Club finances remain strong

The National Press Club’s finances remain healthy with no debt, $4.34 million in reserves and more than $8 million in long term investments, Treasurer Michael Freedman reported at the general membership meeting, Oct. 26.

“By these measures the Club is in good financial shape,” he said.

The lightly attended meeting included presentations on Club finances, membership and events. President Andrea Edney also led the members in a moment of silence in remembrance of Julie Schoo, the executive director of the club’s journalism institute, who died in May.

Edney praised staff and volunteers for their hard work since the last membership meeting. She noted the Club had held a number of successful events that made news.

In his report, Freedman said he expects the next three months will continue to be profitable and assumes profits will top $800,000 by the end of the year. Looking to 2019, he expects the Club is poised for another good year.

While most of the Club’s sectors have done well, Membership and Broadcast Services are still under budget, but the shortfalls are within reason. Board Governor Peter Urban, filling in for the membership secretary at the meeting, reported that overall paid membership had dropped 2.4% between September 2017 and September 2018 to 2,765 members.

A proposal to increase membership fees by $1 a month for most categories – excluding retired members and spouses – was considered, but due to a lack of quorum was deferred to the Board for further action. Some general debate on the issue focused on the need for the increase, as well as concerns that it should not apply to young members.