Page 42 - 2022 Annual Report 2022 FINAL

EXPENSES FYE 2022

Insurance & Professional Svcs, Miscellaneous,
$444,181 , 2% $1,049,834 , 4%
Communications &
Computer, $1,467,267 , 6%

Facilities, Salaries,
$1,848,457 , 8% $14,998,368 , 61%

Marketing costs (Non-
labor), $969,174 , 4%

Salaries + Benefits =
76% of Operating
Payroll taxes, benefits, Expenses
employee costs,
$3,578,946 , 15%

After salaries, the following expenses have the largest impact on our income statement:

o Post-covid Marketing conferences, travel, and client entertainment increased $338k to $531k.
o FGMA bears 77% of the cost of health insurance, increasing $253k to $1.25 million.
o Professional Development, $106k.
o Recruiting fees, a combination of LinkedIn Recruiter and recruiting agencies, $347k.
o Rent increased $239k to $1.28 million with the relocation of the Austin office and adding the
Reston VA office.
o Computer equipment expense increased $144k to $189k.
o Software costs increased $117k to $688k.
o Post-covid OH travel increased $174k to $223k.
o Cost of errors increased $109k to $336k representing actual amounts paid and adjusting the
reserves on the balance sheet for both known issues and unknown issues relating to the increase
in production.

Page | 29 Treasurer’s Report