GRAND RAPIDS ART MUSEUM
Income Statement
Fiscal Year Start:
Oct 1
Revenues in 2024
$5,005,729
Contributions
45%
Other
41%
Program Services
8%
Fundraising Events
6%
Investments
<1%
Government Grants
0%
Membership Dues
0%
Expenses in 2024
$7,913,741
Salaries & Benefits
33%
Depreciation
30%
Offices, Occupancy & IT
12%
Fees to Service Providers
11%
Other
10%
Advertising & Promotion
2%
Interest
<1%
Benefits to Members
<1%
Grants
0%
Revenues
2023
2024
Change
Contributions
$2,569,754
$2,273,174
-12%
Government Grants
$0
$0
-
Fundraising Events
$200,326
$280,685
+40%
Program Services
$661,917
$388,142
-41%
Membership Dues
$168,971
$0
-100%
Investments
$36,050
$5,023
-86%
Other
$1,207,285
$2,058,705
+71%
Total Revenues
$4,844,303
$5,005,729
+3%
Expenses
2023
2024
Change
Grants
$0
$0
-
Benefits to Members
$0
$49,747
-
Salaries & Benefits
$2,052,417
$2,586,713
+26%
Fees to Service Providers
$1,050,262
$873,464
-17%
Advertising & Promotion
$43,089
$153,502
+256%
Offices, Occupancy & IT
$1,047,162
$969,240
-7%
Interest
$61,426
$77,973
+27%
Depreciation
$2,340,699
$2,398,716
+2%
Other
$1,297,368
$804,386
-38%
Total Expenses
$7,892,423
$7,913,741
+0%
Net income
2023
2024
Change
Net income
-$3,048,120
-$2,908,012
+5%
Functional Expenses
Summary
2023
2024
Change
Program
$4,404,317
$4,347,655
-1%
Admin
$2,727,397
$2,972,066
+9%
Fundraising
$760,709
$594,020
-22%
Total Expenses
$7,892,423
$7,913,741
+0%
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