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financial

FINANCIAL REPORTS AVAILABLE

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he audited financial statements of the Missouri Athletic Club for the years ended August 31, 2010 and 2009, are now available in the Club’s Accounting and Finance Department. Any member desiring a copy of the financial statements may request a copy from the Chief Financial Officer, Larry Absheer. The consolidated financial statements include the accounts of the Missouri Athletic Club (the “Club”), its wholly owned subsidiary, MAC Redevelopment Corp. (the “Corporation”), and the Missouri Athletic Club Preservation Foundation (the “Foundation”), a related party under common control. The Club achieved net revenues of $6,630,282 during 2010. This was up from $6,604,531 in 2009. Included in net revenues are membership dues ($7,421,339 for 2010 and $7,730,837 for 2009), sales ($8,015,576 for 2010 and $8,466,676 for 2009), initiation fees ($20,350 for 2010 and $23,950 for 2009), and cost of sales and departmental expenses ($8,826,983 for 2010 and $9,616,932 for 2009).

Nondepartmental expenses totaled $7,784,802 in 2010, compared to $8,289,861 in 2009. Nonoperating income (expense) was ($409,368) in 2010, compared to ($1,233,903) in 2009. Members’ equity decreased to $6,148,426 at the end of 2010, compared to $7,712,314 at the end of 2009. The Club ended 2010 with $185,842 of unrestricted cash on its balance sheet, compared to $272,158 at the end of 2009. The Club’s long-term debt payable at the end of 2010 was $8,398,028 and the Corporation owed $2,007,612 to the bank. The corresponding numbers as of the end of 2009 were $8,741,198 and $2,186,532, respectively. At the end of 2010, the balance on the Club’s line of credit was $675,858; the balance at the end of 2009 was $851,162. If you have any questions about the finances of the Club or any of its related entities, please contact Larry Absheer at 314-539-4477 or labsheer@mac-stl.org.

DUES PREPAYMENT OPPORTUNITY PREPAY YOUR DUES AND SAVE $$$$! The Club is Once Again Offering Our Members The Opportunity to Pay Their Dues In Advance During the Month of February And Achieve Significant Savings Please submit payment on a separate check and send to: Missouri Athletic Club 405 Washington Avenue St. Louis, MO 63102 Checks must be received in our office by February 28, 2011 Call (314) 539-4432 for more information

FIRST QUARTER FINANCIAL REPORT

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he Club’s fiscal year runs from September 1 through August 31. The first quarter of our 20102011 fiscal year ended on November 30, 2010. During the first three months of our fiscal year, revenue from departmental operations totaled $2,045,917. This total was $113,869 less than plan and $27,821 less than last year. Membership dues reached $1,774,289. This total was $35,256 less than plan and $89,007 behind last year. Total resident members in November 2010 stood at 1,527 with total dues-paying members of 2,471; the corresponding totals for November 2009 were 1,696 and 2,650 respectively. We had 1,302 Diamond Club members in November 2010, which was 52.7% of the total duespaying membership; last November’s

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FEBRUARY 2011

total was 1,391, or 52.5%, of the total dues-paying membership. Unallocated costs have accumulated to $1,846,931 so far this year. This total is $17,801 less than plan and $16,965 higher than last year. Net operating cash flow (net income before depreciation) of $319,916 was generated during the first three months of our fiscal year. This amount is $55,135 less than plan and $9,594 less than last year. Capital expenditures during the quarter totaled $41,774. Of this total,

$24,602 was spent downtown and $17,172 was spent at MAC West. The Club ended the quarter with cash of $156,729 on its balance sheet. The line of credit balance at the end of November 2010 was $728,539. As of the end of November, the Club had long-term bank debt of $8,135,676 and MAC Redevelopment Corp., which owns our garage, had long-term bank debt of $1,947,972 for a total of $10,083,648. During the first quarter, principal payments totaling $202,491 were made on the debt. If you have any questions concerning the Club’s finances, please contact the Club’s Chief Financial Officer, Larry Absheer, at 314-5394477 or labsheer@mac-stl.org.

February Cherry Diamond  

February issue of the Missouri Athletic Club monthly magazine.

February Cherry Diamond  

February issue of the Missouri Athletic Club monthly magazine.

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