CEDIA was incorporated as a not-for-profit trade association in 1989 under the laws of the State of Illinois. Effective October 31, 2019, CEDIA amended its articles of incorporation to become a not-for-profit organized under the laws of the State of Indiana where it is headquartered.
Based on an audit performed by Cox, Beckman, Goss & Company (U.S.) and Moore Thompson (UK), an unqualified opinion was issued on the December 31, 2019 consolidated financial statements of CEDIA. The consolidated financial statements were in accordance and conforming with the accounting principles generally accepted in the United States of America and United Kingdom accounting standards and applicable law. Results are presented in US dollars ($).
The information graphically displayed below is from January 1, 2019 to December 31, 2019. The association is positioned securely to support the industry and its members into the future with a strong balance sheet of $40.2 million in net assets as of December 31, 2019. The graphs do not serve as a balance sheet.
The association’s revenues improved from $9.0 million in 2018 to $16.5 million in 2019 which is an increase of $7.5 million or 83%. This is largely attributable to the net return on the association’s investment portfolio which increased $7.2M year over year. Revenues also increased across the association’s activities and other investments during 2019 including ISE which increased from $6.75 million to $7.1 million.
CEDIA investment portfolio is managed by a third party and is used to further the organization’s mission by investing in the industry and the association’s programs. As of the end of 2019, the fair market value of the investment portfolio was $34.3 million.
The association’s expenses increased from $13.1 million to $15.7 million in 2019 as the association made significant investments in both the association and the industry. These strategic investments were focused in educational development, member programs and accessibility, and its workforce. The new assets acquired in 2018, which include the headquarters building, The Cinema Designer, and Tech Summits, also contibuted to the increase. Expenses related to these assets were included for a full calendar year in 2019 as compared to only a partial year in 2018 post acquisition date.
Overall the net assets increased for the association increased by $800,000 during the calendar year.
If you would like to see further information, you may view the entire audit report at CEDIA’s headquarters or review tax information viewable online.