For the In Harmony team, the 2023 fiscal year was a year of investing our resources to pursue growth in both organization and impact. Compared to the previous fiscal year, In Harmony saw a 5% increase in total revenue, an accomplishment of which we are very proud. However, that growth was offset by a 59% increase in expenses. In total, total expenses exceeded total revenue by $6,164, resulting in a decrease in our net assets (think: cash in the bank).
The significant increase in expenses was a strategic decision adopted by In Harmony leadership. At the beginning of the 2023 fiscal year, a staff position was escalated to a full-time, salaried position. This decision was a response both to the post-COVID job market and systemic concerns that exist within the music therapy industry that serve as barriers to the attraction and retention of talent. Using a portion of our existing cash balance in fiscal year 2023 was viewed as a prudent investment to ensure our employees and our services remain high quality.
Also of note during the 2023 fiscal year was a 40% increase in contributed income (think: donations and grants) when compared to the previous year. This statistic highlights both the continued support of our individual donors as well as In Harmony’s focus on building relationships with philanthropic institutions throughout Northeast Ohio.