Club now free of long-term debt

The National Press Club finished paying off its long-term debt in July, marking the first time the Club is operating without such obligations since 2004.

The absence of debt payments, which over the last three years averaged about $45,000 per month and $540,000 per year, means the Club will be able to direct more resources toward the Board of Governors' mandate to build reserves, as well as to meet other needs.

``We have strengthened our bottom line, used cash flows to retire debt and now have more of the flexibility we need to navigate a difficult financial climate,'' Club President Angela Greiling Keane said.

The Board of Governors at its Aug. 26 meeting thanked Executive Director Bill McCarren, Finance Director Georgetta George and all the staff for helping to guide the Club to such a favorable position.

The Club's long-term debt reached a high of $2.15 million in 2006 and was used to pay for several projects, primarily the Broadcast Operations Center and the Archives, but also renovation of the Fourth Estate Restaurant, the new kitchen for the Reliable Source Restaurant and upgrades to Club bathrooms.