MINNEAPOLIS COLLEGE OF ART AND DESIGN
Income Statement
Fiscal Year Start:
Jun 1
Revenues in 2024
$45,829,228
Program Services
79%
Other
13%
Contributions
5%
Government Grants
2%
Investments
1%
Fundraising Events
<1%
Membership Dues
0%
Expenses in 2024
$44,299,244
Salaries & Benefits
38%
Grants
37%
Offices, Occupancy & IT
9%
Fees to Service Providers
5%
Depreciation
4%
Other
4%
Interest
3%
Advertising & Promotion
<1%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$1,975,575
$2,308,303
+17%
Government Grants
$149,315
$752,305
+404%
Fundraising Events
$54,088
$90,000
+66%
Program Services
$33,959,845
$36,101,314
+6%
Membership Dues
$0
$0
-
Investments
$403,604
$470,347
+17%
Other
-$463,044
$6,106,959
-1419%
Total Revenues
$36,079,383
$45,829,228
+27%
Expenses
2023
2024
Change
Grants
$15,526,051
$16,276,209
+5%
Benefits to Members
$0
$0
-
Salaries & Benefits
$16,629,086
$16,985,199
+2%
Fees to Service Providers
$1,394,244
$2,130,709
+53%
Advertising & Promotion
$216,592
$189,144
-13%
Offices, Occupancy & IT
$4,972,015
$4,060,043
-18%
Interest
$332,059
$1,185,460
+257%
Depreciation
$1,566,040
$1,832,913
+17%
Other
$2,063,323
$1,639,567
-21%
Total Expenses
$42,699,410
$44,299,244
+4%
Net income
2023
2024
Change
Net income
-$6,620,027
+$1,529,984
-123%
Functional Expenses
Summary
2023
2024
Change
Program
$36,936,363
$35,479,703
-4%
Admin
$4,422,454
$7,825,751
+77%
Fundraising
$1,340,593
$993,790
-26%
Total Expenses
$42,699,410
$44,299,244
+4%
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