The 2021 financials reflect the MAA’s gradual, and promising, return to prior years, both in programming and revenue. In 2021, we experienced more than an increase in revenue than the previous year. Two distinctive events account for the majority of this increase. One was the sale of the MAA Headquarters buildings and the Carriage House Meetings Center. The second was the revenue recognition of the federally funded Paycheck Protection Program loans.1 Exclusive of this, income from other programming, contributions, sponsorships and return on investments increased by $1.3M when compared to 2020.
Again this year we maintained a superior level of programming that members and the public expect, though, in more cost-effective ways. We are happy to report that total expenses for the year remained relatively unchanged from 2020 totals, despite the return of postponed federally funded programs, mathematical competitions, and virtual meetings. Of our $7.9M in total expenses, 80% went to direct programming that supports our mission and core values.
We are appreciative of our Community: members, donors, sponsors, and volunteers for their belief in our mission. You are the reason why the MAA continues to flourish.
1 In 2021, the SBA approved the forgiveness of this pandemic subsidized funding. Recognition of the net sales proceeds and the federal loans represented approximately 50% of total revenue for the year.