Magento Association - Annual Report 2024
The Board of Directors of the Magento Association is publishing the annual financial report for the Magento Association for the fiscal year ending December 31, 2024.
We are pleased that the cost of operating the Magento Association has been substantially reduced following the transition from Smith Bucklin and hiring our own executive director to run the association. This strategic change has already resulted in improved operational efficiency.
While we have seen strong revenue streams, our operational expenses have resulted in a net loss for the year. In this report, we outline the financial performance and key takeaways as we look forward to the coming year.
As we look toward 2025, our goal is to boost revenue by forming more strategic partnerships, while also dedicating additional resources to marketing the Magento Open Source product. These initiatives will help secure long-term sustainability and financial stability.
Financial Summary
Revenue
The total revenue for the year amounted to $297,128.73, derived from the following sources:
- Patreon: $8,380.02
- Paypal Donations: $22,360.00
- Direct Invoicing: $266,388.71
This revenue reflects the support from the community, partnerships, and other direct contributions.
Cost of Goods Sold (COGS)
Total COGS for the year stood at $83,000.00, which consisted of the Meet Magento New York sponsorships that the Magento Association invoiced on their behalf.
Gross Profit
After accounting for COGS, the gross profit for the year was $214,128.73.
Expenses and Profitability
Operating Expenses
Operating expenses totaled $247,944.99, distributed as follows:
- Salaries: $228,354.68
- Travel: $17,020.64
- Utilities: $2,569.67
These expenses reflect our investment in personnel, operations, and necessary cost to keep the organisation running.
Operating Profit and Net Loss
As operating expenses exceeded our income, we incurred an operating loss of $33,816.26. No additional income or expenses were reported under interest or other categories. As a result, our net loss before tax stands at $33,816.26.
Given our tax structure, no taxes were applicable this year, making our final net loss after tax also $33,816.26.
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