The United States Conference of Catholic Bishops’ Solidarity Fund for the Church in Africa released its 2024 annual report yesterday.
The fund reported $3,924,488 in revenue and $3,335,534 in expenses in 2024. Most of the revenue ($3,702,026) came from national collections; the rest, from investment income.
78% of the expenses ($2,611,460) was allocated to grants and donations. Other expenses included program costs (14%), fundraising expenses (5%), and administrative costs (3%). (According to Charity Navigator’s guidelines, a charity should spend no more than 30% on fundraising and administrative expenses.)
Because revenues exceeded expenses, the fund’s net assets rose from $3,739,661 to $4,486,473 over the course of the year.