INDIANAPOLIS — The Riviera Club, a fixture on Indianapolis’ north side since 1933, is facing a financial crisis that could force it to change the way it operates.
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Riviera Club asks members to pay $1,500 assessment to remain open
The club is carrying $3 million in debt. Membership has dipped below 1,600, and the club has recorded operating losses of $1.85 million over the past four years. Now, the board is asking members to pay a $1,500 assessment to keep the club open.
The club needs 1,000 members to agree to pay the assessment to open the pool, the club’s biggest draw, this summer. Members have until March 13 to decide.
Becky Bechtel, a member for more than 20 years, said she has already committed.
“I drove my agreement to the office yesterday, and I had checked the box that yes, I am in, and I hope that others will be as well,” Bechtel said.
Bechtel described what makes the club worth saving.
“It’s a family gathering place for food, for fellowship, for swimming, for getting together with friends, and we don’t do that enough,” Bechtel said.
If 1,000 members agree to pay the assessment, the club would raise $1.5 million. There are currently 1,570 members.
The board has already made cuts to reduce expenses. The most significant change was closing the club’s restaurant.
“The single largest operational change was closing the restaurant, which eliminates about $400K in annual cost between food and labor and overhead,” Katherine Gray, the director of the Riviera Club Board, said.
Other programs will be evaluated. The board surveyed members on what is most important to them and will consider that before making decisions about what programs may need to be cut or scaled back.
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Glenn Bill, a former member who grew up on the north side, said he and his family have been considering rejoining.
“We actually just looked at becoming members again and did a tour, and it’s certainly something that we are looking at,” Bill said.
Bill said the club’s future ultimately rests with those closest to it.
“Ultimately, saving the Rivi will be a job for the residents that are close by,” Bill said.
The board sent out the following statement detailing the financial situation. If you are interested in becoming a member, you can find more information by clicking here.
The Club has incurred approximately $1.85 million in operating losses over the past four years, driven by inflationary pressures on goods and services, rising labor and operating expenses, increased construction and maintenance costs, aging infrastructure, and membership decline.
The Club carries approximately $3 million in total debt, including an SBA loan maturing in 2054 and a $750,000 note due with a balloon payment in 2027. The latter note originated at least in 2005.
At the Annual Member Meeting on February 26, the Board announced a $1,500 assessment.
The March 13 deadline reflects a two-week decision period provided to members to consider if they wish to remain members and pay the assessment, or terminate and pay owed membership amounts in lieu of assessment.
Financial modeling shows that participation from approximately 1,000 of the current 1,577 member households would enable the Club to meet near-term financial obligations and open its outdoor pools for the 2026 summer season.
If there remains a threshold of at least 1,000 active memberships, those active member households will be assessed $1,500.
The anticipated $1.5 million raised would be applied to the balloon note, outdoor pool operations and seasonal preparation, as well as safety work and near-term repairs. The Board has determined that resolving debt is more responsible than continuing the past practice of Rivi Boards to refinance debt and allocate operating dollars to interest expense.
The Board is also evaluating Club operations and long-term strategic options, including the potential sale of part or all of the property, to preserve member value and support long-term sustainability.
Restricted capital funds and the Riviera Club Foundation are not used to cover operating losses. Capital-designated funds are not diverted to operations. The Foundation is a separate nonprofit entity supporting charitable and community programming, and its operations are separate from the Club by purpose.
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