Despite Significant Loss in August, Club Beats Forecast

The Club had a substantial loss in August of $308,000, as expected, but still reported progress in its goal of improving results for the traditionally slowest month of the year.

It had record revenue for the month of $533,000, an increase of nearly $100,000 over last year. At the same time, costs increased by just $19,000 over the same period despite the significant growth in revenue.

The loss itself was $80,000 less than last year and $52,000 better than budget for the month.

"While this was our worst month of the year by far, by reducing our loss over a year ago in a substantial way, we continued to make progress toward our goal of improving on last year's record performance," Executive Director William McCarren said in his report to the Board of Governors on Sept. 14.

The overall strong performance so far this year enabled the Club to have $1.2 million in cash and reserves on Sept. 1, or 20 percent more than the
Board-mandated goal of $1 million.

The next three months all look solid and profitable, with September and October looking strong, Treasurer Keith Hill reported.

Unless there are setbacks, the Club should make its budget of $1.4 million to $1.5 million in profit this year, he said.

-- Myron Belkind, Club Secretary, [email protected]