Covenant College
Income Statement
Fiscal Year Start:
Jul 1
Revenues in 2024
$55,489,035
Program Services
83%
Contributions
14%
Other
2%
Investments
1%
Government Grants
<1%
Fundraising Events
<1%
Membership Dues
0%
Expenses in 2024
$57,790,075
Grants
37%
Salaries & Benefits
34%
Other
12%
Offices, Occupancy & IT
6%
Depreciation
6%
Fees to Service Providers
4%
Advertising & Promotion
<1%
Interest
<1%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$5,692,259
$7,627,939
+34%
Government Grants
$889,821
$386,473
-57%
Fundraising Events
$9,983
$13,185
+32%
Program Services
$41,766,867
$45,864,688
+10%
Membership Dues
$0
$0
-
Investments
$1,118,703
$742,713
-34%
Other
$211,978
$854,037
+303%
Total Revenues
$49,689,611
$55,489,035
+12%
Expenses
2023
2024
Change
Grants
$19,281,677
$21,562,162
+12%
Benefits to Members
$0
$0
-
Salaries & Benefits
$19,066,495
$19,543,757
+3%
Fees to Service Providers
$1,704,951
$2,206,373
+29%
Advertising & Promotion
$402,839
$373,929
-7%
Offices, Occupancy & IT
$3,647,976
$3,687,244
+1%
Interest
$232,642
$172,810
-26%
Depreciation
$3,397,522
$3,356,436
-1%
Other
$5,506,810
$6,887,364
+25%
Total Expenses
$53,240,912
$57,790,075
+9%
Net income
2023
2024
Change
Net income
-$3,551,301
-$2,301,040
+35%
Functional Expenses
Summary
2023
2024
Change
Program
$45,829,562
$49,778,106
+9%
Admin
$4,786,334
$4,876,470
+2%
Fundraising
$2,625,016
$3,135,499
+19%
Total Expenses
$53,240,912
$57,790,075
+9%
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