SALEM ACADEMY AND COLLEGE
Income Statement
Fiscal Year Start:
Jul 1
Revenues in 2024
$38,903,233
Program Services
33%
Other
31%
Contributions
31%
Investments
5%
Government Grants
<1%
Fundraising Events
0%
Membership Dues
0%
Expenses in 2024
$33,341,491
Salaries & Benefits
40%
Grants
25%
Offices, Occupancy & IT
10%
Other
9%
Fees to Service Providers
9%
Depreciation
4%
Interest
2%
Advertising & Promotion
<1%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$10,013,378
$12,005,030
+20%
Government Grants
$875,465
$152,449
-83%
Fundraising Events
$0
$0
-
Program Services
$10,673,595
$12,935,458
+21%
Membership Dues
$0
$0
-
Investments
$1,912,897
$1,751,863
-8%
Other
$3,262,089
$12,058,433
+270%
Total Revenues
$26,737,424
$38,903,233
+46%
Expenses
2023
2024
Change
Grants
$6,861,065
$8,174,852
+19%
Benefits to Members
$0
$0
-
Salaries & Benefits
$12,677,435
$13,253,336
+5%
Fees to Service Providers
$2,603,621
$3,142,586
+21%
Advertising & Promotion
$163,190
$166,713
+2%
Offices, Occupancy & IT
$2,907,011
$3,220,216
+11%
Interest
$690,723
$817,582
+18%
Depreciation
$1,371,299
$1,410,717
+3%
Other
$3,053,293
$3,155,489
+3%
Total Expenses
$30,327,637
$33,341,491
+10%
Net income
2023
2024
Change
Net income
-$3,590,213
+$5,561,742
-255%
Functional Expenses
Summary
2023
2024
Change
Program
$20,599,326
$24,737,056
+20%
Admin
$8,223,691
$7,177,795
-13%
Fundraising
$1,504,620
$1,426,640
-5%
Total Expenses
$30,327,637
$33,341,491
+10%
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