32 Anderson & Whitney, PC, audited the National Honey Board financial statements for fiscal year 2025. The audit was done in accordance with auditing standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States of America. Anderson & Whitney, PC, did not identify any significant deficiencies in internal control over financial reporting for 2025. REVENUE Total Expenses $10,162,509 Change in Net Assets ($1,142,333) Net Assets Beginning of Year $3,483,652 Net Assets End of Year $2,341,319 G+A EXPENSES Administrative 7% USDA 1% Programs 92% FINANCIALS Domestic Assessments $1,631,808 Import Assessments $8,628,980 Total Assessments $10,260,788 Less: Organic Refunds ($1,273,456) Investment Income $23,028 Other Revenue $9,816 Total Revenues $9,020,176 Research $1,245,271 Total Program Expenses $9,295,002 Marketing $8,049,731 Operating $613,499 Board Meetings $130,401 USDA $123,607 Total G&A $867,507 Programs $9,295,002 Administrative $743,900 USDA $123,607
