FY19 Year End Financials

Dear Crooms AoIT Alumni Association members and supports,

We are pleased to present our FY19 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, 2018 to June 30, 2019. The Association uses cash accounting but a line has been entered to recognize scholarship commitments made in FY19 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 $3,176.96
  • Revenues of $3,844.55 were collected through memberships, donations, and other means.
  • Expenses of $3,364.07 were recognized. $3,250.00 of these expenses for were scholarships and grants. Overhead (largely from PayPal transaction fees and annual business registration fees) accounted for less than 3.5% of all expenses for the year.
  • An additional $750.00 remains to be disbursed for scholarships awarded during FY19.
  • Fund balance ended at $2,907.44, representing an 8.5% decline from the beginning of the year.

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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