FY24 Year End Financials

Dear Crooms AoIT Alumni Association members and supporters,

We are pleased to present our FY24 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, 2023 to June 30, 2024. The Association uses cash accounting but lines have been entered to recognize scholarships and brick order commitments made in FY24 that were not paid out during the fiscal year.

A summary of major activities includes:

• Crooms AoIT Boys Basketball Team was provided the $400 Coach Geoffry Alan Haines Athletics Grant.
• 22 additional bricks were sold this year for the Crooms AoIT Panther Walk, ensuring continuous funding for the Coach Geoffry Alan Haines Athletics Grant and the Crooms AoIT Athletics Program. $1,500 was transferred Crooms AoIT Athletics as part of this year's efforts, and $600 was transferred as part of FY23's efforts.
• A $1,200 Crooms AoIT Alumni Association Community Scholarship was awarded to a Class of 2024 graduate - our 18th year of doing so and 21th community scholarship recipient.
• A $1,000 Crooms AoIT Alumni Association Tech Innovation Scholarship was awarded to a Class of 2024 graduate - our 9th year of doing so.
• For the first time, a portion of our fund balance was deposited into a interest-bearing CD to help generate an additional $169.07 of income this year.

A summary of our financials is detailed below:

• The Association started the year with a fund balance (excluding existing commitments) of $4,121.51 in the General Fund and $3,881.26 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 $4,396.32 were collected through memberships, donations, brick purchases, and other means - representing a 75% increase from FY23. The Association anticipated this significant increase in revenue in FY24 given a partnership with the Business Advisory Council (BAC) on brick sales.
• After removing internal transfers, expenses of $3,613.07 were recognized - representing a 44% decrease largely due a lack of brick purchases in FY24 for the Crooms AoIT Alumni Panther Walk. Overhead (from PayPal transaction fees) accounted for approximately 1.4% of all expenses for the year.
• An additional $2,200 remains to be disbursed for scholarships awarded during FY24.
• An estimated $1,200 remains to be expensed for brick purchases during FY23 and FY24.

Fund balance (after commitments) ended at $5,386.02, representing an 23% decrease from the end of the previous year (after accounting for scholarship commitments). $2,150.15 of this fund balance is unrestricted in the General Fund while $3,235.87 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.