#USA #New York #fiscal year 2024 #Fedcap Group #Christine McMahon

Fedcap Group Reports Fiscal Year 2024 Outcomes

The Fedcap Group recently released its operational and financial outcomes for the fiscal year 2024, concluding on September 30, 2024. Under the leadership of President and CEO Christine McMahon, the organization recorded several achievements that emphasize its commitment to empowering underserved communities through innovative programs.

Significant Revenue Growth

During this fiscal year, The Fedcap Group reported an operating revenue of $382.1 million, marking a 4.5% increase compared to the previous year. This growth reflects the organization's advancement despite ongoing economic challenges. McMahon highlighted that this performance is a testament to the dedicated work of their team and the strategic direction they have taken.

Commitment to Community Empowerment

The Fedcap Group has intensified its programmatic and geographical expansions, launching new initiatives in health, specialized disability programming, and entry into new domestic and international markets. In particular, the establishment of Civic Hall at Union Square in New York City stands out, having attracted 35,000 visitors in its inaugural year. This facility aims to be a hub for digital skills training and community engagement, showcasing Fedcap’s dedication to facilitating economic well-being.

Additionally, key acquisitions such as the Teaching the Autism Community Trades (TACT) School in Colorado and Easterseals in Mississippi demonstrate their pledge to create employment pathways for individuals with disabilities.

Diverse Service Offerings

The Fedcap Group operates in four primary sectors: education, workforce development, health, and economic development. In fiscal 2024, Fedcap served over 243,964 individuals—an increase of 6.8% from the previous year.

Education

The education sector saw substantial growth, serving nearly 5,000 students through various programs. Noteworthy is the launch of the Civic Hall—The Bernard Goldstein Center, which focused on training individuals in high-demand digital skills. The recent acquisition of the TACT School has also expanded the educational offerings for neurodivergent individuals.

Workforce Development

As the largest practice area, workforce development placed over 28,400 individuals into employment, representing an 11% increase and achieving record placement numbers. This initiative also achieved high retention rates, demonstrating the ongoing support provided to placed individuals.

Health Initiatives

Fedcap’s health practice experienced notable growth through programs like Single Stop, which provided services to over 80,000 individuals this year, delivering significant benefits per household. The wellness services offered saw a 23.6% increase, providing crucial health support across communities.

Economic Development

Economic development efforts have focused on sustainable employment for individuals with disabilities. In fiscal 2024, the organization employed over 1,000 individuals through social enterprises, further contributing to community economic stability.

International Expansion

Expanding its global presence, The Fedcap Group launched Fedcap Australia this year, building on its established operations in Canada and the UK since 2017. This initiative marks a significant step forward in offering impactful solutions to diverse populations worldwide.

Strong Financial Position

The results reflect a sound financial standing, with total assets reported at $403.5 million and long-term liabilities at $234.9 million. Additionally, the organization has cultivated a robust pipeline for business development valued at about $300 million.

Future Outlook

Looking ahead, Fedcap’s strategy will focus on broadening its offerings and eliminating barriers to employment. McMahon anticipates a doubling in the contribution of fee-for-service programs to revenue over the next five years. This proactive approach aims to adapt to potential changes in funding following recent electoral outcomes.

In summary, The Fedcap Group's fiscal year 2024 results reveal a committed effort towards community enhancement, showcasing successful revenue growth and innovative service delivery while also positioning itself for future opportunities and challenges in an ever-changing landscape.