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Rocky Marshall’s View Of The Future

National Rifle Association’s “Running on Empty at Indy-23” 

by Former NRA Director Rocky Marshall

Opinion Published February 16, 2023

The National Rifle Association has scheduled the Annual Meeting to be held at Indianapolis, Indiana (Home of the Indy 500) on April 14-16, 2023. The timing of the NRA meeting ironically corresponds to a financial tipping point when the NRA’s cash meter drops to empty. The annual meeting should be a highlight for all members as a celebration of the second amendment and of the NRA’s long history of supporting firearm programs.  However, the greatest spectacle will be when the NRA’s financials are reviewed by the Board of Directors (BOD) with the possible anecdote “Indy We Have A Problem!” The NRA’s financials are more than just a problem; the actual numbers reflect how the ongoing corruption scandal has decimated the organization. 

In reviewing the current balance sheet through November 30, 2022 the pending disaster is easy to predict. 


  • Line of credit appears maxed out at $31.1M from $7.5M as of Dec-31-2021. 
  • Cash Position is $17.5M from $30.4M as of Dec-31-2021.
  • Assets have dropped to $180M from $211M as of Dec-31-2021. 
  • Liabilities have increased to $152M from $134M as of Dec-31-2021. 
  • Net assets have dropped to $28M from $78M as of Dec-31-2021   
NRA Financials Dec-31-21Nov-30-22Difference% CHG
Total Assets211,819180,842-30,977-15%
Total Liabilities134,016152,80018,78414%
Total Net Assets77,80328,042-49,761-64%

The balance sheet elements reveal the inconvenient truth of the current financial position through the increasing line of credit, decline in assets, rapid increase in liabilities and loss of net assets. The line of credit was established at $28M by a bank according to the NRA’s 990 financial filing; but somehow, the NRA has exceeded the line of credit to a total of $31M.  Exceeding the line of credit is revealing because the operation can no longer support the expenses through normal operating income. The line of credit was fueling the operation, but that has come to an end. Typically, a bank will call a line of credit due (i.e. repayment) when an organization becomes insolvent. 

The Tipping Point:

Insolvency is the last warning sign on the financial road which drives most organizations into bankruptcy. Using the NRA’s balance sheet metrics, an insolvency date can be roughly predicted.  The NRA is depleting net assets at a rate of $4.5M each month (ref: November 2022 financials presented to the BOD-January 2023). 


The real driver to bankruptcy is cash position instead of net assets; therefore, a more accurate estimate of insolvency is the moment cash runs out. The NRA lost operating income of ($36M) through November 2022 which is roughly $3.3M/month.  This continuing profit loss through 2023 will drain the tank on remaining cash reserves. 


Running out of cash in 5.3 months just happens to coincide with April 10, 2023. Financial planning is never this precise; however, observing a financial wreck approaching and not attempting to avoid the disaster is unfathomable.

The Board of Directors has been warned REPEATEDLY by former Directors, industry advocates, and industry reporters without taking the necessary action to avoid the coming calamity. I spoke to a few of the current NRA BOD members who attended the January-2023 meeting, and once again the BOD was not informed of the current financial crisis.  With the Indy-23 meeting looming, the NRA is running on fumes and will not finish this race!

7 thoughts on “Rocky Marshall’s View Of The Future

  1. Those that have Allow this to happen, need to be Flogged, Keel Hauled! I’m talking to You Wayne LaPierre, and Your Cronies! In my Opinion You’re all Guilty of “Fiduciary Failure”! You should all be Charged with Such! Held Accountable!

    Liked by 2 people

    1. Figuratively “keelhauled” and “flogged”, ’cause those were de facto death sentences on the high seas. I’ll be satisfied if He And Friends are found guilty beyond a reasonable doubt.

      Liked by 1 person

  2. By a strange coincidence, my membership expires in April 2023. I get correspondence almost weekly to “renew before it’s too late.” All of it goes directly into the trash. I’ll miss the “American Rifleman” magazine, but not seeing Wayne’s mug in it every month.

    Liked by 2 people

    1. Mine happens to expire in May. I have been getting near weekly appeals to renew before it’s too late for months. No doubt that the cost of these mailings exceed the value they receive from my check for my membership.
      It is pretty much the same thing that happened when I sent money to Jerry’s Kids. The spent more in the next 2 years asking for more money than I had sent them in the first place. I make it a point never to give to someone who begs for more money after I have given them money once, before they have a chance to use what I gave them, other than to beg for more money.


  3. Necessary: Kick out WLP & Wife, Millie, Woody, et. al.
    Sufficient: Change bylaws, rules for the New NRA 2.0 to
    safeguard against another WLP-type Reign. Frank Tait has suggestions.
    Then I’ll return to giving my pennies to y’all, starting with the ILA.

    Liked by 1 person

  4. Let it fail, crash, burn to the ground. Then people who actually care about the NRA’s commitment to the Second Amendment, and not enriching the leadership and their attorneys, can rebuild it with protections to prevent this malfeasance from ever happening again.


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