FY22 Year End Financials

Dear Crooms AoIT Alumni Association members and supporters,

We are pleased to present our FY22 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, 2021 to June 30, 2022. The Association uses cash accounting but a line has been entered to recognize scholarship and athletic support commitments made in FY22 that were not paid out during the fiscal year.

A summary of major activities includes:

A summary of our financials is detailed below:

  • The Association started the year with a fund balance of $3,504.34 in the General Fund and $0.00 in the "Brick" Fund (the "Brick" Fund was established in FY22 following the launch of the Crooms AoIT Alumni Panther Walk and is intended to provide support to Crooms AoIT Athletics).
  • After removing internal transfers, revenues of $12,963.35 were collected through memberships, donations, brick purchases, and other means - representing a 402.0% increase from FY21. The Association anticipates a significant reduction in revenue in FY23 as brick purchases fall off.
  • After removing internal transfers, expenses of $4,616.68 were recognized - representing an increase of 24% largely due to earmarked donations for the a) the Crooms AoIT Alumni Panther Walk Program (shown as capex expense in the Brick Fund) and b) in-kind donations for the Crooms AoIT athletics Program NASCAR fundraiser (shown as In Kind expense in the General Fund). $1,350.00 of these expenses for were scholarships and while an additional $250 were grant-equivalents for the Crooms AoIT Athletics Program. Overhead (from PayPal transaction fees) accounted for approximately 5.2% of all expenses for the year.
  • An additional $2,250.00 remains to be disbursed for scholarships awarded during FY22.
  • An additional $3,706.00 remains to be disbursed for athletics support
  • Fund balance ended at $5,895.01, representing an 174% increase from the end of the previous year (after accounting for scholarship commitments). $2,865.83 of this fund base is unrestricted in the General Fund while $3,029.18 is restricted in the "Brick Fund".

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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