SALEM ART ASSOCIATION
Income Statement
Fiscal Year Start:
Jan 1
Revenues in 2024
$795,289
Contributions
41%
Program Services
33%
Other
12%
Government Grants
9%
Membership Dues
5%
Fundraising Events
<1%
Investments
<1%
Expenses in 2024
$826,506
Salaries & Benefits
57%
Other
16%
Offices, Occupancy & IT
14%
Fees to Service Providers
8%
Advertising & Promotion
5%
Interest
<1%
Depreciation
<1%
Grants
0%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$180,225
$326,602
+81%
Government Grants
$384,084
$70,385
-82%
Fundraising Events
$0
$2,172
-
Program Services
$295,943
$261,819
-12%
Membership Dues
$33,156
$37,224
+12%
Investments
$6,065
$499
-92%
Other
$94,209
$96,588
+3%
Total Revenues
$993,682
$795,289
-20%
Expenses
2023
2024
Change
Grants
$0
$0
-
Benefits to Members
$0
$0
-
Salaries & Benefits
$540,169
$468,989
-13%
Fees to Service Providers
$78,193
$67,152
-14%
Advertising & Promotion
$44,650
$39,758
-11%
Offices, Occupancy & IT
$212,456
$116,122
-45%
Interest
$185
$4,634
+2405%
Depreciation
$7,740
$1,362
-82%
Other
$341,300
$128,489
-62%
Total Expenses
$1,224,693
$826,506
-33%
Net income
2023
2024
Change
Net income
-$231,011
-$31,217
+86%
Functional Expenses
Summary
2023
2024
Change
Program
$955,324
$575,730
-40%
Admin
$114,398
$114,012
0%
Fundraising
$154,971
$136,764
-12%
Total Expenses
$1,224,693
$826,506
-33%
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