Club Treasurer: Best April ever
While the year started out slow for revenue, this April was the best April the National Press Club has ever had according to Treasurer Andrea Snyder.
During a general membership meeting on Friday, May 20, Snyder presented the Club's financial state and outlook. She noted revenues slowed in the first quarter largely due to exceptionally bad winter weather that led many patrons to cancel or reschedule events. But that is all changing.
"In April we had the best April the Press Club has ever had," said Snyder adding the Club received $1.4 million in revenues that month while expenses were down.
The Club is about $30,000 behind budget, but Snyder expects to see a stronger May and June. That would put the budget back on track by the end of the second quarter at the latest.
Despite the slow start, last year was the strongest year for the Club since 2007 when the Club started a trend of consecutive years of profits and 2016 is expected to continue that trend.
"The Club's financial position has never been stronger," said Snyder. "We had more than $4 million reserves by the end of April which means we're getting close to our target of $5 million."
The reserves are generated from the Club's business operations and do not include revenue from the sale of the Norman Rockwell painting last year. The club is currently looking for an advisor to help invest the Rockwell painting funds and expects to have selected one by the end of the summer.
The Club isn't only on a stronger financial footing based on revenue but has also eliminated all its debts, Snyder said.
During the membership meeting, President Thomas Burr also discussed efforts to increase membership through a better promotion of the Club, including a new brochure to highlight all the Club has to offer. He noted, however, compared to last year, Club membership overall was down by 40 members, but was up 20 new young members. New members also include people in leadership roles, such as the Washington bureau chiefs of The New York Times and Reuters.
Burr also discussed the Club's ongoing capital improvements, including renovations to the Games Room and to the Truman Lounge sometime this summer. He also spoke about the Club's continued press freedom efforts, including protests of several journalists murdered around the world and signing on to a resolution calling for a special envoy to the United Nations for journalists.
Former Club President John Cosgrove has been in ill health, and Burr updated members on his condition. Those attending the meeting were encouraged to sign a large card at the back of the meeting room for Cosgrove to lift up his spirits.
Burr also noted that National Press Club Member pins are available to members to purchase at the front desk for $10. He noted the idea was raised a few years ago from a survey to help identify members from their guests at the Club.
"This is our way of showing our pride for being a member of the National Press Club," Burr said.