Click here to view USPSA’s financial results for the year ending December 31, 2024

In an effort to increase transparency, the USPSA Board has committed to sharing unaudited financial information with our membership. This report presents USPSA’s financial results for the year ending December 31, 2024, compared to the approved 2024 budget. Moving forward, USPSA will publish year-to-date financial information at the end of each fiscal quarter. Additionally, USPSA will continue to share its official annual audits/reviews and Form 990 when completed.

This report outlines:

• Revenue and Membership Trends
• Expense Analysis and Budget Variances
• Assets and Liabilities
• Future Financial Strategy and Policies

Revenue and Membership Trends

For 2024, total revenues reached $3,559,209, exceeding the budgeted amount by 13%. Membership revenue totaled $1,765,762, reaching 119% of budget, driven primarily by a combination of growth in membership numbers and the membership rate increase implemented in Fall 2023. Budget planning had projected membership numbers to remain flat for 2024, making this increase notable. Activity fees also exceeded expectations, reaching 138% of budget at $718,866, primarily due to a higher-than-expected number of members. Given potential fluctuations in 3-year, 5-year, and lifetime memberships, USPSA has allocated reserved fees into investment accounts to help stabilize future revenue.

In other revenue categories, Nationals revenue came in slightly below budget at 97% ($498,868), while advertising revenue underperformed at 85% of budget ($347,459). Notably, investment income contributed $76,489, which was not originally budgeted. This additional revenue reflects positive returns on USPSA's investment accounts.

Expense Analysis and Budget Variances

For 2024, total expenses amounted to $3,050,096, representing 93% of the budgeted $3,295,042. Total program expenses were $2,627,445, or 91% of budget, with the most significant variances occurring in Other Program Expenses. While the budget projected $916,499, actual expenditures in this category totaled only $218,638. A majority of this difference came from clearer reporting on NROI and magazine expenses. Expenses were mainly reduced due to additional cost saving measures put in place to reduced expenses, reduced spending on outside services and lower production and shipping costs for the USPSA magazine.

Staffing and administrative expenses remained in line with projections. Staffing costs totaled $1,144,588, or 99% of budget, while General & Administrative Expenses were slightly over budget at 107% ($422,651). One area that drew our focus was depreciation expense, which increased substantially to 317% of budget ($21,342 vs. $6,735). This increase was created due to lack of planning in the budget process. This area of expenses is being closely watched in 2025.

A significant issue in 2024 was the lack of a structured budgeting process. The year began with a simplified budget with minimal supporting details for National Events. This left the Board with little time for review and adjustments before approval. 

For 2025, USPSA has implemented a formalized budgeting process. The Finance Director now drafts an initial budget in collaboration with department heads, which is then reviewed and revised by the Managing Director. A revised version is presented to the Board for discussion and feedback before final approval. This structured approach will ensure better financial oversight and accountability moving forward.

Assets and Liabilities

As of December 31, 2024, USPSA reported total assets of $4,485,003 and total liabilities of $2,693,550, resulting in net assets of $1,791,453. USPSA’s operating cash on hand stands at $1.8M, ensuring a strong liquidity position. Additionally, investment account balances total $2.53M, which includes funds specifically designated to cover obligations for long-term memberships, including lifetime, 5-year, and 3-year memberships.

Recognizing the need for responsible cash management, the USPSA Board voted in 2025 to establish a formal reserves policy. This policy requires USPSA to maintain four months of anticipated working capital needs in readily available cash, while excess funds are strategically allocated to investment accounts. This approach strengthens the organization's financial sustainability and ensures that long-term commitments to members are adequately funded.

Moving Forward: Financial Strategy & Policies

USPSA remains committed to responsible financial management through the following actions:

Enhanced Budget Oversight

The 2025 budget process includes multiple layers of review and board approval to prevent past budgeting oversights. USPSA will align budget estimates more closely with actual financial trends to improve accuracy.

Investment Policy & Cash Reserves Management

The newly adopted investment policy ensures that reserved membership fees are properly allocated and invested responsibly. USPSA will continue evaluating long-term financial sustainability by reviewing membership trends and adjusting reserve policies accordingly.

Quarterly Financial Reporting

USPSA will publish financial updates at the end of each fiscal quarter to maintain transparency with members. Annual audits and Form 990 disclosures will continue as required.

Expense Control & Revenue Diversification

USPSA will continue cost-saving initiatives in program expenses, outside services, and magazine production, while also exploring new revenue streams, sponsorships, and advertising partnerships to reduce dependence on membership fees alone.

Conclusion

The USPSA Board and staff remain dedicated to ensuring financial stability, transparency, and accountability. While 2024 saw strong revenue growth and disciplined expense management, we recognize the importance of long-term planning to sustain and grow the organization.

We appreciate the continued support of our members and look forward to another successful year in 2025.

For any questions or discussions regarding this report, please feel free to reach out.