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from the chief financial officer 2020 3rd Quarter Financial Report A lot has happened since my last article! The Club welcomed Members back on May 18 and has been gaining momentum ever since. Hours of operation have expanded, and the number of Members permitted into each area has increased. Over 200 employees have been called back to work and trained on our new safety protocols. Throughout the 3rd quarter of our fiscal year, the following member concessions were in place: F No Food & Beverage minimums for Platinum Partner and À La Carte members F Credit to Diamond Club Members for the F&B minimum portion of their dues F No Athletic or locker fees for À La Carte Members F Credit to Diamond Club and Platinum Partner Members for the Athletic fee portion of their dues F No Capital fees for any Members These concessions total over $180,000 per month. On your July 31 statement, you will
continue to see these concessions with the exception of the capital fee concession. This year’s capital plan was robust and included Phase II of the West Fitness expansion which was completed in March. Another component of the capital plan was resealing and restriping the West driveway and parking areas. This is an essential step to maintain the new asphalt surface that was installed two years ago. By the time you read this article, this work should be complete. As you can imagine, our year-to-date financial results have been stalled by the Club’s closure followed by its paced opening due to COVID-19. Key metrics for the first three quarters of our fiscal year include: F Dues revenue of $6,362,000 compared to a budget of $6,670,000, a shortfall of $308,000 F Overnight Rooms revenue of $668,000 vs a budget of $989,000, a variance of $321,000 F West Food & Beverage revenue of $1,770,000 vs a budget of $2,274,000, a variance of $504,000 F Total departmental revenue of
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$7,106,000 compared to a budget of $9,551,000, a short fall of $2,445,000 F Net Operating Cash Flow (net income before depreciation) totaled $1,200,000 vs a budget of $2,002,000, which was $802,000 less favorable than planned Other benchmarks include: F Total dues-paying members of 2,314, down 84 from last year’s 2,398 F Unrestricted cash totaled $117,000 F The line of credit balance was zero F Long-term bank debt of $6,339,000 with monthly principle payments of $26,000 beginning in November The good news is that all areas of the Club are now open and welcoming Members back. Business levels are growing, and Members are happy to be back in their Club. If you have any questions regarding the Club’s finances, please contact the Club’s Chief Financial Officer, Pam Roth, at 314-539-4400 or proth@mac-stl.org. Pam Roth, CHAE Chief Financial Officer
N EW ME MBE R S F RO M J UN E ! DeLucia, Michael (Seana) of Starwood Capital was proposed by Callaway Lawlor. Fusz, Courtney of Dean Team Hyundai was proposed by Joe Whitacre. Hurley, James (Theresa) of Expert Realtors was proposed by Dave Rich. Hurst, Kevin (Lauren Shade) of Raising Canes was proposed by Charlie Ferretti. John, Grace of Clinipae was proposed by Charlie Ferretti. Johnson, Bradford (Marlene) of Hungry Planet Foods was proposed by Courtney Harrison. 4 F Cherry Diamond F AUG 2020
Johnson, LeAndre (Keyanna Lowe) of Working Space, INC. was proposed by Tim Cribbin. Laramie, Devin (Jennifer) of SSM Health was proposed by Alyson Schoedel. Lilly, Peter (Julie) of Emerson Electric was proposed by Alan Mielcuszny. McFarland, Kathleen (Scott) of Express Scripts was proposed by Andrew Voss. Mulligan, Ryan of Mercy Hospital was proposed by Justin Mulligan. Munoz, Raul of Tom Lange Co. was proposed by Jeff Moore.
Ramsdell, Chase of Great Southern Bank was proposed by Alec Ramsdell. Turner, Sam (Jessica Duco) of GFI Digitaal was proposed by Sarah Gibbs. White, Margaret Pate of Anthem, INC was proposed by Kathleen Tallis.
LEADING
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Michael McCarthy and Kevin Cantwell are still tied with three members each!
