Exclusive Resorts ran some good financial news up the flag pole last week. In an email to its members, the 3,500-member destination club previewed their annual financial report, which is scheduled for release in its entirety at the end of January. A third-party re-appraisal of Exclusive Resorts’ real estate and financial balance sheets has found that the club “continues to remain in compliance with the Net Asset Test as of December 31, 2008,” according to the letter sent to club members.

A net asset test for a destination club is a straightforward way of measuring the club’s cash and real estate holdings versus its membership deposit obligations. Details on the net asset test and other financial indicators can be found in our Decision Guide to Destination Clubs.

Destination clubs members and industry watchers alike have been keeping a close watch on club resignation lists and financial solvency. The recent bankruptcy of Lusso Collection generated a considerable amount of buzz, and begged no shortage of questions for the remaining destination clubs. It’s a likely relief for members that the industry’s largest club, Exclusive Resorts, is confident moving forward even after trimming 10% of its workforce. “We’ve reduced marketing expenses and corporate overhead, but not our services,” said Exclusive Resorts representative Ian Arthur. “We’ve added over 60 properties this year. We’re moving forward in the business.” Arthur added that despite the economic downturn in the second half of 2008, Exclusive Resorts acquired over 350 new memberships last year.