July 1, 2022 – June 30, 2023
Lower giving and higher costs drew down reserves
Contributions and grants fell by $37,065 and program revenue fell by $3,141. At the same time, compensation and payroll taxes rose by $28,171. TCA ended the year with a $50,477 deficit after a $29,283 surplus the year before.
Annual results
| Fiscal year ended June 30 | 2022 | 2023 |
|---|---|---|
| Contributions and grants | $162,620 | $125,555 |
| Program service revenue | $305,000 | $301,859 |
| Total revenue | $467,620 | $427,414 |
| Compensation and payroll taxes | $368,731 | $396,902 |
| Other expenses | $69,606 | $80,989 |
| Total expenses | $438,337 | $477,891 |
| Surplus or (deficit) | $29,283 | ($50,477) |
What TCA spent on the school
TCA devoted $450,971 to its elementary school program, or about 94 cents of each expense dollar. Management and general expenses accounted for the remaining $26,920.
Staffing was the largest cost. Salaries and payroll taxes together totaled $396,902. The school also spent $21,491 on supplies and $16,816 on occupancy. These costs are included in the annual expense total.
Financial position at June 30
| Fiscal year ended June 30 | 2022 | 2023 |
|---|---|---|
| Cash, savings and temporary investments | $91,061 | $45,213 |
| Property and equipment after depreciation | $54,405 | $49,959 |
| Total assets | $145,466 | $95,172 |
| Total liabilities | $1,537 | $1,720 |
| Net assets | $143,929 | $93,452 |
The school began the year with $143,929 in net assets. The $50,477 deficit reduced that balance to $93,452 at June 30. All year-end net assets were available without donor restrictions, including the value held in property and equipment.