The Center of Anna Maria Island has turned its finances around after a slow start.
The nonprofit was $76,160 in the black through December 2023, halfway through fiscal 2023-24, despite running a $152,888.27 deficit through the first quarter, according to a report.
“The Center is back in the black ahead of schedule,” executive director Christopher Culhane wrote in a Feb. 20 email to The Islander.
The community center finished fiscal 2022-23 $257,887 in the red — the first time in six years the nonprofit failed to finished in the black — after falling $222,187.32 into the red over the first three months.
Fiscal 2023-24 began July 1, 2023, and got off to a similar deficit after the center posted monthly losses of $55,092.85, $87,935.36 and $21,727.04 over the first quarter.
Meanwhile, the next three months flipped the script.
The nonprofit posted its first positive month of the year in October 2023, with $35,576.11 in net income.
In November 2023, the center netted $50,770.38, bringing its deficit for the year to $78,408.76.
The center broke back into the black with a strong showing in December 2023, earning $149,569.06 in net income — which nearly doubles the preexisting deficit.
Overall, the center’s results through the first half of its fiscal year have been worse than last year’s.
The nonprofit raised $390,280 in total program revenue, $18,084 less than last year, and spent $237,222 on program expenses, $12,083 more than last year.
That results in a $30,167, or 16.5% loss between the $153,058 program income it earned this year and the $183,225 it earned through the same point last year.
The programming downturn is somewhat offset by a 4.5% decrease in general and administrative expenses, from $375,003 last year to $358,083 this year.
The nonprofit’s change of fortune is due to its fundraising success over the second quarter.
While the nonprofit posted fundraising losses in the first two of three months in fiscal 2023-24, over the next three months, it raised $87,192.50, $72,445.69 and $159,688.67 in fundraising income.
That $319,326.86 more than balances out a $152,888.27 deficit from the first quarter, as well as continued losses of $50,372.73, $20,431.65 and $8,875.95 from operations over the second quarter.
“This trend should continue for the rest of the season to once again end the fiscal year in the positive,” Culhane wrote. “While we are excited about our early success, the center is well aware that we have extensive capital costs of well over $200,000 in the coming months due to our older or aging facility.”
People can learn more about the nonprofit at its website, centerami.org.