Dear Member

Our Club, like other businesses, is continuing to experience significant escalation in operating expenses. An increase in subscriptions in 2024 is necessary to offset these costs, allowing us to maintain and improve existing assets to the high standard expected by all.

Equity Membership
Please see Equity Membership rates below for 2024.

The reduction in the family member discount is in line with what was planned and communicated to Members over the past few years, as well as being part of the recently released Strategic Plan.

Changes to Club Credit
The Club has removed the requirement for the pre-payment of Club Credit and replaced it with a ‘minimum Club spend’ requirement for the 12-month period. The minimum Club spend amount for local Equity Memberships is the same as the Club Credit amount paid in advance in 2023. Minimum Club spend applied to membership categories is as outlined below:

• Local Equity Members – $1,000
• Distant Equity Members – $1,000
• Equity Transition/Transition Members – $1,000
• Alternate Members – $1,000 pro-rata based on membership period

This will significantly simplify matters where Members will only have one single account to manage purchases, competition fees, and payments.

The spend of each Member will be tracked throughout the year and if a shortfall arises relative to minimum spend, any shortfall in spend will be billed to the Member at the year end.

Members will need to present their digital membership card located on the SCGCC app (under Member Cards) or communicate their Member number at the point of sale to ensure all transactions are recorded against their minimum Club spend.

Capital Levy
The Board is introducing a Capital Levy to assist in commencing critical works required for the Club in 2024. The Capital Levy below will apply to each membership type as listed, and will be included on your subscriptions invoice to be paid upfront in full:

• Equity Members – $550 per Member
• Corporate Nominees – $550 per Member
• Equity Transition/Transition Members 18-21 years – $110
• Equity Transition/Transition Members 22-27 years – $110
• Equity Transition/Transition Members 28-31 years – $165
• Equity Transition/Transition Members 32-35 years – $220
• Alternate Members – to be pro-rata based on membership period (3, 6 or 12 months)

The funds raised from the Capital Levy will allow us to commence works on stage 1 of The Palms Golf Course Enhancement Plan with the refurbishment of the bunkers. We anticipate this Capital Levy will provide funds of approximately $500k towards these works which we expect to start early in the new year. Whilst the bunker refurbishment work is yet to be quoted, the initial works will utilise funds raised from the levy. We will communicate the final costs and timetable of the project to the membership once finalised, however the cost is expected to be in the area of $1m.

Other vital works planned for 2024 include the stage 1 upgrades and improvements to the Clubhouse to accommodate the increasing membership base, as well as improvements to the overflow car park.

As previously communicated, the progress of further major works ia dependent on funds expected to be received from land sales which are currently awaiting approval from the Queensland Government.

Joining Fees
There will be an increase in joining fees from 1 January 2024, with the single Equity Membership joining fee increasing to $12,500, and that for family membership increasing to $22,500. The Board will continue to monitor and review this as required in 2024.

Equity Transition, Transition, and Alternate Memberships
Please see Equity Transition and Transition Membership rates below for 2024.

Alternate Membership will have  a non-refundable administration fee of $500 at the time of joining, which will be deducted from the joining fee if the Alternate Member transitions to Equity Membership. 

Corporate Membership (non-Equity)
Corporate Membership will increase by 10% as well. Access to all Club competitions has been removed from this membership to assist with tee utilisation for Equity Membership.

The Corporate Membership offerings for 2024 will be as follows:

• 5-Day Membership – Monday to Friday
• 6-Day Membership – Sunday to Friday

Payment Options for 2024 Subscriptions
Please see payment options below for 2024:

• Annual (in advance) – due prior to Thursday 28 December 2023, which is the second-last business day of the year
• Bi-Annual – first instalment is also due prior to Thursday 28 December 2023, with the second instalment due prior to Thursday 27 June 2024
• For those Members on direct debit, payments will be processed from your account on Thursday 28 December 2023

Capital Levy – the full amount must be paid by Thursday 28 December by all Members. No discount applies to this amount.

The subscriptions notices will be sent to Members on Friday 1 December 2023.

2024 Budget
We expect the 2024 budget to provide consolidated profit of $1.8m, including the Capital Levy contribution. This allows expenditure of approximately $700k on normal operational capital items. Additionally, there is an earmarked allowance of $1 million to cover vital initiatives, including The Palms bunker refurbishment program, Clubhouse improvements, and works to the overflow car park. This budget will leave a small cash surplus subject to favourable trading conditions. We will continue to monitor the amounts of expenditure in line with our trading position throughout the year.

All additional non-member golf rates (hotel, corporate day and tour operators) have been increased for 2024. Member guest rates remain the same as in 2023.
 
To view the full subscription rates, please click below:

• 2024 Equity Membership Rates (including Alternate Membership rates)
• 2024 Equity Transition and Transition Membership Rates

The Board would like to take this opportunity to thank all Members for their ongoing support.

If you have any questions, please do not hesitate to contact Member Services on +61 7 5699 9000.

Kind Regards

Jeff Ervin
President 
Sanctuary Cove Golf and Country Club