from the finance chairman August marked the end of fiscal year 2020 for the Club. You may recall that last year the Club reported that fiscal year 2019 was the third year in a row that we set a record with respect to cash flow generated. Although we cannot make that statement again, there was much good news during 2020. During the first half of our fiscal year, the Club generated strong cash flow as a result of our solid planning process. This allowed us to complete Phase II of the West Fitness Renovation as planned. Phase II included a complete overhaul of the Cardio Room including an expansion of the room itself as well as new cardio equipment. It also incorporated a dedicated High-Intensity Interval Training (HIIT) Room with all new equipment, a brand-new Group X Room, and a state-of-the-art Spinning Studio. At the same time, we added a dedicated Youth Classroom, an Assessment Room, a remodel of the Racquetball Courts including a new lounge area and new TVs throughout. What an exciting project! I hope you’ve had a chance to utilize all these great new amenities. Other improvements at the West Clubhouse included repairs to the portecochere, TVs installed in the alcoves, and resealing and restriping the driveway and
parking areas. This was an essential step to maintain the new asphalt surface that was installed two years ago. At the Downtown Clubhouse the Athletics department received new Precor ellipticals, the Food and Beverage area received new banquet tables and other equipment and additional security cameras were installed. Our Membership headcount ended the year at 2,254, down 193 from August 2019. We are now planning new recruitment initiatives to encourage those Members affected by COVID-19 to return to the Club, along with attractive incentives to reward existing Members for helping to recruit new Members. Operating revenues totaled $8,600,000 compared to $12,200,000 in fiscal year 2019. While all departments experienced some shortfall in revenue, the Overnight Rooms department and our Food and Beverage departments felt the largest impact. Please help your Club cultivate its operating revenues by referring business to the Club. If you’re part of a board or club that meets regularly, consider holding these meetings at the MAC. And if your company or association is planning their holiday parties, give our catering professionals a call. The MAC is an excellent venue for these types of
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gatherings, and we are open and ready to help plan your next event! As of the end of August, the Club had long-term bank debt of $6,339,000 with monthly principal payments of $26,000 beginning in November, and the line of credit balance was $146,000. Another piece of good news is that MAC Redevelopment Corp., which owns our garage, paid off its long-term debt on schedule at the end of the fiscal year. Although the Club is experiencing challenges like many other businesses, our Finance Committee and Board of Governors have their finger on the pulse of the Club’s financial position and have taken steps to ensure our financial stability. I am honored to serve as the Club’s Finance Chairman this year and help steer the Club through these unusual times. The good news is that all areas of both Clubhouses are open. Hours of operation and capacity levels have expanded. Business levels are steadily increasing, and Members are happy to be back in their Club. Come out and support your Club!
Matt Gross, Finance Chairman Missouri Athletic Club
We are now planning new recruitment initiatives to encourage those Members affected by COVID-19 to return to the Club, along with attractive incentives to reward existing Members for helping to recruiting new Members.
6 F Cherry Diamond F NOV 2020
