Donations drop 28% under Corcoran in FY24
Reviewing the materials for the New College Foundation’s Board of Directors Meeting on August 21, 2024, the financial analysis seems to indicate that donations to the New College Foundation dropped 28% during Richard Corcoran’s first full year as the college’s president.
The 28% drop is calculated looking at the “Contributions” row of the “Statement of Activities - GASB” document (see below), which shows $2.6MM in contributions in 22-23 but only $1.9MM in contributions in 23-24 (note that the earlier years are on the right and more recent years on the left:
| 2023-24 | 2022-23 | |
|---|---|---|
| Contributions | 1,906,071 | 2,647,797 |
| Fund Raising Event Revenue | 485,032 | 519,831 |
| Other Miscellaneous Income | 70,701 | 76,581 |
| Total | 2,461,804 | 3,244,191 |
The full table of financial data also reveals that the Foundation had a 53% drop in net surplus in the 23-24 year compared to the previous year: only $1.2MM in net surplus in 23-24 compared to $2.6MM in 22-23 (see the “NET SURPLUS/(DEFICIT)” row).
