GAMA’s Tough 2020"), according to preliminary financial statements obtained by ICv2. The net income in 2021 was the first time GAMA had shown a profit since 2018.
The big change was in revenue; although GAMA Expo was virtual in 2021 (after an in-person event in 2020), Origins Game Fair was held in September 2021 (there was no show in 2020), which allowed for a substantial increase in show revenue. Total revenues in 2021 were $1.3 million, up from around $900,000 in 2020. That’s still a big drop from the $2.5 million in revenue in 2019, when there was a more successful Origins Game Fair and an in-person GAMA Expo.
Expenses were up from 2020, but not as much as revenues, producing $182,000 in net income, compared to a $221,000 loss (from the GAMA form 990) in 2020. Some $80,000 of the net income came from the forgiveness of the organization’s PPP loans. Cost reductions were substantial, with major staff cuts beginning in 2020.
The GAMA balance sheet also improved, showing $415,000 in net worth at the end of 2021, up from $234,000 in net worth at the end of 2020.
The preliminary 2021 GAMA financial statements were not obtained through normal sources. GAMA stopped posting board minutes and meeting documents (including financial statements) on its website in mid-2021, and staff did not respond to requests for the minutes and financial information that used to be available to all members.
Returns to Profitability
Posted by Milton Griepp on May 3, 2022 @ 2:37 am CT