Cost-cutting moves offset drop in revenues as group looks to make ICRS ‘shifts,’ service changes

Despite a drop in income, CBA finished its 2010 fiscal year in the black, announcing a revamp of its summer show and online services.

In a one-page report to members “to support transparency and accountability to members and the industry,” association Chairman George Thomsen revealed that CBA ended the 12-month period “strongly,” generating an operating net income of $350,000. This was despite total revenues decreasing 7%, a drop offset by reducing operating expenses by 28%. Cash increased 113% over the previous year.

The “significant challenges, reassessment and reinvention” that had made the positive financial picture possible included restructuring CBA’s leadership and selling its headquarters, Thomsen wrote.

His report included comments from Timothy Murphy, president of Nonprofit Financial Solutions, which manages CBA’s financial operations. 

“While these changes have not been easy, it is encouraging to see the progress the board and staff have made to ensure the association’s financial health,” Murphy said. Although challenges remained, “we believe that CBA has taken the necessary and appropriate steps to enable it to remain strong and viable, and to continue serving its members.”

In the coming year, CBA is to make “strategic shifts” to its International Christian Retail Show, Thomsen said, including exhibit floor design changes to highlight categories and “co-location strategies with partner organizations” that will “widen the industry umbrella for more impact.” Additionally, ongoing cost-cutting will make the event more affordable for exhibitors and retailers, he said.

CBA Connect, the organization’s online platform, is being changed to provide more open-source training materials, Thomsen told members.

In a separate announcement, CBA revealed that the first national Christian Store Day raised more than $60,000 for Haiti relief efforts to ministries working in the earthquake-devastated country.

With a tag line of “celebrate faith and community,” the CBA-backed event was held Oct. 23 with the goal of enthusing existing Christian retail consumers, drawing back former customers and attracting new shoppers.

The day also spotlighted a benefit $5 CD—with songs from artists such as Newsboys and TobyMac—which raised money for Compassion International, Samaritan’s Purse and World Vision efforts in Haiti. More than 10,000 copies of the CD were purchased by retailers, CBA said.

CBA Executive Director Curtis Riskey said Christian Store Day was “an opportunity to demonstrate the power of ministry and the impact of working together.”