AVERETT UNIVERSITY
Income Statement
Fiscal Year Start:
Jul 1
Revenues in 2024
$54,255,552
Program Services
89%
Contributions
7%
Other
3%
Investments
<1%
Government Grants
<1%
Fundraising Events
0%
Membership Dues
0%
Expenses in 2024
$63,574,928
Grants
35%
Salaries & Benefits
30%
Fees to Service Providers
13%
Other
8%
Depreciation
5%
Offices, Occupancy & IT
5%
Advertising & Promotion
2%
Interest
2%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$3,502,725
$3,634,128
+4%
Government Grants
$2,949,359
$269,880
-91%
Fundraising Events
$0
$0
-
Program Services
$46,818,393
$48,188,190
+3%
Membership Dues
$0
$0
-
Investments
$466,551
$389,497
-17%
Other
$926,211
$1,773,857
+92%
Total Revenues
$54,663,239
$54,255,552
-1%
Expenses
2023
2024
Change
Grants
$19,914,444
$22,263,438
+12%
Benefits to Members
$0
$0
-
Salaries & Benefits
$18,081,966
$18,905,960
+5%
Fees to Service Providers
$818,418
$8,352,371
+921%
Advertising & Promotion
$1,352,479
$1,368,078
+1%
Offices, Occupancy & IT
$2,344,318
$3,233,616
+38%
Interest
$894,549
$1,131,432
+26%
Depreciation
$2,240,310
$3,283,093
+47%
Other
$14,409,323
$5,036,940
-65%
Total Expenses
$60,055,807
$63,574,928
+6%
Net income
2023
2024
Change
Net income
-$5,392,568
-$9,319,376
-73%
Functional Expenses
Summary
2023
2024
Change
Program
$53,436,635
$51,787,084
-3%
Admin
$5,756,268
$10,245,053
+78%
Fundraising
$862,904
$1,542,791
+79%
Total Expenses
$60,055,807
$63,574,928
+6%
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