FY23 Year End Financials

Dear Crooms AoIT Alumni Association members and supporters,

We are pleased to present our FY23 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, 2022 to June 30, 2023. The Association uses cash accounting but a line has been entered to recognize scholarship commitments made in FY23 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 (excluding existing commitments) of $5,115.83 in the General Fund and $6,735.18 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 $2,517.13 were collected through memberships, donations, brick purchases, and other means - representing a 80.6% decrease from FY22. The Association anticipated this significant reduction in revenue in FY23 as brick purchases fell off.
  • After removing internal transfers, expenses of $6,365.37 were recognized - representing an increase of 38% largely due the start of expenses for the Crooms AoIT Alumni Panther Walk. Overhead (from PayPal transaction fees) accounted for approximately 0.7% of all expenses for the year.
  • An additional $1,000 remains to be disbursed for scholarships awarded during FY23.

Fund balance (after commitments) ended at $7,002.77, representing an 18.8% increase from the end of the previous year (after accounting for scholarship commitments). $3,121.51 of this fund base is unrestricted in the General Fund while $3,881.26 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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