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ADMINIS TRAT IV E


MULTNOMAH ATHLETIC CLUB 2010 FINANCIAL STATMENTS STATEMENTS OF ACTIVITIES


ASSETS Current assets


Cash and cash equivalents Accounts receivable, less allowance for doubtful accounts of $62,395 in 2010 and $87,329 in 2009


Inventories Prepaid taxes on unrelated business income Prepaid expenses Total current assets


Investments in marketable securities Property, plant and equipment, net


Total assets


Accounts payable and accrued expenses Initiation fees received in advance and other deferred revenue


Total current liabilities


Unrestricted net assets (Club equity) Board-designated: Facility replacement Property


Undesignated Total unrestricted net assets (Club equity)


Total liabilities and unrestricted net assets (Club equity)


$ 4,724,383


4,959,977 379,710


26,711 346,585 10,437,366 13,237,964 33,095,102


$ 56,770,432


LIABILITIES AND UNRESTRICTED NET ASSETS (CLUB EQUITY) Current liabilities


$ 1,949,510 5,472,673 7,422,183


13,313,489 35,408,206


48,721,695 626,554


49,348,249 $ 56,770,432


$ 1,801,804 6,039,222 7,841,026


10,976,120 34,020,420


44,996,540 615,194


45,611,734 $ 53,452,760


NOTES TO FINANCIAL STATEMENTS See accompanying notes.


1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Organization The Multnomah Athletic Club (the Club) is a private, nonproprietary amateur athletic club located in Portland, Oregon. The Club was formed in 1891 and conducts various athletic and social activities and provides food and beverage service to its members and their guests. Basis of presentation The accompanying financial statements have been prepared on the accrual


basis of accounting in accordance with accounting principles generally accepted in the United States of America. Net assets and revenues, expenses, gains, and losses are classified based on the existence or absence of donor-imposed restric- tions. Accordingly, net assets of the Club and changes therein are classified and reported as follows:


Board-designation of unrestricted net assets The Board of Trustees of the Club has established Board-designated unre-


stricted net assets (Club equity) accounts for facility replacement and property. The Board-designated property fund portion of Club equity reflects the net book value of all Club property, plant, and equipment in addition to cash equivalents and investment income earned from designated sources less related liabilities. Board-designated sources include initiation fees and designated investment income less related income taxes, and the difference between actual deprecia- tion expense and Board-approved funded depreciation. The facility replacement fund represents the investment balances accumulated from contributions made to the fund and from earnings on these investments, less related expenses. Amounts have been contributed annually to the facility replacement fund. Transfers between funds may occur as directed by the Board of Trustees.


18 | The Wınged M | FEBRUARY 2011 $ 3,871,185


4,692,388 372,608


96,701 371,116 9,403,998 10,935,108 33,113,654


$ 53,452,760


BALANCE SHEETS December 31, 2010 and 2009 2010


2009 Operating revenues


Dues Locker rentals Other


Departmental revenues Athletic activities Restaurants, Private Dining and Joe’s


Other departments Total operating and departmental revenues


Program services Athletic activities Restaurants, Private Dining and Joe’s


Other departments Support services:


General and administrative Operations and housekeeping Depreciation


Total program and support services


Change in unrestricted net assets from operations


Other revenues (expenses) Initiation fees Interest and dividends on investments Unrealized gain on investments Other expenses, net Loss on sale of property, plant and equipment


Total other revenues (expenses)


Change in unrestricted net assets before taxes on unrelated business income


Taxes on unrelated business income


Change in unrestricted net assets (Club equity)


5,594,315 1,139,500 3,519,197


28,720,246 (19,349)


2,557,028 305,586 980,410 -


(17,170) 3,825,854


3,806,505 (69,990)


$ 3,736,515 See accompanying notes.


The Club does not have any temporarily or permanently restricted net assets resulting from donor-imposed stipulations.


Cash and cash equivalents The Club values its cash equivalents at cost, which approximates fair value. All highly liquid instruments purchased with an original maturity of three months or less are considered cash equivalents.


Accounts receivable Accounts receivable consist primarily of unpaid member dues and other fees.


The allowance for doubtful accounts is determined by management based on historical charge-off activity. The Club’s membership accounts are suspended after accounts are 120 days past due. Accounts may also be sent to a collection agency after the account has been suspended.


Inventories Inventories of liquor, food and sportswear are stated at the lower of cost (first-in, first-out) or market.


Investments in marketable securities


The Club carries investments in marketable mutual funds, which comprise its entire investment portfolio, on the balance sheet at their readily determin- able fair market values based on quotations from national securities exchanges. Unrealized and realized gains and losses are included in the accompanying statements of activities.


5,321,144 1,099,772 3,728,313


28,239,066 (312,679)


2,717,011 290,711 1,752,717 (124,745)


(170) 4,635,524


4,322,845 (85,476)


$ 4,237,369


for the years ended December 31, 2010 and 2009 2010


Charges to members:


$ 18,240,973 1,249,683 330,760


1,450,694


6,210,973 1,217,814 28,700,897 10,058,422


6,931,086 1,477,726


$ 17,596,920 1,267,921 327,402


1,364,417


6,161,451 1,208,276 27,926,387 9,762,234


6,886,336 1,441,267


2009


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