$9,982,888
$12,718,565
+27%
Net income
2023
2024
Change
Net income
+$877,218
+$1,939,228
+121%
Functional Expenses
Summary
2023
2024
Change
Program
$8,984,552
$10,394,437
+16%
Admin
$857,804
$2,213,125
+158%
Fundraising
$140,532
$111,003
-21%
Total Expenses
$9,982,888
$12,718,565
+27%
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