It went down to the wire, but the Center of Anna Maria Island finished fiscal 2023-24 with a strong enough month to return to the black.
The community center finished $34,928.27 in the black for the fiscal year, which ended June 30, on the back of $117,597.91 net income gained over the final month, according to a report.
The nonprofit fell into a $164,755.25 hole after the first three months of fiscal 2023-24 and had been teetering the line between black and red.
Through May, with only one month remaining in the fiscal year, the center was $82,669.64 in the red.
However, the month of June was big for the nonprofit, putting its finances back to black.
Part of the $117,597.91 net income gained in June was due to a spike in programming income with the start of the center’s youth summer camps.
The center raised $63,501.25 in revenue through youth programs in June, which is the highest mark of the year for that category.
However, due to $51,729.01 in expenses for the same youth programs, the item is not the main reason for the nonprofit’s big month.
The biggest reason for the turnaround is June’s $203,802.32 fundraising revenue, compared to only $13,683.08 in fundraising expenses, resulting in $190,119.24 in income.
A chunk of the fundraising revenue — including a $90,000 grant from the Bradenton-based Bishop-Parker Foundation and $50,000 from the city of Anna Maria — was used to pay for the installation of new air conditioning units at the center’s facility at 407 Magnolia Ave., Anna Maria.
Overall, the nonprofit’s $1,091,719 in fundraising revenue for the year marked a 50% increase over the $725,801 it raised in fiscal 2022-23, with only a 10% increase in fundraising expenses.
“This incredible end to our year can primarily be attributed to a significant increase in support through donations and capital grants thanks to our dedicated fundraising efforts, led by our new development director, Jillian Ptak,” executive director Christopher Culhane wrote in an Aug. 15 email to The Islander.
Culhane also acknowledged that total program revenue was down about 8% from last year “due to the conclusion of COVID-era youth program grants.”
Nevertheless, he wrote that the center was financially stable enough to move forward with numerous facility improvements over the year, such as new murals, fitness equipment, kitchen equipment, an ice machine, fresh paint and an upgraded electrical system for a sound booth — in addition to the new AC.
“These improvements are a testament to the center’s mission to enhance the overall well-being of our community by starting from within,” Culhane wrote. “By upgrading our facility appearance, offerings and programs, the center can better serve the community.”
The center has yet to release a budget for fiscal 2024-25, which began July 1.