Money Matters 1/1/2025
Dear Members and Friends,
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2U Financial Update (As of November 30th, 2024)
To date, our operating budget is about $6,500 ahead of expectations although it does have a deficit for the fiscal year ending 6/30/25. The very successful Fall Fest should bring the deficit down under $10,000 if revenues continue at this pace.
Total expenses for the 5 month period are $163,667 and under budget by $12,477. This is due to a number of factors including later starts than expected for the Sound/Digital Producer and new cleaning service. Seasonal factors also play a role and spending ramps up in the second half of the fiscal year while there are no large fundraisers in the spring. Our 2 full time and 2 half time employees are our largest expense with $116,667 for the five month period.
Capital Campaign Update
Capital donations since July 1 are $13,525 and expenditures on construction are $227,430 for this period. We just received an invoice for approximately $107,000 from the general contractor. As you can see, much work remains to be done. Thanks to past donations, after paying the new invoice and an architect bill, we will have about $170,500 left in the capital account. This will all be spent in January – February and we expect to borrow in the range of $125,000 to finish the work. Please keep making your capital pledge payments and donations!
Thank you so much for supporting the mission of 2U!
Respectfully submitted,
