10 Things to Know About USA Fencing's Proposed 2026-27 Budget

COLORADO SPRINGS, Colo. — In what is as much a spring tradition as the April NAC itself, each spring USA Fencing posts on our website our proposed operating budget ahead of the Board of Directors meeting where the Board will deliberate and vote on it. That tradition continues this year, with the proposed 2026-27 budget — along with the full board book, agenda and supporting financial materials — now available for members to review ahead of the Board's May 30 meeting.

The budget is prepared through a base-up approach across each area of USA Fencing and then interrogated by the USA Fencing Budget Committee (Emily Bian, Maria Panyi, Jade Burroughs, Jake Hoyle OLY, Greg Tyler and Scott Rodgers PLY).

Members can read the full materials at usafencing.org/boardmeetings or see an overview of the budget here. The Board Meetings page also includes registration information for members who'd like to attend the open portion of the meeting via Zoom.

With robust agendas and board packets shared with our members before each meeting and publicly available budgets dating all the way back to 2010, USA Fencing is among the most — if not the most — financially transparent National Governing Body in the Olympic and Paralympic movement.

It's also important to note the USA Fencing Strategic Plan — the document built in 2023 by the Board of Directors, committee leadership, U.S. Fencing Foundation trustees and staff, with membership survey and consultation, that sets the plan for USA Fencing 2024-2028.

For those who would rather have the “TL;DR” version of our proposed 2026-27 budget, here are 10 things to know.

Total Income for the fiscal year is $17,585,537, up 2.1% from the FY 2025-26 amended budget. That figure includes grants from the U.S. Fencing Foundation to USA Fencing, which are accounted for on USA Fencing's books once received. It does not include the Foundation's separate operating revenue, donations or its own program expenses, which run on the Foundation's own budget.

Total Expense is projected at $16,673,868, an increase of 4.2% over the prior year's amended budget. After Other Income of $469,108 and Other Expenses of $557,002, the proposal carries a Net Income of $299,167 — up 16.5% from the FY 2025-26 amended budget's projected Net Income of $256,708, and a 1.7% net margin overall.

For comparison, the last six years have shown audited net results of $855,678 (24-25), $266,448 (23-24), -$182,698 in 22-23 (better than budget, but a net loss), $154,688 (21-22), -$136,835 (20-21) and -$167,257 (19-20).

In the most recent IRS Form 990, USA Fencing performed reasonably well against its cohort of NGBs — ranking 9th for surplus (of 59), one of only 22 in surplus, and 16th for total revenue (of 59). From a revenue size perspective, USA Fencing is around the same size as USA Basketball, USA Baseball, USA Climbing, USA Triathlon and USA Lacrosse, while USA Wrestling, USA Water Polo, US Rowing, USA Rugby and US Sailing also sit in the same area of the table.

The Budget Committee and staff built the proposal around USA Fencing's strategic plan and the LA28 runway, describing the next two to three budget cycles as a critical window for visibility, competitive performance and participation growth as the organization pushes toward 70,000 members. The headline takeaway in the board materials: a balanced budget with a healthy positive surplus that allows the organization to keep investing through the LA28 cycle in growing the sport of fencing in this unique window.

USA Fencing has a goal of reducing like-for-like expenses since 2023 by around 5%, while limiting member impact by growing outside-of-fencing income such as partnerships and grants. That work has allowed USA Fencing to reduce, though not eliminate, the size of membership-fee and entry-fee increases over the last few years.

USA Fencing will also add some limited headcount to increase its capabilities in growing the sport and to better serve members at a high level. USA Fencing currently runs at around half the headcount of U.S. national governing bodies with similar revenue.

National Events is projected to generate $8.8 million, or about half of total revenue. It is also the largest expense category at $6.8 million — an "all-in" figure that covers venue, officiating, equipment, technology and athlete services, plus referee and tournament-official travel and per diem. USA Fencing produces 11 national or international events per year, anchored by the Summer Nationals & July Challenge, which draws more than 10,000 fencers, coaches and families over 10 days. Strong event operations and event registration income are central to the budget remaining strong, while delivering a continually improving experience for members.

Member Services is projected to generate $4.1 million in revenue and run $1.3 million in expense. That includes membership dues and club-program income — funds that support background screenings, SafeSport education, member insurance, the member portal, athlete services and day-to-day member operations across more than 50,000 members and 750-plus clubs.

The proposed budget continues USA Fencing's investment in collegiate program development — one of the brightest growth stories in the sport. During the 2025-26 season, three new NCAA varsity fencing programs were added (Arcadia, Fairleigh Dickinson and Denison), with a fourth announcement expected before the end of May 2026. That brings the total to 47 NCAA varsity programs, and makes fencing one of only three NCAA sports currently adding programs at the varsity level.

The budget funds the small but dedicated team — led by Brad Suchorski — that manages every active university conversation, conducts campus visits, and works through financial-feasibility scenarios with athletic departments before any new-program announcement is made. The College Connect platform (collegeconnect.usafencing.org), which gives every USA Fencing member in grades 8-12 a verified profile visible to every NCAA fencing coach, is also supported here.

USA Fencing's collegiate work is co-funded by U.S. Fencing Foundation grants tied to collegiate program expansion, which are reflected in USA Fencing's revenue per the Foundation note above.

For the 2026-27 season, USA Fencing is making targeted adjustments to a small number of membership categories — the first increase in several years for some of them.

• Individual membership changes:
• Competitive membership: $99 → $109
• Collegiate Competitive membership: $55 → $69 (first increase in several years)
• International Competitive license: $115 → $150
• +CheckEd and +Coach add-ons: $30 → $40
• Parent membership: Now free. As a no-fee membership category, it no longer carries voting rights.
• Club membership: No price changes.

All other individual membership categories are unchanged.

Members who renew by August 1 can do so at the 2025-26 rates. The new rates take effect for the 2026-27 season.

These adjustments are part of the broader strategy outlined in #2: limit member impact wherever possible by growing outside-of-fencing income (partnerships, grants and merchandise), and make modest adjustments only where needed to keep pace with operating costs.

Marketing & Communications is projected to bring in $2.8 million, or 16% of revenue — the third-largest revenue category in the budget. Just two seasons ago, USA Fencing's cash sponsorship revenue was effectively zero. CEO Phil Andrews' continued work in the sponsorship space now includes a roster of more than two dozen active partners across media, hospitality, equipment, retail and member services. The 2026-27 budget plans a significant rise in partnership income alongside continued growth in merchandise sales as an expanding contributor to overall revenue.

Sport Performance is projected at $5.0 million in expense — the second-largest expense category — and reflects continued elevated investment in high-performance programming on the road to LA28. That includes coaching, personal coaches, sports medicine, sports science, training camps, international competition support, parafencing development and athlete services. 

USA Fencing's financial policies require keeping a "rainy day" fund equal to about three months of operating expenses on hand at all times — money set aside so the organization can absorb a bad event year, a slow sponsorship cycle or any other unexpected hit without cutting programs. The proposed budget keeps that cushion in place. The projected surplus is modest (about 1.7%), so staff and the Board will track actual results against the plan every month and flag any meaningful variance early.

Going into this strategic plan, there was an accumulated operating reserve deficit coming out of the COVID-19 pandemic. While the organization overall is in a strong financial position and net assets of USA Fencing have grown, USA Fencing expects to entirely eliminate that deficit by the end of this financial year.

Two cost categories in particular make forecasting harder than in prior years.

Travel. Fuel and air travel volatility affect national event production (primarily from referee and tournament-official travel), national team competition, parafencing development and staff operations. USA Fencing recognizes those same costs are affecting members across the nation.

Legal. The budget reflects the real cost of defending USA Fencing in legal matters that arise in the normal course of running a national governing body. Like every NGB, USA Fencing carries this cost as a fixed reality of operating in today's environment.

The proposed budget builds in flexibility to absorb that volatility without compromising the programs members rely on.

USA Fencing has posted board meeting agendas and minutes publicly at usafencing.org/boardmeetings going back to the 2010-11 season — more than 15 years of public board records. The 2026-27 proposed budget is published in advance of the May 30 vote alongside the complete board book, including the meeting agenda, financial policies, audit and reserve policies, prior meeting minutes and the 2026-27 Operating Plan.

USA Fencing also has a board-level Treasurer who has full and unbridled access to every level of USA Fencing's financial systems. Audited financial statements prepared by independent auditors (and overseen by the USA Fencing Audit Committee), IRS Form 990 filings, and approved budgets from prior years are publicly posted at usafencing.org/budget-reports.

The U.S. Fencing Foundation is a separate 501(c)(3) supporting organization to which donors can give to augment the work of USA Fencing. The Foundation is overseen by its own Board of Trustees, raises its own funds, runs its own budget and delivers its own events, including the U.S. Fencing Foundation Fête each year.

The Foundation supports USA Fencing's work through grants — and those grants are reflected in USA Fencing's revenue. Each year, the Foundation issues an annual operating grant equal to approximately 4% of its endowment, alongside grants tied to specific initiatives. Past and current Foundation grants to USA Fencing have supported collegiate program expansion, access initiatives (including the Pierre Chao grant), national team support, personal coach support, technology development, referee development and more. For major gifts, donors can restrict their funding to particular initiatives.

The member-friendly version of the 2026-27 budget — which USA Fencing is now posting alongside the full board book — breaks out Foundation grant revenue as a distinct line so members can see exactly how much of USA Fencing's operating revenue comes from Foundation support.

The Board of Directors will meet at 6 p.m. ET on Friday, May 30, 2026, with the 2026-27 budget vote as a central agenda item. The meeting will follow USA Fencing's standard governance process: presentation by staff and the Budget Committee chair, board deliberation, and a recorded vote. 

Board meetings are open to all USA Fencing members, though preregistration is required at usafencing.org/boardmeetings. The approved budget, in whatever final form it takes, will be posted following the meeting, alongside the approved 2026-27 Operating Plan.