Update on Club Financial Position

Message to Members and Non Members

Many of you will be concerned about what impact the COVID-19 closures are having on the Club’s employees and financial position.

The Management Committee is confident that we will be eligible for the Federal Government’s assistance packages, i.e. the Job-Keeper Payment and the withholding tax payments (the Club has already registered for both).  However, we are yet to receive the finer details that make up the Job-Keeper package.  But assuming we meet the criteria (from what has been thus far detailed, we should) then this will slash our wages bill from around $30,000 per 4 weeks down to about $6,200 per 4 weeks.  None of our staff will be stood down or have wages cut. Bearing in mind, both packages are extended to 30/6/2020 only.

As long as the course remains open, we will have sufficient (although reduced) income and cash reserves to continue operating for many months.  With these two packages in place, our estimated cash position at 30/6/2020 will be $70K in credit.  This is without taking into account next year’s subscriptions.

If the course has to be closed and income is reduced to zero, then the situation changes.  However, if sufficient members support the Club by paying their subscription fees on time by June 30, then that should ensure the Club’s long-term viability.

Management Committee