NFPA Journal - May/June 2020 - 88

Treasurer's Report 2019

In accordance with
general responsibilities, the
following NFPA Treasurer's
Annual Report is issued to
Association members.

FROM ROGER MONTEMBEAULT,
TREASURER

	

WE ARE HERE FOR THE LONG HAUL.
The Association is in overall solid financial position with total
assets of $359 million and net assets of $312 million. Publication revenues continue to be under tremendous pressure due
to the historical challenges of delivering information in physical
and traditional digital formats. Although overall revenues were
up in 2019 compared to 2018, driven by the release of the 2020
National Electrical Code®, those revenues were down when
compared to previous cycles.

Notable accomplishments for 2019 include:
» Deployment of new tools in the customer service areas to
become nimbler and more responsive to our customers;
» Replacement of suboptimal technology tools such as our
online learning platform;
» Aggressive defense of our intellectual property from
copyright and trademark infringement.
In addition to the above accomplishments, our diversified asset
allocation strategy provided a 14 percent return on investments as markets continued to break new highs. That growth
in our investment portfolio allowed us to invest in the above
initiatives, continue to maintain a healthy funding status of our
existing pension plan, and add to our general reserves to help
ensure the Association maintains that solid financial base.

2019	2018

	
Statements of Financial Position
Assets
Cash and cash equivalents	
Inventory, accounts receivable, and other assets	
Investments	
Real estate investments, property, and equipment	
Total assets	

17,613	
13,707
27,062	
26,049
265,033	243,495
49,293	
51,144
359,001	
334,395

Liabilities and net assets
Accounts payable and accrued expenses	
Pension liability	
Deferred revenues	
Total liabilities	
Total net assets	
Total liabilities and net assets	

12,294	
11,289
20,828	
26,029
14,305	
13,030
47,427	
50,348
311,574	
284,047
359,001	334,395

Statements of Activities
Revenue
	Publications	
	Membership	
	 Training and Other	
Total revenue	
Expenses	
Operating deficit	
Real estate investments surplus	
Pension liability adjustment	
Investment return	
Change in net assets	
Net assets as of beginning of year	
Net assets as of end of year	

Actual revenues for 2019 came in less than targeted but were
offset through aggressive expense management. The Board
of Directors has been supportive of the plan management has
created to invest significantly over multiple years to reinvent
the information and knowledge delivery model, and this
increased investment is reflected in the operating deficit.

$'000s	$'000s

Statements of Cash Flows
Cash flows from operating activities	
Cash flows from investing activities	
Net increase (decrease) in cash and cash equivalents	
Cash and cash equivalents as of beginning of year	
Cash and cash equivalents as of end of year	

54,133	 51,705
14,503	 13,384
15,105	
15,973
83,741	
81,062
(85,448)	(82,508)
(1,707)	
(1,446)
593	
320
(5,217)	
(6,093)
33,858	
(12,329)
27,527	
(19,548)
284,047	
303,595
311,574	284,047

952	
2,954	
3,906	
13,707	
17,613	

6,145
(8,870)
(2,725)
16,432
13,707

17%

Memberships

2019 u
REVENUE

15%

65%

Training

Publications

2%

Contracts

88 | NFPA JOURNAL * M A Y / J U N E 2 0 2 0

Treasurer's Report_05.20 V3.indd 88

1%

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5/2/20 12:26 AM



NFPA Journal - May/June 2020

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