Financial Update

LETTER FROM THE CHIEF FINANCIAL OFFICER

The audited financial statements of the Missouri Athletic Club for the fiscal years ended Aug. 31, 2021 and 2020, 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 $16,525,000 during 2021 compared to $16,797,000 in 2020. Included in operating revenues are membership dues ($7,409,000 for 2021 and $7,906,000 for 2020), departmental operating revenues ($8,880,000 for 2021 and $8,746,000 for 2020), and initiation fees ($236,000 for 2021 and $145,000 for 2020). Operating expenses totaled $18,033,000 in 2021, up slightly from $17,884,000 in 2020. Net non-operating revenues were $3,325,000 in 2021 and $915,000 in 2020. In 2021 the club received employee retention tax credits of $2,206,000. Capital fee revenue totaled $1,125,000 in 2021 and $854,000 in 2020. There was a positive pension adjustment of $1,969,000 in 2021 compared to a negative pension adjustment of $752,000 in 2020. The Club’s unrestricted net assets increased by $3,787,000 to $9,318,000 at the end of 2021 from $5,531,000 at the end of 2020. The Corporation’s operating revenues were $216,000 during 2021 and operating expenses were $199,000. Net non-operating expenses were $24,000. Unrestricted net assets decreased by $7,000 to $742,000. In 2021, the Foundation’s operating revenues were $164,000 and operating expenses totaled $275,000. Net non-operating revenue was $167,000. Unrestricted net assets increased by $56,000 to negative $2,223,000. At the end of 2021 the Club had unrestricted cash of $2,480,000, up significantly from $49,000 at the end of 2020. The balance on the line of credit was zero at the close of 2021 and $146,000 at the close of 2020. The Club’s long-term debt at the end of 2021 was $6,077,000and the Corporation had long-term debt of $773,000. The corresponding numbers at the end of 2020 were $6,339,000 and zero, 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

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