Tuesday, January 26, 2016

NGLTF's IRS Filings: Deficit Up, Revenue & Assets Down

With the National LGBTQ Task Force, formerly NGLTF, facing withering criticism from all sides about its debacle at the Creating Change meeting over the weekend in Chicago, over Israeli and Palestinian controversies, I decided it was time to read their latest IRS tax filings.

First of all, I wish to commend the task force for voluntarily posting four-years of IRS 990 reports on their site. Before we go over what's posted, I must point out that the 2015 filing wasn't there so I asked for it. Mark Daley, the communications chief, said: "We are in our federally approved extension period and expect to file on or before Feb 15."

The day any nonprofit files with the IRS is the day they have to make the filing available for public inspection, so I'll be watching the task force's site for their latest return.

In 2011, the task force had revenue of $8.1 million (line 8), a deficit that year of $351,000 (line 19), and assets listed at $5.5 million (line 22).

During 2012, the revenue was $7.1 million, the deficit was $637,000 and had assets of $4.8 million.

For 2013, revenue came in at $6.5 million, deficit amount was $498,000 and assets were at  $4.3 million.

In 2014, they had revenue of $5.2 million, a whopping $2.1 million deficit and assets plummeted to a low of $2.1 million.

Btw, executive director Rea Carey's salary last year was $252,200.

My read of these numbers is that the task force is not raking in as much money as it did four years ago and they've had to dip into their assets to pay the bills. Let's see what their 2015 tax return shows in a few weeks.

No comments: