SOUTHWEST MICHIGAN FIRST CORP
Income Statement
Fiscal Year Start:
Jan 1
Revenues in 2024
$6,829,723
Contributions
47%
Government Grants
34%
Program Services
11%
Other
8%
Investments
1%
Fundraising Events
0%
Membership Dues
0%
Expenses in 2024
$6,025,163
Salaries & Benefits
45%
Grants
28%
Other
9%
Offices, Occupancy & IT
9%
Fees to Service Providers
5%
Advertising & Promotion
2%
Depreciation
2%
Interest
<1%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$3,664,347
$3,180,355
-13%
Government Grants
$3,173,419
$2,310,859
-27%
Fundraising Events
$0
$0
-
Program Services
$994,163
$733,718
-26%
Membership Dues
$0
$0
-
Investments
$60,422
$71,439
+18%
Other
$142,436
$533,352
+274%
Total Revenues
$8,034,787
$6,829,723
-15%
Expenses
2023
2024
Change
Grants
$2,749,078
$1,689,653
-39%
Benefits to Members
$0
$0
-
Salaries & Benefits
$2,814,446
$2,718,835
-3%
Fees to Service Providers
$94,725
$288,774
+205%
Advertising & Promotion
$50,405
$136,549
+171%
Offices, Occupancy & IT
$563,862
$518,542
-8%
Interest
$37,070
$5,216
-86%
Depreciation
$207,524
$95,338
-54%
Other
$961,896
$572,256
-41%
Total Expenses
$7,479,006
$6,025,163
-19%
Net income
2023
2024
Change
Net income
+$555,781
+$804,560
+45%
Functional Expenses
Summary
2023
2024
Change
Program
$5,381,283
$3,898,029
-28%
Admin
$1,823,542
$1,830,691
+0%
Fundraising
$274,181
$296,443
+8%
Total Expenses
$7,479,006
$6,025,163
-19%
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