b'From the Finance Office Investing in what matters most - students, teachers, and missionEach year, St. Michaels School undergoes a full audit by an independent accounting firm. Our 202324 audit confirmed a balanced budget and healthy reserves, made possible by the generosity of our community and the careful stewardship of our Board of Trustees. The 202425 audit is now underway.Tuition provides the foundation of our resources (about 90% in 202324), ensuring the core experience every student receives each day. Yet tuition alone does not cover all that it takes to sustain excellence and foster growth. Gifts to the Annual Halo Fund and capital projects provide the vital support that strengthens faculty, enriches programs, and invests in our campus. For 2023-24, donors contributed more than $270,000 to advance our mission. As always, the majority of expenses (80%) directly supported teaching and student life, reflecting our commitment to nurturing the mind, body, and spirit of every child. With community support, we also advanced our campus-wide transition from evaporative cooling to central AC. To date, 70% of classrooms are complete, with full installation expected by Summer 2027. The Board of Trustees and school leadership remain committed to sustaining financial strength while investing in the people, programs, and facilities that make St. Michaels exceptional. Importantly, not all investment growth is allocated to annual operationsas available, a small portion is retained each year to ensure long-term sustainability and to support future strategic initiatives.Thank you for your continued care and support!Charmaine M. Lang Chief Finance and Operations OfficerStatementofRevenueandExpensesStatement of Revenue and ExpensesREVENUE 20232024 Income20232024Tuition $4,041,786 Tuition 3% 5%FundraisingDonations $2 70,216 6% 86%OtherIncome $129,865 FundraisingDonationsInvestmentMarketGrowth $2 51,634TOTALREVENUE $4,693,501 OtherIncomeEXPENSES 20232024 InvestmentMarketPersonnelWageCosts $2,772,826 GrowthPersonnelBenefits $680,307AdministrationCosts $167,251 Expenses20232024FacilityCosts $545,366Student/ClassroomCosts $2 31,991TOTALEXPENSES $4,397,741 PersonnelWageCosts 4% 12% 5% 63%AnnualNetOperatingResult $44,126 PersonnelBenefits 16%AnnualNetInvestmentMarketGrowthResult $251,634 AdministrationCostsANNUALNETINCOME $295,760 FacilityCostsStudent/ClassroomCostsZ:\\MonthlyFinancialReports\\20232024\\FinancialOutlookforAnnualReport202324.xlsx'