Dear Crooms AoIT Alumni Association members and supporters,
We are pleased to present our FY25 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, 2024 to June 30, 2025. The Association uses cash accounting but lines have been entered to recognize scholarship commitments made in FY25 that were not paid out during the fiscal year.
A summary of major activities includes:
- At the beginning of the fiscal year, we deposited $650 into our dedicated fund for the Coach Geoffry Alan Haines Athletics Grant following last year's Crooms AoIT Alumni Panther Walk brick sales.
- Three Coach Geoffry Alan Haines Athletics Grants were awarded to support Crooms AoIT Athletics for a total of $900. This year, we received a record-setting 7 grant applications, making the school especially difficult.
- The Crooms AoIT Alumni Association Community Scholarship for $1,200 was awarded for the 19th Year.
- We continued depositing a portion of our fund balance for the second year into an interest-bearing CD to help generate an additional $170.37 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 $4,350.15 in the General Fund and $4,435.87 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 $3,211.62 were collected through memberships, donations, brick purchases, and other means - representing a 27% decline from FY24. This drop is attributed to the end of a one-time partnership last year with the Business Advisory Council (BAC) on brick sales.
- After removing internal transfers, expenses of $4,460.04 were recognized - representing a 23% increase driven by brick purchases for the Crooms AoIT Alumni Panther Walk. Overhead (from PayPal transaction fees) accounted for approximately 0.6% of all expenses for the year - highlighting the efficiency of operations.
- An additional $1,200 remains to be disbursed for scholarships awarded during FY25.
Fund balance (after commitments) stands at $6,337.60, representing an 18% increase from the end of the previous year (after accounting for scholarship commitments). $2,738.57 of this fund balance is unrestricted in the General Fund while $3,599.03 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.