Club General Manager Daniel Peacock announced a $515,708 profit and “a healthy profit of $58,777 after depreciation”.
“A result like this has not occurred in well over a decade and has been rare for your club since the introduction of gaming machines into Victoria in the early 1990s,” he told the 61 members in attendance on Monday night.
The foregoing financial figures unfortunately have to be reduced by $37,000, as revealed by treasurer Stephen Carrick on Monday night, that the club’s insurance claim for flood damage in January this year was $37,000 short for the club’s claim.
Mr Peacock said that motel bookings, the Marcus Fraser Ambrose, the annual major darts tournament and the inaugural music and market festival provided solid financial return and excellent exposure.
In his report, Mr Carrick on behalf of the finance committee said the board was active focusing on measures to increase income streams, including the purchase of extra golf carts, integration of the pro shop into the clubhouse and reduced opening hours to help reduce costs.
“During the year we had an increase in total income over the previous year, of $747,781” Mr Carrick advised. “By removing the impact of Grants and Job Keeper, the increase over last year is $372,293 in total income. The reported result shows a profit of $515,708 compared to last year’s profit of $543,117.”
Mr Peacock said the club was nearly debt free and had exciting plans but recent flooding devastated future bookings and revenue. “It was heart breaking,” he said.
As advised in last week’s edition of The Free Press, an interest-free loan of $300,000 has been given to the golf club by Corowa RSL Club.
Every avenue of grant funding is being sourced and Member for Albury Justin Clancy is investigating grant sources.
Board director Richard Sargood has organised two big days of tree removal on January 1 and 2, with some wood staying at the club.
As advised in last week’s edition of The Free Press, an interest-free loan of $300,000 has been given to the golf club by Corowa RSL Club.
“The Corowa Golf and Corowa RSL Clubs have shown excellent community spirit and understanding by standing together to ensure the golf course not only recovers quickly but remains a strong asset to the region long into the future,” the golf club’s General Manager said.
Vice president for the last 12 months, Deb Eason, was elected unopposed as president, taking over from Chris Gillard who was an apology for the night.
“It will be an interesting and challenging year,” she said.
“But the club is doing all it can to see our championship golf course open for 18-holes as soon as possible, hopefully by mid-January.
“All our staff and volunteers are doing a wonderful job and events like the Marcus Fraser Ambrose in March are 95per cent guaranteed.”
Monday night’s meeting lasted 83 minutes. Considerable robust discussion took place with members keen to learn of any more information about the $300,000 loan by Corowa RSL Club.
Whilst members welcomed the interest-free loan news, they were keen to hear about continued employment of all existing golf club staff.
Mr Peacock and Ms Eason expressed the significance of Corowa Golf Club to the community and with the expectation of the golf club motel being fully booked in the near future tourism to Corowa, particularly to both clubs, will again increase.
“Corowa Golf Club will not be run by Corowa RSL Club and it is not the intention of our board to see our numbers reduce at all. We should all embrace the assistance of the RSL Club.”
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