AUDITED FINANCIAL REPORTS AVAILABLE

TThe audited financial statements of the Missouri Athletic Club for the fiscal years ended August 31, 2022 and 2021, are now available.

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 generated operating revenue of $22,008,000 during 2022 compared to $16,525,000 in 2021. Included in operating revenues are membership dues ($8,846,000 for 2022 and $7,409,000 for 2021), departmental operating revenues ($12,700,000 for 2022 and $8,880,000 for 2021), and initiation fees ($462,000 for 2022 and $236,000 for 2021).

Operating expenses totaled $22,373,000 in 2022, up from $18,033,000 in 2021. Net non-operating revenues were $1,076,000 in 2022 and $3,325,000 in 2021 which included employee retention tax credits of $2,206,000. Capital fee revenue totaled $1,193,000 in 2022 and $1,125,000 in 2021. There was a positive pension adjustment of $1,308,000 in 2022 compared to a positive pension adjustment of $1,969,000 in 2021.

The Club’s unrestricted net assets increased by

$2,020,000 to $11,338,000 at the end of 2022 from $9,318,000 at the end of 2021.

The Corporation’s operating revenues were $246,000 during 2022 and operating expenses were $229,000. Net non-operating expenses were $25,000. Unrestricted net assets decreased by $7,000 to $735,000.

In 2022, the Foundation’s operating revenues were $4,000 and operating expenses totaled $80,000. Net non-operating revenue was $18,000. Unrestricted net assets decreased by $58,000 to negative $86,000.

At the end of 2022 the Club had unrestricted cash of $2,016,000, compared to $2,480,000 at the end of 2021. The balance on the line of credit was zero at the close of 2022 and 2021. The Club’s long-term debt at the end of 2022 was $8,697,000 and the Corporation had long-term debt of $732,000. The corresponding numbers at the end of 2021 were $6,077,000 and $773,0000, respectively.

Any member who would like a copy of the audited financial statements may request a copy from Pam Roth, the Club’s Chief Financial Officer at 314-539-4400, or proth@mac-stl.org.

Pam Roth, Chief Financial Officer Missouri Athletic Club

April 4: Announcement of 2023 Board of Governor Candidates — Watch for candidate and election notices in Club emails. The candidate posting will take place at 12 p.m.

April 24: The Board of Governors campaign begins. Candidates and their committee members will be lobbying for your support.

April 27: Associates’ Election Rooftop Happy Hour — Meet your candidates for the Board of Governors.

The MAC’s historic election is coming up and the Club is buzzing with anticipation. Vote in-person at the Downtown Clubhouse from 7 a.m.-6:30 p.m. on Thursday, May 4. The gauntlet will be in full swing with your favorite candidates and their campaign committees from 3-6 p.m. complete with a traditional ragtime band. Online voting will close at 6:30 p.m.

May 1: Electronic voting goes live.

May 4: Club Election — Downtown Clubhouse. In-person voting from 7 a.m.-6:30 p.m. Gauntlet hours from 3-6 p.m. Dinner buffet and election announcement from 7-7:30 p.m.