Westminster College
Income Statement
Fiscal Year Start:
Jul 1
Revenues in 2024
$69,238,416
Program Services
70%
Contributions
20%
Other
6%
Government Grants
2%
Investments
<1%
Fundraising Events
<1%
Membership Dues
0%
Expenses in 2024
$81,711,365
Salaries & Benefits
41%
Grants
29%
Other
10%
Offices, Occupancy & IT
8%
Depreciation
4%
Fees to Service Providers
4%
Interest
3%
Advertising & Promotion
<1%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$14,367,726
$14,160,315
-1%
Government Grants
$10,185,339
$1,492,771
-85%
Fundraising Events
$0
$30,590
-
Program Services
$48,452,176
$48,701,260
+1%
Membership Dues
$0
$0
-
Investments
$637,192
$390,485
-39%
Other
$1,687,770
$4,462,995
+164%
Total Revenues
$75,330,203
$69,238,416
-8%
Expenses
2023
2024
Change
Grants
$22,989,647
$23,344,847
+2%
Benefits to Members
$0
$0
-
Salaries & Benefits
$33,153,759
$33,493,604
+1%
Fees to Service Providers
$4,105,678
$3,456,422
-16%
Advertising & Promotion
$1,142,625
$571,081
-50%
Offices, Occupancy & IT
$5,933,719
$6,673,121
+12%
Interest
$2,181,088
$2,121,921
-3%
Depreciation
$3,523,751
$3,531,212
+0%
Other
$6,930,392
$8,519,157
+23%
Total Expenses
$79,960,659
$81,711,365
+2%
Net income
2023
2024
Change
Net income
-$4,630,456
-$12,472,949
-169%
Functional Expenses
Summary
2023
2024
Change
Program
$68,528,720
$69,734,689
+2%
Admin
$10,016,735
$10,435,354
+4%
Fundraising
$1,415,204
$1,541,322
+9%
Total Expenses
$79,960,659
$81,711,365
+2%
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