The NAB tax return for the fiscal year ending March 31, 2008, says that the president and CEO earned $770,578 plus benes. The just released filing also shows that the association posted an operating loss in the year, spending $7.2 million more than the $57.8 milion it took in from the NAB spring convention, dues and other sources.
NAB President David Rehr earned $770,578 in the association’s fiscal 2007, a 1.5 percent hike over his take the prior year of $758,750. And his deferred compensation dropped from $66,279 to $60,652.
Rehr’s salary is included in the NAB tax return for fiscal 2007, which ended March 31, 2008, but which was not filed until November and not made available to the public until last week.
The filing shows just one other salary — that of Mike Williams, executive vice president, finance and operations, who left NAB last October after 22 months on the job. He was paid $384,600, plus $28,846 in deferred compensation.
In Washington’s rarified atmosphere, Rehr’s salary is not out of line. The National Journal, in its biennial salary survey, found 68 presidents, executives and other leaders of similar groups who took home pay and benefit packages of $1 million or more.
Rehr joined NAB in December 2005, succeeding Eddie Fritts.
The NAB 2007 tax return otherwise profiles a financially healthy organization with “net assets” of $78.9 million.
However, for the fiscal year, the associate posted a $7.2 million operating loss. Expenses of $65 million exceeded revenue of $57.8 million.
The 2007 expenses were also up nearly 19 percent from 2006.
The payroll (excluding Rehr and Williams and pension and other benefits) increased 13 percent from the prior year to $15.3 million.
The big difference in expenses is buried in a line item called “special projects.”
It rose from $4.9 million in 2006 to $17.6 in 2007.
The filing offers no explanation of what the special projects were.
As always, the biggest contributor to revenue was the NAB Show, the mammoth electronic media convention that takes over Las Vegas each spring. The 2007 gathering generated $37.7 million, up 8 percent from the $34.9 million in 2006.
The filing once again shows that the convention is a huge money maker.
The filing does not break out the expenses for the convention, but it says that NAB spent $14.4 million to stage all of its “conferences, conventions and meetings” during the year.
Membership dues and assessments accounted for another $10.9 million in revenue, a slight increase from the year before.