Board Approves 2011 Budget With Goal of $1.54 Million Profit

The Board of Governors unanimously approved on Dec. 13 the 2011 budget that aims to generate $1.54 million in profit, build up reserves of $1.5 million by Sept. 1 and reduce long-term debt.

"If we can meet this budget, we will have made substantial progress toward our long-term financial goals by generating about $4 million in profits over three years," Executive Director William McCarren told the board. "That will have a transformational effect on this organization."

In other favorable financial news:

-- McCarren said the Broadcast Operations Center is now "fully profitable and should finish the year with $2.3 million revenue, compared to $1.8 million last year.

-- Richard Dunham, the president of the Eric Friedheim National Journalism Library board, said the Library will have a balanced budget for the first time in 2011 instead of its traditional loss.

The accumulation of $1.5 million in reserves would put the Club half way toward achieving the recommendation made by the auditors that the Club should have $3 million in reserves to operate comfortably.

Total revenue budgeted for next year is $13.7 million.

Treasurer Keith Hill said that the 2010 profits should be $1.4 million, a 40 percent increase over the Club's record results in 2009 despite all the challenges of a bad economy.

Addressing his last board meeting as president, Alan Bjerga thanked the board and the staff for their efforts in ensuring both a successful financial year and a strong program of professional events.

"It has been a pleasure working with you," he said, to applause from the Board members. Bjerga will give a formal report to the members at the annual membership meeting at noon Friday, Jan. 21.

President-elect Mark Hamrick said it was a "tremendous privilege to be given the opportunity to lead the National Press Club." He will outline his goals for the year at the membership meeting.

In other action, the Board:

-- Approved the membership applications of 16 new members, bringing the total for the year to 374 compared to 418 for the same period last year.

-- Approved new guidelines for the annual National Press Club journalism awards. Bjerga said the intent of the guidelines is to avoid "excluding good journalism, which is what these awards are meant to encourage."

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