VERSITI MICHIGAN INC
Income Statement
Fiscal Year Start:
Jan 1
Revenues in 2024
$74,790,441
Program Services
99%
Government Grants
<1%
Other
<1%
Investments
<1%
Contributions
<1%
Fundraising Events
0%
Membership Dues
0%
Expenses in 2024
$69,635,492
Salaries & Benefits
47%
Other
35%
Fees to Service Providers
10%
Offices, Occupancy & IT
5%
Depreciation
3%
Advertising & Promotion
<1%
Grants
<1%
Interest
<1%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$12,415
$36,608
+195%
Government Grants
$494,943
$530,077
+7%
Fundraising Events
$0
$0
-
Program Services
$67,209,355
$73,832,938
+10%
Membership Dues
$0
$0
-
Investments
$369,528
$166,150
-55%
Other
$958,204
$224,668
-77%
Total Revenues
$69,044,445
$74,790,441
+8%
Expenses
2023
2024
Change
Grants
$83,180
$92,680
+11%
Benefits to Members
$0
$0
-
Salaries & Benefits
$30,351,619
$32,663,331
+8%
Fees to Service Providers
$6,781,562
$6,874,118
+1%
Advertising & Promotion
$208,625
$332,935
+60%
Offices, Occupancy & IT
$3,357,903
$3,310,785
-1%
Interest
$13,739
$37,672
+174%
Depreciation
$1,547,273
$2,004,366
+30%
Other
$23,033,152
$24,319,605
+6%
Total Expenses
$65,377,053
$69,635,492
+7%
Net income
2023
2024
Change
Net income
+$3,667,392
+$5,154,949
+41%
Functional Expenses
Summary
2023
2024
Change
Program
$55,823,265
$59,357,594
+6%
Admin
$9,553,788
$10,277,898
+8%
Fundraising
$0
$0
-
Total Expenses
$65,377,053
$69,635,492
+7%
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