Here’s what has been happening in the NRA:
According to interviews and documents — federal tax forms, charity records, contracts, corporate filings, and internal communications — a small group of NRA executives, contractors, and venders has extracted hundreds of millions of dollars from the nonprofit’s budget, through gratuitous payments, sweetheart deals, and secret financial arrangements.
The NRA had spent more than $50 million dollars on the 2016 elections, mostly in support of Donald Trump, and it badly needed revenue. Brian Mittendorf, the chair of the accounting department at Ohio State University’s Fisher College of Business, has analyzed 11 years’ worth of the organization’s public financial statements, starting in 2007. In seven of those years, “the NRA owed more money to others than it had at its discretion to spend.”
A financial audit from 2017 revealed that the organization had nearly reached the limit of a $25 million line of credit. Additionally, it had been forced to liquidate more than $2 million from an investment fund, borrow almost $4 million from its officers’ life-insurance policies, and tap another $5 million from its affiliated charitable foundation.
— The New Yorker, 4/17/19
Not exactly a “well-regulated militia.”