Financial Performance

In 2023, Assemble built our muscle for bringing in donations! We completed working with a consultant as part of the Creative Citizen Studios collaborative to build the capacity of fundraising to donors and individuals.

We continued fundraising for our programming, and with the expansion of our funder relationships, our revenue grew to $1,062,403; a 17% increase over 2022. In this time, our expenses also increased by 17%, which was a significantly lower change vs. a 61% increase the year prior. The increase from 2021 to 2022 was devoted to staff capacity expansion to increase fundraising and program delivery capacity.

A financial challenge in 2023 was around reimbursables. Due to the increase in our reimbursable grants and government contracts, we were faced with a delay in receiving the payments. As to navigating the cash flow, our cash on hand and savings were eaten into as a means of floating the organization until we received the payment. 

Our first Department of Human Services contract for $104,900 was from  July 1, 2022 to June 30, 2023. By the time Assemble was set up for invoicing in their systems, we received our payment by the end of November 2023. This put Assemble at risk due to the lag time for reimbursement. We continued to have DHS contracts with more fluidity now that we were in their payment systems. Assemble also received a reimbursable contract from Partner4Work for our Ramp Up Fellowship program from 2023 July to 2024 June. This also had a lag time for payments. 

We ultimately had a decrease in cash on hand at the end of the year, decreasing from $613,581in 2022 to $553,697 in 2023 for a net decrease of $59,884.