The strong focus on financial management is set to continue at Yarrawonga Mulwala Golf Club Resort but there are still plenty of other matters on the agenda.
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That was the clear message conveyed at last Thursday’s Annual General Meeting by club president Gil Cunningham, after advising of the club’s first net profit for four years.
News of the trading profit for 2018/19 of $2,118,577 – an increase of $787,482 on 2017/18 – and after accounting for depreciation of $2,005,230 meaning a net profit of $113,347 met with applause from the 114 attendees.
The $113,347 profit figure compares to the 2017/18 result of a $641,235 loss. The club’s debt was $1,725,000.
“We have reduced our debt to $100,000 and had cash holding of $1,073,984 as at 30th June 2019,” Mr Cunningham, delivering his second report in the job, said. “We are now debt free.
“We are in a period of consolidation. We have to focus on increasing our revenue. We are still working our way and keeping us in the ‘red’. We are making some headway.
“But in no way are we compromising our golf courses, our lawn bowling greens or croquet greens. The playing facilities and our clubhouse facility are praised by so many visitors and that is always welcome feedback.”
The president said that whilst there is more competition with more accommodation in Yarrawonga/Mulwala, especially with popular Bed and Breakfast (B and Bs) style accommodation, demand for the stylish on-course YMGCR unit accommodation is “steadily increasing”.
Chief Executive Officer of nine months, which included five months during financial year 2018/19, Greg Ferguson mentioned the support of management and staff in the pursuit of a rosier financial path.
Emphasising the word ‘team’, the CEO said it was a team approach to achieving what is best for the club.
“As part of our projected improvement, we will remain quite strategic with our cash position, and rely on our team to maintain the selfless approach currently driving cultural and financial change,” Mr Ferguson said.
“Targeting access to the recycled water currently being pumped into the Murray River, my wish is to achieve a result whereby the process produces water of a standard removing current hurdles concerning use on the course.
“A positive Federation Council gives me confidence that chances of a beneficial outcome are high.”
Changes will happen regarding carparking, the driving range, golf cart sheds and maintenance facilities due to the large and increasing number of golfers and visitors.
Mr Ferguson exampled a case of a member meeting up with a few friends and for those friends having nowhere to park and giving the club a miss as a result.
The club’s carpark area is not small but golf, being the most played sport in the world, brings more people to golf clubs, including our own.
YMGCR’s executive will meet with golf’s governing authorities in both Victoria and NSW, in December regarding grant funding and other working relationships. Mr Ferguson said consultation with members will be undertaken before any decisions are made.
YMGCR, which launched its inaugural education scholarship program on Monday, June 17 this year and which was covered in detail in the Yarrawonga Chronicle of June 19, is to continue.
The club teamed up with local schools Sacred Heart College and Yarrawonga P-12 College to support student education and encourage the great sport of golf.
“These scholarships will assist students and their families in meeting the financial needs required to continue secondary education, while encouraging an active lifestyle,” club president Gil Cunningham said at the time.
“Scholarships are available for students from Year 7 through to Year 12. Eligibility for scholarships is generally based on a student’s academic participation, their involvement in school and community activities, and a willingness to regularly participate in golf.”
In the first year of the program, YMGCR is sponsoring three local students, Joseph Lee-Conway and Oliver Ridley from Sacred Heart College and Lachlan Bosch from Yarrawonga P-12 College.
Each student received $500 from YMGCR and plays 10 competition games during these 12 months.
At last Thursday’s AGM, vice president Laurie Bridgeman said: “We started off in a small way this year. “We are definitely continuing it next year. It’s going well and is highly regarded by all directors.”
No voting for any positions was required at this year’s AGM. The number of nominations equalled the number of persons required for the positions.
Mr Fred Exton, who was seconded as director to the board during the last 12 months to replace Steve Buckley who resigned, was elected unopposed.
Messrs Peter Warner and John Ashby were elected unopposed as men’s captain and vice-captain. Also in a separate story, outgoing men’s captain Darrell Lynch was formally recognized for his service.
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