NAB FY 2000 REVENUE TOTALS $55 MILLION, FRITTS PAID $799,041
NAB’s financial picture continued to shine for fiscal year ended March 31, 2000, despite loss of NBC and Fox TV Networks and their owned stations as members. According to tax return filed last week, Assn.’s revenue for year totaled $55.07 million, with expenses of $40.7 million -- providing surplus of $14.3 million. Largest source of income (and profit) by far was April 2000 convention in Las Vegas, which produced revenue of $38.8 million, with expenses totaling only $14.4 million.
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NAB Pres. Edward Fritts was paid salary of $745,192 (up from $700,008), plus deferred compensation of $52,849. Only other salary listed on NAB tax form is that of Kenneth Almgren, exec. vp-COO, who was paid $245,000, plus deferred income of $7,615.
In addition to convention, major sources of revenue for NAB included $5.3 million in TV dues, $4.1 million radio, $1.3 million from associate members, $2.6 million interest. During year, NAB paid $10.2 million in salaries, plus $1.1 million to pension plan and $1.2 million in “other employee benefits.” At end of year, Assn. had $53.5 million in “net assets or fund balances.”
For current fiscal year (ending March 31), NAB now expects total revenue of $59.6 million, with expenses totaling $43.5 million. For FY 2002, beginning April 1, NAB is projecting revenue of $65.2 million (including $41.5 million from convention), expenses of $47.9 million.
Nearly $7.3 million in antipiracy recoveries helped boost RIAA revenue to $36.9 million in tax year ended March 31, according to tax return filed last week. RIAA also had $27.5 million revenue from dues and assessments, but only $31.7 million expenses, for surplus of $5.2 million for year. Other than salaries, biggest expenses were $3.6 million for Secure Digital Music Initiative and $3 million for legal fees. Pres. Hilary Rosen is one of highest paid association executives, at $1,163,729, and Gen. Counsel Cary Sherman received $819,187.
Promax International reported revenues of $7.5 million for 1999, expenses of $7.3 million. Assn. changed presidents during year, with new Pres. Glynn Bailsford paid $90,962, former Pres. James Chablin $115,823.