Page 15 - YMCA of the Suncoast 2023 Annual Report

FINANCIAL IMPACT
The Y’s meaningful work is possible thanks to a strong financial foundation. The following
summary captures the hard work done by everyone on the YMCA of the Suncoast team.
Comparative results for the years ending Dec. 31, 2022, and Dec. 31, 2023.
40 35 30 25 20 15 10
Membership Fees
Child Care & Camp Fees
Program Service Fees
Grants
Investment Income Other
Contributions 5
6% 6%
1,227,818 15%
1,486,857 21%
77,637 5%
(70,565) -19%
(371,006) -79%
(17,943) -1%
323,003 6%
2,303,150 216%
(49,861) -12%
$4,909,090 21%
4% 1%
1. Membership fees increased 15% for the second year in a row. 2023 membership revenue has recovered to 88% of 2019 membership revenue, the last full year prior to the pandemic. Excluding impact from changes in the Clearwater branch, membership is 100% of 2019.
2. Child Care and Camp Fees increased 21% from 2022 due in large part to the hiring of staff which made additional enrollment possible. More children participated in summer camp and in school-age after school programs in 2023. Both programs increased 21%.
3. Program Service Fees increased 5%. More adults received personal training (up 9%) and we reinstated some off-site programming serving active older adults and swimmers outside the YMCA walls.
4. Contributions toward facility capital improvement projects supported current year enhancements of facilities and will support upcoming renovations and expansions of buildings and properties.
5. New donations to the Endowment fund depend on the number of new Legacy and estate gifts established during the year. In 2023, four Legacy gifts were completed or increased and the Y received two estate gift distributions. In comparison, there were additional gifts received in 2022.
6. Annual Support Campaign gifts and Other donations for specific programs remained very similar year over year.
7. Grant income continued to improve with funding for many programs and from multiple sources. Over $3 million of each year’s grants awarded to the Y
through local Early Learning Coalitions to support the direct operating costs for school-age care. Funding from the Juvenile Welfare Board of Pinellas
exceeded $1 million (and increased $0.4 million) directly supporting programs benefiting school-age children.
8. Investment gains on Endowment investments are correlated to an extent with the financial markets. The endowment had a 12% return, improved from
-13% last year. Reserve investments held in money market accounts generated approx. $370k in interest earnings .
0
33%
30%
20%
Support and Revenue
2023
202 2
$ Change
% Change
Membership Fees1
Child Care and Camp Fees2
Program Service Fees3
Contributions - Capital4
Contributions - Endowment5
Contributions - Other6
Grants7
Investment Income 8
Other
Total Support and Revenue
9,590,145
8,451,923
1,587,036
297,556
97,451
1,368,135
5,851,353
1,239,173
362,425
$28,845,197
8,362,327
6,965,066
1,509,399
368,121
468,457
1,386,078
5,528,350
(1,063,977)
412,286
$23,936,107
EXPENSES
2023
202 2
Change
Programs
Management and General
Development and Fundraising
Total
$23,157,642
$3,594,914
$605,663
$27,358,219
84.7% $19,934,569
13.1% $3,049,604
2.2% $540,687
100.0% $23,524,860
84.7% $3,223,073
13.0% $545,310
2.3% $64,976
100.0% $3,833,359
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