July 1, 2023 – June 30, 2024
Program revenue rose and the deficit narrowed
Program revenue grew by $96,345 and contributions and grants rose by $23,945. Revenue grew faster than expenses, narrowing the annual deficit from $50,477 to $7,134.
Annual results
| Fiscal year ended June 30 | 2023 | 2024 |
|---|---|---|
| Contributions and grants | $125,555 | $149,500 |
| Program service revenue | $301,859 | $398,204 |
| Total revenue | $427,414 | $547,704 |
| Compensation and payroll taxes | $396,902 | $462,335 |
| Other expenses | $80,989 | $92,503 |
| Total expenses | $477,891 | $554,838 |
| Surplus or (deficit) | ($50,477) | ($7,134) |
What TCA spent on the school
TCA devoted $534,621 to its elementary school program, or about 96 cents of each expense dollar. Management and general expenses accounted for the remaining $20,217.
Staffing was the largest cost. Salaries and payroll taxes together totaled $462,335. The school also spent $28,427 on supplies and $19,104 on occupancy. These costs are included in the annual expense total.
Financial position at June 30
| Fiscal year ended June 30 | 2023 | 2024 |
|---|---|---|
| Cash, savings and temporary investments | $45,213 | $36,759 |
| Property and equipment after depreciation | $49,959 | $54,266 |
| Total assets | $95,172 | $91,025 |
| Total liabilities | $1,720 | $4,707 |
| Net assets | $93,452 | $86,318 |
The school began the year with $93,452 in net assets. The $7,134 deficit reduced that balance to $86,318 at June 30. All year-end net assets were available without donor restrictions, including the value held in property and equipment.