How bad are things at the American Kennel Club?
Pretty damn bad.
The organization is deficit financing, income is down one year to the next, expenses are soaring, investment income has collapsed, and the pension and retirement plan is unfunded by over $61 million.
Net assets declined almost 20 percent in one year.
2014 was a successful, yet extremely challenging year for the organization. 2014’s consolidated total revenues of $64.5 million was comparable to the $64.6 million in 2013. Dog and litter registrations of $27.0 were equal to 2013. Total consolidated operating expenses of $58.8 million in 2014 were approximately $3.3 million (6%) higher than in 2013. This unfavorable variance was predominately due to increases in public relations, events and programs, along with increases in payroll, rent and travel.
2013’s consolidated operating results yielded an operating surplus of $5.7 million vs. an operating surplus of $9.1 million in the prior year. The consolidated gain on investments for 2014 totaled $1.2 million which was significantly lower than 2013’s record breaking year of $14.3 million in 2013.
The total unfunded status of pension and post-retirement plans increased to $61.4 million from $37.6 million in the prior year.
Here's my post on the AKC's collapse from February of 2014 and my notes on the AKC's unlikely efforts to "turn it around."
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