Financials

Mathematics compares the most diverse phenomena and discovers the secret analogies that unite them. Joseph Fourier

Sources of Financial Support

Fundraising activities began in spring of 2019 upon 501(c)(3) confirmation from the Internal Revenue Service. In the year 2020, efforts were put on hold due to restrictions caused by the pandemic. To date, sources of financial support include and will continue to derive from:

  • One time and ongoing donations from local citizens

  • One time and ongoing donations from small businesses

  • Donations/Grants from corporations

  • Donations through social media fundraising events

  • Donations submitted through web site venues

  • Anonymous donations through collections at local businesses

  • Funds raised through 2019 Launch Gala dinner and presentation and future galas, presentations and fundraising events

  • Funds raised through community activities, such as Celebrate East Lyme Day, Niantic Lions Arts and Crafts Show, Science Day at New London Library, Garde Arts Center hosts William Shatner event, and Niantic Farmers’ Markets

  • Funds raised through partnerships with Boy Scouts of America, EL Public Library, PTOs, PTAs, and other local non-profits

  • Corporate donations/grants for specific purchases, such as audio equipment

  • Donations/Grants from private trusts

  • In-kind donations for administrative supplies and promotional material

  • In-kind donations for upgrading the physical space of the planetarium

  • In-kind donations for assistance with web site optimization

  • In-kind donations to improve marketing strategies

  • Admission fees for school districts outside of East Lyme starting in operational year 2

  • Admission fees for general public presentations starting in operational year 2

  • Admission fees for corporations starting in operational year 2

BUDGET SUMMARY and FINANCIAL SUPPORT – COMMITTED and PENDING

A goal of STARS To STEM, Inc. is to be a self-sustainable nonprofit regional corporation that furthers STEM education without reliance on local East Lyme tax support. Most nonprofit financial revenues are heavily dependent on fee-for-services funders. By year five, 50% (estimate) of revenue will be from these sources. Additional revenue needs are projected to come from multiple fundraising activities, such as appeals to donors, special events, foundation grants, and others. STARS To STEM’s budget is based on these projections.

Start-up year 0 budget includes renovation items and new purchases as fund-raising and in-kind donations for many goods and services. The planetarium projector is quoted (good until May 1, 2021) at $31,990. Shipping and insurance is not included and is to be determined. An audio/sound system including microphone is needed and is not included in the price of the projector. To operate the projector, an iPad and controller is required and must be dedicated to the unit. Facility and building system upgrades will be through in-kind support, donations, and federal funds totaling $5,000. The school district has agreed to replace the carpet in the room for an in-kind donation of $2,000. The organization is researching chairs for the room ($5,000) but can begin running shows for younger students without chairs. Administrative costs per year amount to $2,000 per each fiscal year. Start-up budget totals $50,790.

Three Year Financial Statement

STARS to STEM fiscal year begins on October 1 and ends on September 30. Although incorporation was granted on May 4, 2018, IRS designation as 501(c)(3) was not awarded until March of 2019. Aggressive fundraising efforts could not begin until the formal designation of charity by the IRS was confirmed.

The document below is our current financial summary of the past two full years of operation and the partial year (October 1, 2020 to March 19, 2021). At the end of this fiscal year, a revised financial statement will be published.

STARS2STEMFinancials.pdf