FY2026 Financial Update (January–August)
Overview
NABIP reported an operating profit of $29,073 in August, exceeding the budgeted net profit of $26,303 by $2,770. Although membership and program service revenue remained below budget, lower overall expenses and stronger investment income contributed to the positive result. Personnel costs exceeded budget due to $42,500 in retention bonuses paid during the month, while travel expenses remained well below budget.
Financial Snapshot
- Net Revenue: $474,357 (below budget)
- Expenses: $436,519 (below budget)
- Operating Profit: $29,073
- Performance Against Budget: $2,770 above budget
- Preliminary Annual Convention Profit: $12,014
Key Drivers & Actions
- Membership revenue was $38,707 below budget. FY2026 membership revenue calculations were restated due to a corrupted iMIS report.
- Program service revenue, including professional development, sponsorship and advertising, was $33,170 below budget.
- Investment income was $2,331 above budget.
- Personnel costs were $42,472 above budget due to $42,500 in combined retention bonuses. Labor expenses increased by $39,184 from July.
- Travel expenses were $17,938 below budget and decreased by $8,590 month over month.
- A $30,000 transfer was made to NABIP’s investment account on September 3.
- The investment account balance increased from $399,073 on December 31, 2025, to $399,181 on September 28, 2026.
- Preliminary reconciliation of the Annual Convention showed a profit of $12,014.
- Combined banking fees for August totaled $102.35.
Financial Performance Review