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.
How to read this:

  • 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.

Tip: hover or tap the chart to see exact amounts and percentages.

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%).
Important context:

  • 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
Notes:

  • 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).
Avoiding common misconceptions:

  • 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.

Context for trends:

  • 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.