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FY21 Year End Financials

Dear Crooms AoIT Alumni Association members and supporters,

We are pleased to present our FY21 consolidated income and balance sheet to provide full transparency into how your financial support is used. The Association's fiscal year runs from July 1, 2020 to June 30, 2021. The Association uses cash accounting but a line has been entered to recognize scholarship commitments made in FY21 that were not paid out during the fiscal year. A summary of our activities can be found below:

  • The Association started the year with a fund balance of $4,622.00.
  • Revenues of $2,582.21 were collected through memberships, donations, and other means - representing a 0.7% increase from FY20.
  • Expenses of $3,699.87 $1,599.42 were recognized - representing an increase of 131% largely due to earmarked donations for the a) Alumni Banner Program and b) in-kind donations for the Alumni Basketball Challenge event. $2,250.00 of these expenses for were scholarships and while $1,115 were grant-equivalents for the Crooms AoIT Athletics Program. Overhead (from PayPal transaction fees) accounted for approximately 1.1% of all expenses for the year.
  • An additional $1,350.00 remains to be disbursed for scholarships awarded during FY21.
  • Fund balance ended at $2,154.34, representing an 9.2% decline from the end of the previous year (after accounting for scholarship commitments).

If you would like more details, we invite you review the attached spreadsheet which includes transaction level detail for the year. Donor information has been removed to protect the privacy of our donors. Do not hesitate to contact us if you should have any questions or concerns.

Thank you for your continued support.

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