At the USGA Annual Meeting on Feb. 9, incoming president Jim Vernon, executive director David Fay and the rest of the governing body's brass will have some good news to share on the financial front. Golf World got an early look at a copy of the 2007 annual report that will be released in Houston while working on a story for this week's issue on the USGA's outlook for the coming year. The report shows that the USGA and USGA Foundation had a net income of $1.21 million on revenues of nearly $137 million for the year ending Nov. 30, 2007. Net assets at year's end were $253.3 million.
The 2007 figure is modest compared to the USGA's reported net income $8.4 million in 2002, $4.4 million in 2004 and $2.3 million in 2005. However, a year ago, the governing body had a deficit of $6.12 million on revenue of $126.6 million, so things are moving in a positive direction.
An interesting note: For the first time in USGA history, revenues from the association's championships and team matches, including broadcast rights, broke the $100 million mark.