By Kiah Armstrong and Daniella Johnson<\/p>\n\n\n\n
NABJ Monitor<\/p>\n\n\n\n
With the addition of diverse new revenue streams, Treasurer Walter Smith-Randolph, says a surplus is projected by the end of 2021. <\/p>\n\n\n\n
NABJ launched the NABJ Shop in May and plans to unveil the NABJ Media Network by the end of August.<\/p>\n\n\n\n
\u201cOur year to date actual convention net income surplus also exceeds what we budgeted, so all in all, we\u2019re doing really well,\u201d Smith-Randolph said. <\/p>\n\n\n\n
However, despite the surplus, the uncertainty of a post-pandemic world led re-elected NABJ President Dorothy Tucker to note that NABJ will continue to save money for the organization and its members.<\/p>\n\n\n\n
\u201cLet me just put a couple of things in perspective,\u201d she told the board of directors Aug. 20. \u201cAs Walter says, the advantage that we are in right now is that we know that we are going to need more money for our own business, like any business that you have invested into yourself. It is your business and this is ours.\u201d<\/p>\n\n\n\n
There were at least 2,500 convention registrants this year, NABJ Executive Director Drew Berry said. Last year\u2019s joint convention with the National Association of Hispanic Journalists attracted a combined number of about 3,000 registrants. <\/p>\n\n\n\n
Last year\u2019s virtual convention paved the way for NABJ to exceed the projected net surplus by $300,000, according to NABJ\u2019s 2020 financial report, which gave this year\u2019s convention an air of optimism.<\/p>\n\n\n\n
“From January 2021 to April 2021, basically NABJ is in one of its strongest positions ever,” Smith-Randolph said. “We had a lot of grant funding. We also had more scholarship funding coming in, as well as sponsorship dollars, especially with the racial reckoning that we went through last year.”<\/p>\n\n\n\n
Two rounds of COVID-19 relief grants were given out to members who faced evictions, layoffs and other hardships.<\/p>\n\n\n\n
\u201cOf course, when we\u2019re getting money, we want to give that back to our members,\u201d Smith-Randolph said. \u201cAnd so we were able to do that through scholarships, fellowships, grants, and through the COVID-19 relief grants.\u201d<\/p>\n\n\n\n
Some of these funds came from partnerships such as the Chan-Zuckerberg Initiative. This allowed the NABJ to use the $300,000 earlier this year to distribute Black Press Grants, which gave 28 awards of up to $10,000 to freelancers or Black-owned media to produce content based on the effects of COVID on the Black community. <\/p>\n\n\n\n
\u201cWe\u2019ve tripled the amount of webinars that we normally have because people are at home and they want to get that training at their fingertips, and we\u2019re charging for that,\u201d said Smith-Randolph. \u201cWe\u2019re charging sponsors to interface with our members and to have these workshops.\u201d <\/p>\n\n\n\n
COVID-19 paradoxically has been a blessing to the NABJ in terms of saving money. Smith-Randolph says the excessive donations that were given last year paved the way for these new opportunities to diversify the revenue for NABJ.<\/p>\n\n\n\n
Auditor Arnold Williams joined the convention\u2019s business meeting to provide insights on NABJ\u2019s audit of the 2019-20 fiscal year.<\/p>\n\n\n\n
\u201cYour financial statements and disclosures are fairly presented,\u201d Williams said. \u201cOf all the years we\u2019ve audited, 2020 was your strongest year.\u201d<\/p>\n\n\n\n
NABJ doubled its liquidity and held investments steady throughout the pandemic. From 2019 to 2020, assets almost doubled from $3.6 million to $6.1 million. Smith-Randolph also disclosed that NABJ\u2019s assets increased by $1.6 million totaling $7.5 million as of Aug. 17.<\/p>\n\n\n\n
In 2020, NABJ earned $1 million less than in 2019, but due to the pandemic, the expenses in 2020 dropped by almost $2 million from 2019. Overall, revenue and net income exceeds NABJ\u2019s initial budget, and expenses are under the initial budget. <\/p>\n\n\n\n
According to Williams, the board needs to discuss how NABJ will shift cash profits into the investment portfolio. <\/p>\n","protected":false},"excerpt":{"rendered":"