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Financial Management & Insurance

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The financial management of a club is arguably the most important area in the running of a club.

No matter the size of the club, it is vital that all the club’s finances are managed in a responsible way and that includes having all the necessary insurances in place.

Responsible financial management includes proper record keeping, systems of control and reporting to the Board and members. Given the importance of this area, it is preferred that a person with an accounting or financial background carries out the role of Treasurer.

It is vital that all the club's finances are managed in a responsible way and that includes having all the necessary insurances in place.

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 article on 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 management for small clubs may be found at http://www.leoisaac.com/fin/index.htm

Related documents:

Golf Australia has entered into an exciting partnership with grant writing experts, Red Tape Busters, to provide golf clubs and facilities around Australia with access to our new Grant Writing Assistance Program (GWAP).

The Grant Writing Assistance Program (GWAP) enables clubs and facilities to apply for available funding opportunities via their State Facilities/Club Support Manager, (contact people below) and to have an application for grant funding written by Red Tape Busters.  

The opportunities for grant funding require you to align your “project” with the overall objectives of the grant program.

Grant funding is available for a range of initiatives including:

  • Clubhouse redevelopment, irrigation, and other golf course infrastructure,

  • Purchase of equipment for both participation and maintenance purposes

  • Participation growth activities, 

  • Inclusion activities 

As suitable grant opportunities become available in your State, clubs will be informed via email and should you feel that you have a project or program that requires government investment, you will be encouraged to complete an Expression of Interest (EOI) form for grant writing support (click to access).

Once you have submitted your EOI back to your State Manager/Club Support Manager, your request will be assessed based on specific criteria, including your readiness to proceed with a project/program, and whether the project/program aligns with the grant’s guidelines.

Should your project/program receive the green light to proceed, Red Tape Busters will then contact you directly to work with you through the application process.

In addition to this, you will receive regular news, keeping you up to date with  possible grant opportunities at a local, state, and federal level, plus any commercial funding opportunities that might assist you. You will also receive tips and tricks to help your club access and prepare winning grant applications.

Receiving a funding grant is a great way of attending to a much needed club project.  There are many forms of grants and some relate to specific areas such as a physical facility, flood relief or junior development.

Key Contacts:

GA - National: Matt Chesterman | 0401 968 557 | matt.chersterman@golf.org.au

GA - Queensland: David Webber | 0498 498 242 | david.webber@golf.org.au

GA - South Australia: Ashleigh Stratford | 0419 847 848 | ashleigh.stratford@golf.org.au

GA - Victoria: Mark Bamford | 0428 241 213 | mark.bamford@golf.org.au

GA - Tasmania: Simon Weston | 0438 667 331 | simon.weston@golf.org.au

Red Tape Busters contact:

Rob Lillystone | 0422 368 161 | roblillystone@redtapebusters.com.au

Related documents:

It is vital that your club protects its assets with adequate insurance.

Insurance is a common risk management tool that may minimise your club’s liability. However, insurance is a reactive rather than a pro-active risk management tool and therefore other risk management strategies should be adopted in order to reduce the risk from occurring.

Examples of legal claims that clubs can be exposed to:

  • negligence claims – e.g. personal injury or decisions made

  • criminal liability – including claims for sexual offences and discrimination

  • occupier’s liability

  • work health and safety

  • employment liability – e.g. unfair dismissals

Insurance is a common risk management tool that may minimise your club's liability. However, insurance is a reactive rather than a pro-active risk management tool and therefore other risk management strategies should be adopted in order to reduce the risk from occurring.

Types of Insurance

Your club’s risk assessment process will identify the type of risks that the club could be exposed to. This will then help determine whether insurance is available and appropriate.

Some policies that may be applicable to your club include:

  • Public liability insurance

  • Professional indemnity insurance

  • Directors and officers liability insurance

  • Associations liability insurance

  • Personal accident insurance

  • Work health and safety cover

  • Workers compensation

  • Property contents insurance

  • Fidelity insurance

  • Building insurance

  • Travel insurance

  • Cyber insurance

It is recommended that an Insurance Checklist should be used on an annual basis to manage your club’s insurance.  See attachment below.

Players Personal Liability Insurance

Golf Australia maintains a Player’s Personal Liability Insurance Policy for all members of affiliated golf clubs.

Broadly this policy covers the legal liability of your members to pay compensation for personal injury or property damage which occurs while playing or practising golf or attending a golf event or venue as a player, guest or spectator.

See the attachments below for more details and for the claim form.

Once completed, the claim for should be sent directly to Sportscover by email to asiapac.claims@sportscover.com

The cover is provided up to a limit of $20 million. 

Related documents

Green Fee Players Liability Insurance

Golf Australia has worked with Marsh to develop an insurance product for players that are not members of your club that mirrors the coverage provided to members.

The product can be accessed from the Marsh website, and a webinar launching the product with detailed information is here.

Business Insurance for Golf Clubs

Australian Golf Insurance (AGI) is an exclusive insurance scheme that provides tailored, quality cover for golf clubs.

The policies include cover for golf club's property, liability, professional indemnity, management liability and voluntary workers risk.

The policy is accessible by golf clubs through any licensed insurance intermediary (broker) and therefore clubs are not required to change their broker relationship.

For further inquiries or to obtain a quote, please visit https://victorinsurance.com.au/

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