An Updated Analysis Of The NRA’s Finances

I have published financial analyses of the NRA by former board member Rocky Marshall in the past. Based upon an audit filed with the North Carolina Secretary of State’s Charities Division by the NRA, he has updated his analysis. I am publishing this with the permission of Rocky.

From Rocky:


  • Revenue continues downward spiral as expenses (mostly legal) will likely increase in 2023-2024.
  • Net Income losses will likely continue 2023-2024.
  • Cash on hand is $12M and monthly expenses are $19M.
  • Recommended minimum cash on hand should be $57M.
  • Additional cash required to cover -$26m projected operating loss for 2023.
  • Additional cash required for contract liabilities of $40M to paid during 2023
  • Additional cash required to cover principal loan payments due in total of $28M during 2024.
  • Line of Credit and other Notes jumped 78%.
  • Increasing debt through loans to cover general operating expenses.
  • Capitalizes computers in excess of $500 and other fixed assets greater than $1,500.
  • Capitalization of purchases is artificially low and reduces expenses in order to boost net income.
  • Assets due from the NRA foundation are $31M and inflate the NRA balance sheet.
  • Most of the NRA foundations assets due have donor restrictions and cannot be used for general expenses.
National Rifle Association Financial Analysis Year Ending 2022    Estimate
(in millions $M)20212022$Change%Change2023
Net Income5.3-15.1-20.4-385%-25.6
Members’ Dues97.483.2-14.2-15%75
Liquidity Assets65.943.1-22.8-35%34
Note Payable & LOC24.643.719.178% 
Contract Liabilities44.840.2-4.6-10% 
Total Investments717100% 
Total Investments pledges as collateral53.644.2-9.4-18% 
Percentage of Investments collateralized75%62%-13%-18% 

In a marginally related aside, NRA In Danger is reporting that Wayne LaPierre has put his house in Great Falls, VA on the market. The asking price is $2.4 million. NRA In Danger is taking this as confirmation that the powers that be have made the decision to move to Texas. As with the bankruptcy case, the Board has been kept in the dark until it was a done deal. Read his or her full post.

4 thoughts on “An Updated Analysis Of The NRA’s Finances”

  1. I’m guessing the more accurate description of that house is Susan’s House. Even assuming that most of the furniture is staged and not personal, unless their staging company also replaced all of the lights and painted everything, that’s a 100% woman’s house. I’ll (mostly) hold my tongue about the rest of my thoughts on the McMansion. But if a rich person wanted to buy it and burn it down to rid the world of what I think are the most generic and bland architectural elements ever known to man, I’d bring the popcorn.

    1. I have to laugh over your comments. I’d agree and I’d supply the beer to go along with the popcorn.

      I would not be surprised to hear that Susan called the shots when it came to design as well as most other things in their marriage.

      I hate McMansions and especially those “French chateau” roofs. They are quite common in NC.

  2. I had some brief hope that this was a harbinger of WLP’s retirement but I guess that isn’t the conventual wisdom.
    They aren’t getting another penny out of me until he is gone. I was a long-time contributor but have now diverted those funds to SAF, Knife Rights and Rittenhouse defense when that was on-going.

    As for Texas, it certainly makes sense for incorporation in a friendlier place. They should have moved out of NY in 1911 when the Sullivan law was passed. Most of their operations can be anywhere as they are national in scope. I assume they leave their lobbying function in DC. But WLP has got to go or they will financially implode.

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