Profitable in 2017 with $287,480 going to the Bottom line
As members of the National Cannabis Industry Association (“NCIA”), we were recently provided with the financial information for the organization in which we contribute for the first time during our renewal period. Many members are curious to know the finances of the NCIA to determine if the organization is profitable and operating efficiently. Therefore, we applaud the NCIA for making this information public.
2016 was unprofitable for the NCIA
The financial statement provide 2 years worth of data for 2016 and 2017. The results are quite interesting with key results below:
- Total revenue increased by 70% over the prior year
- Membership dues increased by 36% over the prior year
- Event revenue increased by 106% over the prior year
- Other revenue increased by 262% over the prior year
- 29% of the total revenue can be attributed to events
- 2017 resulted in a profit of $287,480
- 2016 resulted in a loss of $20,496
NCIA events are key revenue drivers for the organization
Based on the numbers, the NCIA is profitable with strong revenue over the prior year primarily due to their events and other income lines. Their motivation to continue with conducting events is very likely due to the exposure to new members and income stream.