The New Year
I want to say thank you to all those who have supported ILT in 2017. There are many of you and each of you is important to ILT's success and future. It is difficult to overstate just how much we depend upon each donation we receive. So, from all of us at ILT, I want to give a sincere thank you. We truly appreciate your kindness and generosity. To show just how much this is true, let me tell you a little about ILT's revenue structure.
The total operations revenue for ILT in 2017 was $1,163,000. This is the income we received from donations and tuition. We do not pay income tax on this income because it is a part of our non-profit mission. We also received income from the rentals we have in the facility we own. The total rental income, the income we received from library donations, interest and growth on the endowment fund, and other miscellaneous revenue is $118,000. Bottom line, this means ILT had a total revenue of $1,281,000 in 2017.
$179,000 of this income was restricted. This means that it cannot be used for operations, but must be used for the purpose designated by the donor. Most of the restricted money went to support the financial aid fund, the reserve fund, or it was donated for our work with international students. But where did it all come from? Where is ILT getting this money?
ILT has tuition revenue from four academic terms and donations from four fundraising campaigns each school year. In terms of tuition, we receive the majority from the Fall and Spring semesters and we receive a little from the J-Term and Summer Term courses we offer. This accounts for only 17% of the total revenue for 2017. The rentals including other investments only account for 9% of our revenue.
ILT's donors were responsible for 74% of our revenue in 2017. As I said earlier, there is no way to overstate how important ILT donors are. The institutional needs, the programs offered to the students, everything we do as a school depends upon donors to be invested in what ILT does. We exist for our students, but we exist because of our donors.
I am continually humbled because of the generosity of the donors connected to ILT. There are many people who are both concerned about the future of Lutheran congregations in North America and committed to preparing for that future who give to this need through financial donations. The staff and the faculty work hard to prepare pastors and teachers for the church now and in the future, but this is only possible to because those who support that future with their donations. Again, a deeply heartfelt thank you from all of us at ILT. We cannot do this without you.
The total operations revenue for ILT in 2017 was $1,163,000. This is the income we received from donations and tuition. We do not pay income tax on this income because it is a part of our non-profit mission. We also received income from the rentals we have in the facility we own. The total rental income, the income we received from library donations, interest and growth on the endowment fund, and other miscellaneous revenue is $118,000. Bottom line, this means ILT had a total revenue of $1,281,000 in 2017.
$179,000 of this income was restricted. This means that it cannot be used for operations, but must be used for the purpose designated by the donor. Most of the restricted money went to support the financial aid fund, the reserve fund, or it was donated for our work with international students. But where did it all come from? Where is ILT getting this money?
ILT has tuition revenue from four academic terms and donations from four fundraising campaigns each school year. In terms of tuition, we receive the majority from the Fall and Spring semesters and we receive a little from the J-Term and Summer Term courses we offer. This accounts for only 17% of the total revenue for 2017. The rentals including other investments only account for 9% of our revenue.
ILT's donors were responsible for 74% of our revenue in 2017. As I said earlier, there is no way to overstate how important ILT donors are. The institutional needs, the programs offered to the students, everything we do as a school depends upon donors to be invested in what ILT does. We exist for our students, but we exist because of our donors.
I am continually humbled because of the generosity of the donors connected to ILT. There are many people who are both concerned about the future of Lutheran congregations in North America and committed to preparing for that future who give to this need through financial donations. The staff and the faculty work hard to prepare pastors and teachers for the church now and in the future, but this is only possible to because those who support that future with their donations. Again, a deeply heartfelt thank you from all of us at ILT. We cannot do this without you.
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