Audit shows a strong financial position for Thurgood Marshall College Fund
Washington, D.C., July 19, 2024 (GLOBE NEWSWIRE) -- Its fiscal year 2023 audit shows Thurgood Marshall College Fund (TMCF) improved its financial position. TMCF’s fiscal year begins Jan. 1 and ends Dec. 31.
“I’m proud of our CFO Aisha T. Brown, the finance team and all TMCF staff for ensuring a smooth audit in FY23,” Dr. Harry L. Williams, president & CEO of TMCF, said. “Our financial position is of utmost importance for building support to advance our mission of ensuring student success and preparing the next generation of workforce talent.”
Total assets in FY23 were more than $123 million, a $7.1 million increase from the previous year. Total liabilities also improved, decreasing from $5.6 million to $5.4 million.
“Making this information available and accessible to the public is an important way for TMCF to provide transparency and build support from our current and prospective partners,” Brown said. “It’s a community, year-long effort to prepare for an annual audit and I’m thankful for the great TMCF team that worked with Rogers & Company.”
Other highlights from the FY23 audit include:
- Total operating revenue (grants, contributions, fees and income) reached $85.5 million, up from $76.6 million in FY22
- Total expenses for FY23 were $80.3 million
- Funds available for general expenditures were $108.5 million, up from $106.4 million in FY22
- Fair value of investments increased $3.9 million from FY22 to FY23, with a total fair value of $47.4 million in 2023
- Net assets with donor restrictions were up $15.6 million from the prior year, reaching $79.5 million in FY23
- Donor-restricted endowment funds reached $2.05 million, up nearly $500,000 from the previous fiscal year
For additional TMCF financial information including audited financial statements, 990 tax forms and annual reports, visit https://www.tmcf.org/about-us/finance/financials/.
About Thurgood Marshall College Fund
Established in 1987, Thurgood Marshall College Fund (TMCF) is the nation’s largest organization exclusively representing the Black College Community. TMCF member schools include the publicly supported Historically Black Colleges and Universities and Predominantly Black Institutions, enrolling nearly 80% of all students attending black colleges and universities. Through scholarships, capacity building and research initiatives, innovative programs, and strategic partnerships, TMCF is a vital resource in the K-12 and higher education space. The organization is also the source of top employers seeking top talent for competitive internships and good jobs. TMCF is a 501(c)(3) tax-exempt, charitable organization. For more information about TMCF, visit www.tmcf.org
Clara Ross Stamps The Thurgood Marshall College Fund 240-931-0696 clara.stamps@tmcf.org
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