In accordance with general responsibilities, the following NFPA Treasurer’s Annual Report is issued to Association members.
Publication revenues were slightly behind expectations for 2014, mainly as a result of lower sales of NFPA 70®, National Electrical Code (NEC)®, and the NEC Handbook. It remains to be seen whether revenues over the full three-year publication cycle improve. Although membership levels declined slightly, to approximately 64,000 members, membership revenues were slightly ahead of the previous year due to multi-year members paying the new fee and a new premium membership offer. Training revenues exceeded those of the previous year, with improved margins for “face-to-face” training. NFPA also increased its online training offerings in 2014.
Total expenses for the Association were lower than they were in 2013 due to decreased costs in training. NFPA generated a strong operating surplus that was ahead of the budget and enjoyed modest returns in the investment portfolio, offset by an unfavorable pension liability adjustment. Had there not been an accelerated depreciation adjustment of $2.2 million, real estate investment returns would have exceeded those of 2013.
Net assets increased to $260 million, and, with no debt, NFPA remains in a very sound financial position.
EDITOR’S NOTE: With deep regret we note the passing of NFPA’s Treasurer, William McCammon, on October 13, 2014. Tom Lawson was elected Treasurer on January 30, 2015, to finish the unexpired term through an Action by Consent pursuant to Section 5.8 of the by-laws.