Wednesday, November 16, 2016

A quick note regarding NOM's financials

National Organization for Marriage
On Tuesday National Organization for Marriage released its tax return (form 990) for the year ended December 31, 2015. At this time they have not provided the tax return for NOM Education Fund (their 501(c)3). I will get the ratios together when I can consolidate the two returns on a spread sheet. I will revisit this issue when they do. This is just a quick preliminary take.

NOM is insolvent

NOM's revenues decreased from $3.5 million to $2.6 million. That is less relevant than the lack of working capital. 

During the year they made substantial cuts in compensation. This includes Brian S. Brown whose compensation decreased from $230K to $165K (poor baby). Overall they reduced expenses $1.5 million. In spite of the decrease in expenses they are left with an enormous $655 thousand in accounts payable which only decreased $30 thousand over the year (meaning that the payables are not turning over). At the end of the year working capital was a negative $620 thousand. Fund balances are negative $1.2 million. The absence of the working capital puts them in serious jeopardy yet they made it through another year ⸺ somehow. Along with their cash a couple of board members have also departed.

Once again, NOM can do nothing without a fuck-up. Payroll taxes do not tie out properly. Other items may become apparent when they release the other return.

Three contributors provided about 40% of the take. The top two contributors keep the lights on for as long as their largess continues.

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