FY20 Year End Financials

Dear Crooms AoIT Alumni Association members and supporters,

We are pleased to present our FY20 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, 2019 to June 30, 2020. The Association uses cash accounting but a line has been entered to recognize scholarship commitments made in FY20 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 $3,657.44
• Revenues of $2,563.98 were collected through memberships, donations, and other means - representing a 33% from FY19.
• Expenses of $1,599.42 were recognized - representing a decline of 52% largely due to timing related to scholarship pay-outs. $1,550.00 of these expenses for were scholarships and grants. Overhead (largely from PayPal transaction fees and annual business registration fees) accounted for approximately 3.1% of all expenses for the year.
• An additional $2,250.00 remains to be disbursed for scholarships awarded during FY20.
• Fund balance ended at $2,372.00, representing an 18.4% 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.