MARYLAND INSTITUTE
Income Statement
Fiscal Year Start:
Jun 1
Revenues in 2024
$134,606,537
Program Services
75%
Other
13%
Government Grants
6%
Contributions
4%
Investments
3%
Fundraising Events
0%
Membership Dues
0%
Expenses in 2024
$126,122,588
Salaries & Benefits
44%
Grants
28%
Offices, Occupancy & IT
8%
Depreciation
6%
Other
5%
Fees to Service Providers
4%
Interest
3%
Advertising & Promotion
2%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$4,644,743
$4,832,996
+4%
Government Grants
$7,354,679
$7,808,663
+6%
Fundraising Events
$0
$0
-
Program Services
$105,682,457
$100,720,129
-5%
Membership Dues
$0
$0
-
Investments
$2,686,496
$3,949,784
+47%
Other
$1,794,679
$17,294,965
+864%
Total Revenues
$122,163,054
$134,606,537
+10%
Expenses
2023
2024
Change
Grants
$35,030,660
$35,660,734
+2%
Benefits to Members
$0
$0
-
Salaries & Benefits
$53,403,263
$55,031,208
+3%
Fees to Service Providers
$2,412,706
$4,795,433
+99%
Advertising & Promotion
$1,929,198
$2,591,424
+34%
Offices, Occupancy & IT
$9,460,279
$10,392,766
+10%
Interest
$3,312,719
$3,267,062
-1%
Depreciation
$8,016,407
$7,659,374
-4%
Other
$9,016,634
$6,724,587
-25%
Total Expenses
$122,581,866
$126,122,588
+3%
Net income
2023
2024
Change
Net income
-$418,812
+$8,483,949
-2126%
Functional Expenses
Summary
2023
2024
Change
Program
$99,312,266
$92,455,568
-7%
Admin
$21,516,832
$31,961,916
+49%
Fundraising
$1,752,768
$1,705,104
-3%
Total Expenses
$122,581,866
$126,122,588
+3%
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