Tuesday, December 13, 2011

NOM is insolvent!

English: National Organization for Marriage Pr...
Gay bashing is getting expensive. For the year ended 12/31/2010, NOM is showing a net asset value (net worth) to the tune of -$1,191,164! In other words, they  have debt exceeding assets in the amount of $1.2 million. In spite of that, they paid out relatively generous salaries:

  • $152,500 to Maggie Gallagher
  • $212,500 to Brian Brown
  • $116,667 to Jennifer Morse
They also gave back $150,000 to Robert George's American Principles Project which is the front group for a bevy of anti-gay, Tea Party and fundamentalist activities of Maggie Gallagher and Robert George.

They provided another $200,000 to their California PAC; presumably to influence the 2010 elections. Oh and they are showing about $300,000 in legal fees. Most of that probably went to Prop 8 - which they lost. That doesn't include any of the sums paid to attorneys for the appeal.

Moreover, they have accrued a considerable amount of accounts payable. It looks like they haven't been paying vendors for all of those advertising smears.

As others have pointed out, they have a very high concentration of big donors. They are showing individual contributions of $2,940,000; $3,416,000; $750,000; $600,000 and $400,000. Other donations over $5,000 total over $300,000. 22 large donors provided NOM with 85% of its total receipts.
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