In an Email to their members, the President of the Somersett Golf and Country Club revealed the following 2012-2013 membership initiatives in an effort to increase revenues:
1. Move the Club from 248 monthly dues payers to 380 by August 2013
2. Reduce Equity Purchase Price to $2,500.
3. Reduce monthly Equity Dues pricing in April of 2013 to $395. Contingent upon new Preview Sales.
4. Offer a Preview Membership priced at $300 with 6 day advance tee times
5. Offer a Preview Membership priced at $200 with 1 day advance tee times and no access to the Major club events such as the Club Championship, Member/Guest and Member/Member.
In a subsequent Email the Membership Director of the SGCC provided the following Background information:
“We are writing to update you on upcoming changes to our Membership offerings for the 2nd half of 2012. More importantly, we want to explain how these offerings tie in with our primary goals of creating and maintaining a viable Club and achieving sufficient financial strength and reserves by the end of 2014 to ensure that we are not dependent on the Somersett Owners Association agreement.
Currently, we have the following basic realities:
1. We’ve added 84 new Preview Members in 2012
2. Current Year to Date dues are even with budget and slightly below last year’s levels.
3. We are losing 2-3 Equity Members per month, currently at 140 members.
4. Given current membership enrollment rates and expected attrition Club sustainability may become an issue.
5. We need an average enrollment velocity of 12-14 members per month for the next 30 months to achieve a net growth in dues.”
“The overall goal is fill this club to its Cap of 450 members, become an independent on-going concern, become a Club with a waiting list to get in rather than a waiting list to get out and re-establish an Equity Value for those who have paid into the Club and been dedicated to supporting its operation over the past 10 years. We hope you will chose to continue to support what we all on the board consider to be a very special part of our lives as we diligently strive to make Somersett the model Club for all others to follow.”
SU understands that “Preview Memberships”, which are open to the General Public, require a one year subscription, after which the SGCC hopes they will convert to “Equity Membership”. No information on how many of the existing 84 Preview Members have opted to convert.
We all wish them well in their initiatives, especially with regard to not being dependent on the SOA/SGCC Lease Agreement, which hopefully would end homeowner assessments going to the SGCC.