FINANCIAL STATEMENT HIGHLIGHTS
We are pleased to present the Financial Statement Highlights for 2025, reflecting continued financial stability, disciplined expense management, and strategic investment in Club infrastructure.
Statement of Financial Position Highlights – 2025 Total assets increased to $ 155.3 million, up $ 5.9 million from 2024. Current assets rose $ 7.7 million( 20 %) primarily due to higher balances in cash and U. S. Treasury securities. During the year, cash was strategically reallocated into U. S. Treasury securities to support the Club’ s overall cash management strategy. Property and equipment totaled $ 102.3 million, a $ 2.6 million decrease( 2.5 %), as annual depreciation exceeded current-year capital investment.
Total liabilities declined slightly to $ 34.2 million, a decline of $ 538,000( 1.5 %). While accounts payable and accrued expenses increased modestly, primarily related to year-end payroll and operating accruals, this was more than offset by reductions in dues paid in advance and lower lease obligations. Net assets without donor restrictions increased by $ 6.4 million to $ 121.0 million, reflecting the year’ s positive change in equity driven by continued member capital contributions, further strengthening the Club’ s overall position.
Statement of Activities Highlights – 2025 Operating revenues increased to $ 65.1 million( 3.8 %), led by membership dues, and strong participation across sports, recreation, and food and beverage programs. Interest income rose $ 200,000( 18 %) to $ 1.3 million, reflecting higher invested balances during the year.
Operating expenses increased to $ 63.1 million( 5.5 %). The increase is primarily attributable to higher cost of goods sold associated with increased food, beverage and retail sales activity. Labor and other operating expenses were higher than 2024 but came in below budget, reflecting continued cost discipline and active management oversight.
As a result, operating surplus before depreciation was $ 1.98 million, reflecting improved performance relative to the Club’ s breakeven budget despite normal year-over year cost growth. Depreciation and amortization totaled $ 11.8 million, consistent with ongoing infrastructure investment. Member capital contributions and assessments of $ 16.7 million more than offset the operating deficiency after depreciation, resulting in a $ 6.4 million increase in net assets without donor restrictions to $ 121.0 million.
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