LUTHERAN HOMES OF MICHIGAN INC
Income Statement
Fiscal Year Start:
Jan 1
Revenues in 2024
$35,951,549
Program Services
81%
Other
16%
Government Grants
2%
Investments
2%
Contributions
<1%
Fundraising Events
0%
Membership Dues
0%
Expenses in 2024
$38,935,875
Salaries & Benefits
51%
Fees to Service Providers
18%
Other
13%
Offices, Occupancy & IT
7%
Depreciation
6%
Interest
4%
Advertising & Promotion
1%
Grants
0%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$0
$10,121
-
Government Grants
$579,368
$662,116
+14%
Fundraising Events
$0
$0
-
Program Services
$31,207,551
$28,993,511
-7%
Membership Dues
$0
$0
-
Investments
$611,913
$552,337
-10%
Other
$3,894,867
$5,733,464
+47%
Total Revenues
$36,293,699
$35,951,549
-1%
Expenses
2023
2024
Change
Grants
$0
$0
-
Benefits to Members
$0
$0
-
Salaries & Benefits
$20,157,229
$19,946,635
-1%
Fees to Service Providers
$6,063,649
$6,961,569
+15%
Advertising & Promotion
$321,274
$437,889
+36%
Offices, Occupancy & IT
$2,570,834
$2,600,459
+1%
Interest
$1,737,398
$1,693,281
-3%
Depreciation
$2,200,603
$2,198,203
0%
Other
$4,869,032
$5,097,839
+5%
Total Expenses
$37,920,019
$38,935,875
+3%
Net income
2023
2024
Change
Net income
-$1,626,320
-$2,984,326
-84%
Functional Expenses
Summary
2023
2024
Change
Program
$29,964,647
$29,666,118
-1%
Admin
$7,737,029
$9,165,089
+18%
Fundraising
$218,343
$104,668
-52%
Total Expenses
$37,920,019
$38,935,875
+3%
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