A city-created nonprofit set up to manage and operate Monroe Park on Virginia Commonwealth University’s campus is sinking further into red ink, according to its latest financial report.

And there is little prospect of a city bailout.

In its most recent filing with the Internal Revenue Service for fiscal year 2019-20, the Monroe Park Conservancy reported finishing the year with a deficit of $347,303, mostly due to an outstanding loan on the books.

The deficit represents a $24,628 increase from what was reported in the 2018-19 fiscal year, when the conservancy reported deficit of $322,675 deficit.

The conservancy’s fiscal year tracks the city’s and runs from July 1 to June 30.

The conservancy also reported that its fund balance, or carryover income, shrank from $217,140 in 2018-19 to $139,064 for 2019-20. The value of the park’s assets as listed on the report also continued to decline due to depreciation.

A public-private partnership, the conservancy was established by City Council to operate one of the city’s oldest parks that dates to 1851. The conservancy was launched in 2018 after the park received a major facelift from the city at a cost that appears to have topped $7.5 million.

Like other nonprofits, the conservancy is required to file an annual financial report with the IRS, known as a 990. The latest 990 apparently was filed in October, but the conservancy did not post or release the report publicly until April 1.

The conservancy posted the information after one of its harshest critics, Charles Woodson, filed a complaint with the IRS alleging the financial report was not available for public scrutiny. He filed the complaint after the conservancy did not respond to his repeated emails.

A past president of the Oregon Hill Neighborhood Association, Mr. Woodson has been lobbying for several years for City Council to dissolve the conservancy and to put the city back in charge of Monroe Park based on his concern that the park has degraded since the conservancy took over in 2018.

The conservancy relies heavily on donations and grants, but those have been shrinking. In the report, the conservancy listed about $199,950 in expenses, compared with $175,322 in income, with only about $30,000 spent on maintenance.

City budget documents do not list the Monroe Park Conservancy as a recipient of city support, leaving it to rise or fall on its own. A proposal to add the park to the city budget has not emerged as City Council continues to review and prepare amendments to the mayor’s budget plan for the 2021-22 fiscal year that begins July 1.

Alice M. Massie, president of the conservancy’s board and director of Monroe Park’s day-to-day operations, has noted that the conservancy benefits from its partnership with Virginia Commonwealth University, which provides staff to pick up litter and tend to park grounds.

The financial report to the IRS noted that the conservancy spent nearly $25,000 for professional fundraising services, but total income from donations and grants also declined in 2019-20.

According to a statement Ms. Massie issued, fundraising for the park became more difficult during the pandemic. She noted that gifts and donations fell for many organizations, not just the conservancy.