Biennial Report for Board Members - Flipbook - Page 14
FINANCIAL SUMMARY
All 2022 and 2023 program goals and initiatives were met with limited funding. We stabilized
the Foundation9s increased demand for administrative support and increased the social media
presence. With volunteer support, the Let Freedom Ring Foundation and First Baptist Church
websites remained current with information shared with the community and potential donors
and sponsors. With the acquired film footage, the content of the 2016 Let Freedom Ring
Challenge public service announcements was edited to share with visitors that toured the
church and rang the Freedom Bell at no cost to the Foundation.
In 2022 we resumed fundraising and worked with our partners to develop and present programs
for Black History Month and Juneteenth. We partnered with the Colonial Williamsburg
Foundation; William & Mary; the City of Williamsburg; and several community member
organizations of the Juneteenth Consortium to design and present an annual Juneteenth
celebration. Although the combined total income for 2022 and 2023 totaled $671.5K, the
income for 2022 exceeded the total income for 2023 by $6.6K due primarily to the reduction in
grant funds received. Board contributions increased from $41K in 2022 to $57K in 2023, an
increase of $16K. Corporate, business and individual contributions increased from $143K in
2022 to $170K in 2023, an increase of $27K. There were six (6) grants awarded in 2022 and
2023. These funds were moved into a restricted bank account that contains funds/donations
made that are earmarked for a specific purpose by the grantor/donor. The Foundation9s
automated accounting system was modified to separate these funds from basic operating
expenses.
The combined total expenses for 2022 and 2023 were $633.7K with increases in the cost of
insurance; administrative support; awards and scholarships; contract services; and
conferences, meetings, and travel expenses. The increase in expenses in 2023 was due to a
final payment for the HVAC project that was not completed until January 2023 in the amount of
$50K. The Board has determined that the pay for the Executive Director and fees paid for the
social media intern can no longer be funded by the directors and will apply in 2024 for grants
specifically for this purpose and/or capacity building We closed both years with a positive
balance and will resume an aggressive fundraising campaign in 2024.
