SECOND QUARTER FINANCIAL REPORT s a supplement to my quarterly financial reports, below is a summary of where the Club stands financially through the first seven months of our fiscal year, September through March. Our Member headcount in March was 2,150, compared to 2,393 last March. Factoring in the Member concessions, our year-to-date dues revenue was $730,000 less favorable than last year. For the seven months, the Club generated $3,800,000 of operating revenue which was $940,000 less favorable than budget, mainly in Rooms and Food and Beverage at both Clubhouses. This is $3,080,000 less than last year’s revenue for the same period. On the positive side, Tennis and West Pro Shop revenues have been better than anticipated. As a result of these lower revenues, our operating departments collectively posted a yearto-date loss of $1,080,000, compared to last year’s loss of $30,000. On a positive note, we have experienced a positive variance of $195,000 in Repairs and Utilities compared to budget, $140,000 in General Clubhouse expenses, and $120,000 in Administrative and General expenses. With the expansion of the Employee Retention Tax Credit (ERTC), we now know that the Club qualifies for the credits through the second quarter of calendar
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year 2021. We have recognized over $1,000,000 in ERTC credits through the end of March. As a result, the Club has experienced positive operating cash flow of $1,260,000 year to date. This is nearly $1,165,000 better than budget, and $140,000 better than last year. Looking ahead through July, we anticipate our Member headcount to increase due to the return of many Members who were on leave of absence over the past year. Overnight room revenue is projected to remain soft as is banquet revenue, while expenses should continue to trend under budget. We will also have the benefit of the ERTC through June which will give a boost to cash flow. As you have likely noticed, the Food and Beverage Minimum was reinstated after a full year of being on hold. Remember, there are numerous opportunities to utilize the many Food & Beverage venues around the Club. Enjoy all the MAC has to offer in a safe, clean environment. Your Club is open and ready to serve you! F
Pam Roth, Chief Financial Officer Missouri Athletic Club
Pla n n i n g t o Pa r k ? New Downtown Parking Garage Rates Platinum and Diamond Club Members
Guests
No Charge (included in your dues). If you haven't already, register your license plates online for convenience.
MAC Lot – Regular rate Lot next to garage – Regular rate Street parking – Regular rate MAC Garage - First hour $2, Each additional hour $1 *NOTE: Option for Member wishing to pay for Guest Parking $5 flat charge per vehicle (MAC Garage only) See MAC Supervisor
À La Carte Members First 2 hours, no charge $1 per hour for each additional hour If you haven't already, register your license plates online for convenience. 10 F CHERRY DIAMOND