2024 Annual Financial and Enrollment Report
Prepared September 2024
“A good school provides a rounded education for the whole person. A good Catholic school, over and above, should help all its students to become saints”
We are grateful for our community’s continued support and commitment to Stella Maris Academy and Catholic education in Duluth over the past year. Our mission to transform the world by preparing life-long learners to lead, love, and serve like Jesus taught has been strengthened by your partnership.
This financial and enrollment report outlines our fiscal performance for the 2023-2024 fiscal year. Our academy is in the midst of tremendous growth and change because our community is witnessing the goodness that comes from Christ being at the center of youth formation. In the last five years we have experienced over a 50% increase to enrollment and nearly the same increase in faculty and staff additions. Our We’re All In! capital campaign and phase 2 of the high school campus renovations are in full swing with a completion date of two state-of-the-art science labs by December 31st, 2024. So much good to celebrate and be thankful for but we’re not done yet, support of our operations and the campaign are integral!
Our growth and development, as you can see with this financial report, requires the continued support of our Sentinel community. The SMA Board approved a deficit budget last fiscal year and this fiscal year with a planned direction to close that gap in the next three years using as little of our financial reserves as possible. To do that, we rely on continued support of our mission (your yes to meaningfully giving to Catholic education), fiscal prudence in expenditures, and responsible growth in enrollment.
Stella Maris Academy’s momentum is reflective of a bright and powerful future. The Holy Spirit is at work within the walls of our campuses and our collective commitment to forming wise and faithful disciples of Christ is evident in mission moments every day.
Summary of Fiscal Year End
Breakdown of Income Fiscal Year 2023 - 2024
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Included in Academic Income is tuition, fees, extended day, summer program, and student activities.
Additionally, SMA provided $586,768 in tuition assistance and discounts toward tuition in the 23-24 fiscal year.
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Included in Administration Income is fundraisers, interest, and endowment earnings.
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Included in Advancement Income is giving campaigns, major gifts, events, and grants.
Breakdown of Expenses Fiscal Year 2023 - 2024
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Included in Academic expenses are teachers salary and benefits (83.6%), student activities, academic programming, and supplies.
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Included in Administration expenses are administration salary and benefits, operational fees, administrative supplies, development, interest, depreciation, and an unbudgeted loss on disposal of fixed assets.
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Included in Campuses' Operation expenses are each campuses food service and maintenance salary and benefits, food expenses, building operations, and liability insurance.
Enrollment is the greatest contributor to income. The more students and families that we have the opportunity to serve the greater our tuition revenue. In addition, we experience an expected increase in salaries and benefits, programs, and tuition assistance requests. SMA is committed to ensuring that tuition remains manageable for families and that we are positioned to support additional financial needs of our families- the 2023-2024 school year SMA committed over $585,000 in tuition assistance and discounts, an increase of 35% in five years.
Historical Enrollment Trend
Support form our community is integral to our mission. Being a Mission Partner and supporting the future of Stella Maris Academy through a meaningful gift toward the We’re All In! capital campaign or to the Annual Fund initiatives that support our academy’s growing operations will have a lasting and meaningful impact on students and staff.