NFPA Journal - Summer 2022 - 32

Treasurer's Report 2021
FROM ROGER MONTEMBEAULT,
TREASURER
In accordance with
general responsibilities, the
following NFPA Treasurer's
Annual Report is issued to
Association members.
WE CONTINUE TO EXECUTE OUR FINANCIAL STRATEGY.
The pandemic has dragged on longer than expected and
continued to impact our 2021 financial results in a mixed fashion.
Despite that, our balance sheet continued to get stronger
and we used those resources to execute against our strategy.
Revenues in total remained relatively flat compared to
last year, up $1.1 million, or 1.6 percent. Some products have
proven to be quite resilient in this environment, namely online
training, while our publications sales were down year over
year as our customers were figuring out how to operate in this
environment.
But as much as the pandemic impacted our operations, the
returns from our investment portfolio afforded us additional
resources to invest in other aspects of the Association. Our investments
grew by $29 million, or 10.5 percent, to $314 million,
which drove total assets to more than $400 million.
As we used resources to launch NFPA LiNK in late 2019
and upgraded that offering in 2020, we continued investing
in processes and systems in 2021 to improve our customer
experience, website, and back-office systems. This work is
part of our overall strategy to improve connections with our
stakeholders.
As we see the world open up again, we are financially sound,
forward focused, and changing the way we develop and deliver
information and knowledge that serves all those who rely on
us to make the world a safer place. We look forward to hosting
our Conference & Expo in June in Boston and get back to
connecting in person.
$'000s
2021
Statements of Financial Position
Assets
Cash and cash equivalents
Inventory, accounts receivable, and other assets
Investments
Real estate investments, property, and equipment
Total assets
Liabilities and net assets
Accounts payable and accrued expenses
Pension liability
Deferred revenues
Payback Protection Program Plan
Total liabilities
Total net assets
Total liabilities and net assets
Statements of Activities
Revenue
Publications
Subscriptions
Membership
Training and Other
Total revenue
Expenses
Operating deficit
Real estate investments surplus
Pension liability adjustment
Investment return
Gain on extinguishment of PPP Loan
Change in net assets
Net assets as of beginning of year
Net assets as of end of year
Statements of Cash Flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents as of beginning of year
Cash and cash equivalents as of end of year
$14,397
27,121
314,542
51,571
407,631
11,773
9,145
12,441
-
33,359
374,272
$19,358
24,613
284,767
51,554
380,292
11,065
26,278
12,481
4,819
54,643
325,649
$407,631 $380,292
$'000s
2020
$37,922
9,200
10,771
13,375
71,268
(73,227)
(1,959)
773
15,474
29,516
4,819
48,623
325,649
$374,272
$7,443
(12,404)
-
(4,961)
19,358
$14,397
$39,191
9,793
11,487
9,650
70,121
(72,672)
(2,551)
837
(6,294)
22,083
-
14,075
311,574
$325,649
$6,697
(9,771)
4,819
1,745
17,613
$19,358
2021
REVENUE
53%
32 | NFPA JOURNAL * SUMMER 2022
15%
PUBLICATIONS MEMBERSHIP
14%
13%
3% 2%
TRAINING SUBSCRIPTIONS CONTRACTS OTHER
NFPA Journal - Summer 2022

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