R&A vs. USGA Operating Budget

In Mike Aitken's story on the R&A netting £9.1 million last year, he writes:

The running costs of the R&A itself in 2005 were £2.41 million, while support for events such as the Amateur, the Walker Cup and the Senior British Open reached a total of £1.12 million.

With the USGA at $120 million, that £2.41 million combined with the £1.12 million sounds rather low, doesn't it?

I know the USGA's travel budget is a bit more generous, but that's still a big difference. 

What am I missing here?