THE AKC is furloughing a large number of staff due to COVID-19. See letter, below.
- Staff were given no notice and no severance pay.
- There is no indication that top management is taking a salary cut.
- A reminder that the AKC signed an expensive lease on new Park Avenue office space last year.
- As I noted in January: “If you read the AKC balance sheet, you will see that their pension liabilities exceed their total assets. They’re broke, but staying afloat on the cash flow of investment income (which was declining in 2018).”
- Investment income is likely to decline significantly in 2020 as stocks and bonds decline.
- AKC registrations have declined over 70 percent since 1992, even though Americans have more dogs (both total and per capita) than ever before.
- In 2010, I noted that “the organization will be gone by 2025 unless a drastic change is made.” So far, no change has been forthcoming.
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