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COVID-related assessments?

 peterindb ·  
peterindbpeterindb Members  2WRX Points: 35Posts: 2 Starters
Joined:  in Courses, Memberships and Travel #1

My club in Southern CA got hit financially from the virus shutdown, and the membership is now getting a 4-figure assessment to keep the budget out of the red. We're an equity club.

Just wondering how the other equity-type clubs are doing in the middle of this.

Posted:
1

Comments

  • 2bGood2bGood Members  5629WRX Points: 862Handicap: 3-8Posts: 5,629 Titanium Tees
    Joined:  #2

    We have been really aggressive about keep costs under control and have been lucky enough to be in a region that has mostly been able to stay open. We have been super busy as golf is about the only thing we can do. The finances are balancing out.

    Posted:
  • GolfWRXGolfWRX Warning Points: 0  11 Members Posts: 11 #ad
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  • jvincentjvincent Members  1728WRX Points: 986Posts: 1,728 Platinum Tees
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    I was mentally prepped for an assessment but our club took the opportunity to accelerate some planned capital projects and were able to get much better financing on the debt so that our annual debt service is lower going forward than before so we're in a win-win situation of getting the projects done and NOT having an assessment.

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  • raynorfan1raynorfan1 Members  3875WRX Points: 401Posts: 3,875 Titanium Tees
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    Our club has not been especially forthcoming about the financial picture, but it’s clearly suffering. We’re sort of boxed out of an assessment because we did a significant one in Q1 to upgrade some clubhouse facilities and the membership will revolt if they did a second.


    I think the underlying hope is that construction costs come in much lower than planned (there was a 25% escalator contingency) and the Q1 assessment can cover the losses.

    Posted:
  • PhreddyPhreddy Members  753WRX Points: 292Posts: 753 Golden Tee
    Joined:  #5

    I am on the finance committee at our club so I see the numbers at a pretty granular level. Regional differences are striking. We are at a record number of rounds played despite a late spring. Membership numbers are up. Pro shop revenue is on a higher plane. Food and beverage are lagging. Given our long winter, once the sun began to shine golf became a "go to" activity and while the margins on food & beverage float a lot of boat, the golf revenue is keeping us in good shape.


    Phred

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