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Board approves FY2025 balance sheet showing $8,674 deficit after fee reductions
Summary
The Board approved its FY2025 balance sheet showing revenue of $48,475 and expenses of $57,149, producing an $8,674 deficit attributed to recent fee reductions and one-time partial refunds intended to draw down reserves.
Executive Secretary Michelle Cothrun presented the Board’s FY2025 balance sheet on Oct. 28, noting FY2024 revenue of $57,025 and expenses of $46,688, and FY2025 revenue of $48,475 and expenses of $57,149. She said the resulting $8,674 deficit was primarily the result of recent membership-fee reductions designed to draw down the Board’s large cash reserves and one-time partial refunds that made the year atypical.
Treasurer Jeremy Fisher asked whether licensee numbers continued to grow despite lower fee revenue; Michelle confirmed 28 new licenses were issued in the most recent quarter and the Board’s total active licensee count stood at 353. Chair Kendell Galor said the reduced fees appear to be encouraging new graduates to stay in Nevada. The Board voted to approve the balance sheet for submission to the Legislative Auditor and the Chief of the Budget Division in accordance with NRS 218G.400.
