Keeping members informed

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Issue 1 - Financial Update as at January 2019

Hi reader,

This is the first of planned regular updates to MEMBERS. Given recent concerns, the focus of Issue 1 is on our financial position.

Acquisition of new course machinery last year has had a very positive impact on course improvement and presentation. You can read about how the new machinery is helping us win the war on our golf course in the February edition of From The Shed - click button.
However, the financial arrangements put in place to acquire this machinery have placed a strain on club finances. With the strong take-up of a recent discounted multi year membership renewal offer we are now in a position to pay out the Toro arrangement. The impact is explained in the financial update below.

Cooroy Golf Club Management Committee


January 2019 January was another good month’s trading with an overall net cash flow result of $21,999.

House Gross Profit was $12,905 as against budget of $9,950. Caused by a solid turnover of $21,696 against budget of $18,500 and a very strong Gross Margin for bar sales of 62% as against target of 55%. Great work done by Wayne in achieving this gross margin increase, through some very clever negotiations with breweries.

Other Income totaled $77,131 against budget of $53,550. Made up of:

Result Budget Variance
Subscription Fees $22,001 $19,400 $2,601
Green Fees $19,621 $13,500 $6,121
Comp Fees $4,820 $6,800 -$1,980
Other Income $30,741 $13,850 $16,891

Standouts were:
Green Fees - $6K above budget – good weather and Xmas holiday makers, all contributed.

Other income - $17K above budget - primarily due to sponsorships of $13K.

Overall a total income of $90,088 against a budgeted $63,500 is a great result for the month.

Expenses were over budget by $3,890. Given January was a 3 fortnight pay month, (which I didn’t take into account) wages were over budget by $5,204. All other expenses were tightly managed and were below budget by $1,314.

As at 31/01/19, the overall club’s cash flow result stands at a negative $14K and conservative projections for the remaining 5 months suggests a possible cash loss for the year of $20K.

Should the ‘Toro payout’ be finalised this month, the monthly repayments of $3,366 will be gone. This will result in an improved projected end result of only a negative $3K for the year.

Given the current energy and determination of all involved in turning the ship around, continuance of improved monthly results could well see a positive cash flow come 30/6/19. Given the current sound cash reserves held and knowing there are likely no other surprises to deal with, I consider the Club to be on sound footings, with strategies now in place that are designed to ensure the Club returns to profitable and sustained trading going forward.

Geoff Edwards – Finance Director
Cooroy Golf Club


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