While your golf club is likely a not-for-profit organisation, it is as equally a not-for-loss organisation. The only sustainable way to accumulate and maintain sufficient financial reserves is for the club to avoid operating at a deficit.
To avoid this, the club's board/committee should ensure adequate controls and reporting systems are in place to understand and monitor the club's operations, risks and finances.
To compliment operations, the board/committee should also have a good understanding and management of the club's value proposition (how much members are prepared to pay for services), membership pricing structures and other major sources of revenue including green fees and hospitality (food and beverage). Also, it should look at ways to diversify revenue to reduce its dominant dependency on membership fees.
The following is a useful link* to CPA Australia to assist Boards, Committee members and Managers with running the club's finances.
CPA Australia Professional-resources/ not-for-profit
* Provided with the permission of CPA Australia. Documents are not to be reproduced, re-published, communicated, sold or otherwise dealt with for a commercial purpose.
The resources available for download below will provide you with information regarding financial management for not-for-profit organisations and finance templates, including a comprehensive strategic financial model.
Fuel Tax Credits
Clubs of all sizes can claim Fuel Tax Credits on their Australian Business Statements.
Many clubs have received rebates of tens of thousands of dollars. FInd out more here: Interview-with-odette-yen-of-HPL Group-regarding-fuel-tax-credits in golf clubs/ Clubs can either make their own arrangements for a fuel tax credit or arrange for speak with HPL group, a company with experience in arranging fuel tax credits for golf clubs. ATO information is available here: https://www.ato.gov.au/business/fuel-schemes/fuel-tax-credits—business/
Treatment of Entrance Fees – Change in Accounting Standards effective first full year from 2019.
The way clubs treat revene from entrance fees may need to change.
Please read articleon p.3 in the link and discuss with your club's auditors.
AASB-15 Acc standards re enrance fess -effective 2019.pdf
Note: the original dates have been deferred to first full period after 1 Jan 2019.
A useful site for financial managament for small clubs may be found at http://www.leoisaac.com/fin/index.htm