Is Hiawatha Golf Course making, or losing, money?
Written by TESHA M. CHRISTENSEN on March 25, 2019
Excerpt:
”The confusion lies in whether people are looking at the audited or unaudited figures, according to Minneapolis Parks and Recreation Board (MPRB) Assistant Superintendent Michael Schroeder.”
“The audited financials also include depreciation (annual charge for past investments in the courses), revenue and expense adjustments made during the audit, and non-cash expenses including compensated employee absences, post-employment benefits, and pension liability. The audit is conducted by the Office of the State Auditor and requires the inclusion of the aforementioned expenses.”
Key Facts from The Article:
The 10-year audited loss for Hiawatha between 2006 and 2017 was $1,986,049. All Minneapolis golf courses lost an audited $8,870,202 in those ten years.