2024 Financial Reports
Interactive summaries of ICSP’s 2024 income, sadaqah, and expenses for full transparency.
Income Breakdown (2024)
Sources include general donations, Quran school support, fundraising, sadaqah, and seasonal activities.
- Total 2024 income: $299,788.09.
- Major sources: general donations, fundraising, and Quran school donations; smaller shares from sadaqah, iftar, and summer camp.
- Sadaqah and zakat are restricted funds and are not used for operations.
- “2023 School Expansion (carry-in)” reflects funds received in a prior year but recognized here as income to the building account.
- “Eid Party Donation” can be negative if event costs exceeded donations; it is shown on income for net transparency.
Definitions
Quran school: Tuition & donations supporting teachers, curriculum, and classroom needs.
Sadaqah / Zakat: Charity for those in need; zakat al-fitr is a specific distribution around Ramadan.
Total Expenses (2024)
Operating and program costs including Quran school, payroll, insurance, utilities, janitorial, maintenance, and community programs.
- Total 2024 expenses: $402,379.92.
- Quran school is the largest area (~39%, $158,237.99).
- Operations (payroll, insurance, utilities) together account for ~35% ($138,899.45).
- Other key areas: janitorial (~6.9%), repairs & maintenance (~4.8%), sadaqah/charity distributions (~4.1%), and events (~1.3%).
- No board members are paid. Payroll covers staff (teachers, janitorial, admin, imam/principal as applicable).
- Sadaqah distributions are pass-through: collected for charity and then disbursed, not retained for operations.
- Some costs are timing-based (e.g., insurance renewals, repairs) and may be higher or lower in a given year.
Program-Focused Spending (2024)
Direct community impact by program area: Quran school, sadaqah, events, maintenance & janitorial, operations, and education/seminars.
- Quran school: $158,237.99
- Operations (insurance + payroll + utilities): $138,899.45
- Maintenance & janitorial: $47,141.10
- Sadaqah/charity: $16,561.00
- Events (Eid + guest speakers + da‘wah): $5,246.00
- Education/seminars: $2,055.04
- Operations groups essential ongoing costs; it does not include capital projects.
- Program totals exclude restricted charity funds except where disbursed (shown as “sadaqah/charity”).
Income vs. Expenses (2024)
A year-end comparison of total inflows and outflows.
- Total income: $299,788.09 | Total expenses: $402,379.92
- Net result: –$102,591.83 (an investment-focused year with higher education and operations costs).
- A deficit does not mean funds were misused; it often reflects planned investment in people, programs, and repairs.
- Restricted donations (e.g., sadaqah/zakat) are distributed according to donor intent and not used to cover operating gaps.
Historical Trend (2015–2024)
Year-over-year totals for income, expenses, and net income to provide long-term context.
- Year-to-year changes can reflect timing of major bills, special projects, or one-time repairs.
- Income variations often track Ramadan seasonality and specific fundraising campaigns.
Notes: Figures reflect ICSP accounting records for calendar year 2024. Minor rounding may occur. For questions or documentation review, please contact the ICSP finance team.