THE NORFOLK ACADEMY
Income Statement
Fiscal Year Start:
Jul 1
Revenues in 2024
$36,529,507
Program Services
77%
Contributions
16%
Investments
5%
Other
3%
Government Grants
0%
Fundraising Events
0%
Membership Dues
0%
Expenses in 2024
$39,878,940
Salaries & Benefits
61%
Other
25%
Depreciation
9%
Fees to Service Providers
2%
Offices, Occupancy & IT
2%
Interest
<1%
Advertising & Promotion
<1%
Grants
0%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$4,104,621
$5,708,794
+39%
Government Grants
$0
$0
-
Fundraising Events
$0
$0
-
Program Services
$27,170,938
$27,983,679
+3%
Membership Dues
$0
$0
-
Investments
$1,010,404
$1,691,577
+67%
Other
$826,902
$1,145,457
+39%
Total Revenues
$33,112,865
$36,529,507
+10%
Expenses
2023
2024
Change
Grants
$0
$0
-
Benefits to Members
$0
$0
-
Salaries & Benefits
$22,941,881
$24,296,413
+6%
Fees to Service Providers
$851,523
$771,712
-9%
Advertising & Promotion
$118,228
$127,237
+8%
Offices, Occupancy & IT
$736,235
$757,445
+3%
Interest
$214,282
$165,874
-23%
Depreciation
$3,881,510
$3,740,198
-4%
Other
$8,398,244
$10,020,061
+19%
Total Expenses
$37,141,903
$39,878,940
+7%
Net income
2023
2024
Change
Net income
-$4,029,038
-$3,349,433
+17%
Functional Expenses
Summary
2023
2024
Change
Program
$30,464,012
$32,747,203
+7%
Admin
$5,449,011
$5,726,163
+5%
Fundraising
$1,228,880
$1,405,574
+14%
Total Expenses
$37,141,903
$39,878,940
+7%
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