PENDLETON — The Pendleton Round-Up Association for fiscal year 2021-22 cleared almost $500,000.

Round-Up stockholders on Wednesday, Feb. 22, approved the association’s fiscal year report. After tallying revenue and expenses, the Round-Up made $474,781 in 2022.

Net revenue neared $6.79 million, with the rodeo providing the lion’s share of little more than $3 million. Retail brought almost $1.49 million, and royalty and trademark income accounted for nearly $1.25 million.

The remaining income came from several sources, including other events, rentals and financial assets and a net investment loss of $158,502, for a total of a little more than $1 million.

The largest expense was more than $1.77 million for direct events, administrative costs was No. 2 with about $1.26 million and retail was the third-largest cost at $868,790.

Contributions to the Pendleton Round-Up Foundation were No. 4 on expense side at $591,776. The foundation administers scholarships and other distributions. According to the report, the contributions to the foundation consisted of reimbursements for purchased property and demolitions on the property.

The remaining expenses totaled about $2.96 million and included contract services ($443,401), leases ($403,062), directors expenses ($151,514) and property taxes ($146,127).

The financial report also shows the foundation carries a loan with a total outstanding balance of more than $2.2 million as of Oct. 31, 2022. The Round-Up Association has guaranteed the debt.

Spokane accountant firm MOSSADAMS submitted its review report and consolidated financial statement on Oct. 31, 2022. The Round-Up has assets of almost $11 million and net long-term assets of $2.47 million for total assets of nearly $13.5 million. Liabilities totaled $321,556, for net assets of more than $13.1 million.

Round-Up Association General Manager Erika Patton said stockholders also voted to change their meeting from February to April.

The Pendleton Round-Up Association has a fiscal year end date immediately following the Round-Up, according to a letter from the board of directors. The growth of the association means there is a time constriction to complete its financial returns properly and timely.

After consideration and counsel with with its accounting firm, the Round-Up Association has changed its the fiscal year to a calendar tax year.

“This action allows the PRUA staff to comply with increasing quality control criteria of our financials, synchronize the Association tax year with that of the Pendleton Round-Up Foundation and allows the necessary timeframe for the proper and correct assembly of year-end tax information,” according to the letter.

Thus, the board proposed changing its by-laws to hold the annual stockholders meeting in April rather than February.