2023 Financial Reports

Interactive summaries of ICSP’s 2023 income, sadaqah, and expenses.

Income Breakdown (2023)

Sources include general donations, Quran school support, endowment proceeds, sadaqah & zakat, and designated building/renovation funds.

  • Total 2023 income: $425,329.59.
  • Major sources: general donations ($180,714.55), endowment proceeds ($50,000.00), and Quran school donations ($29,882.43).
  • Building & construction funds designated for facilities: $136,530.98 (school expansion + student mosque renovation).
  • Sadaqah & zakat (restricted): $23,501.63.
How to read this:

  • Restricted funds (sadaqah/zakat and building/renovation) are not used for regular operations.
  • Designated building funds flow to separate accounts and are used for capital projects (e.g., student mosque renovation).
  • Endowment proceeds support operations; principal is preserved.

Total Expenses (2023)

Operating and program costs including Quran school, operations (payroll, insurance, utilities), maintenance & janitorial, events, and a major capital project.

  • Total 2023 expenses: $516,473.13.
  • Key drivers: Student Mosque Renovation (~one-third of all spending, $190,193.90), Quran school ($130,696.89), and operations ($123,148.68).
  • Other areas include maintenance & janitorial ($37,925.75), events ($8,106.82), and sadaqah distributions ($8,900.49).
Important context:

  • The renovation was a planned, one-time capital project, which is why expenses exceed income this year.
  • No board members are paid. Payroll covers staff (e.g., teachers, admin, janitorial, imam/principal as applicable).
  • Sadaqah distributions are pass-through charity — collected and then disbursed for those in need.
  • Bank service charges ($2,146.23) and small admin items are included in the totals.

Program-Focused Spending (2023)

Direct community impact by program area: Quran school, sadaqah, events, maintenance & janitorial, operations, and education/seminars — plus the student mosque renovation (capital).

  • Quran school: $130,696.89
  • Operations (insurance + payroll + utilities): $123,148.68
  • Maintenance & janitorial: $37,925.75
  • Sadaqah/charity: $8,900.49
  • Events (Eid + guest speakers + da‘wah): $8,106.82
  • Education/seminars: $1,500.00
  • Student mosque renovation (capital): $190,193.90
Notes:

  • Operations groups ongoing facility costs and staff; it does not include capital projects.
  • Program totals exclude restricted charity inflows; sadaqah spending is shown only when disbursed.

Income vs. Expenses (2023)

A year-end comparison of total inflows and outflows.

  • Total income: $425,329.59  |  Total expenses: $516,473.13
  • Net result: –$91,143.54 — primarily due to the student mosque renovation (a one-time, designated project).
Avoiding common misconceptions:

  • A deficit in 2023 reflects a planned capital investment, not overspending on operations.
  • Restricted donations (sadaqah/zakat and building funds) are used per donor intent and do not cover operating gaps.

Historical Trend (2015–2023)

Year-over-year totals for income, expenses, and net income to provide long-term context.

Context for trends:

  • Spikes can be driven by timing of large bills or one-time projects (e.g., 2023 renovation).
  • Income patterns often reflect Ramadan seasonality and specific fundraising campaigns.

Notes: Figures reflect ICSP accounting records for calendar year 2023. Minor rounding may occur. For questions or documentation review, please contact the ICSP finance team.