A report that looked at Form 990s filed by 12 nonprofit clubs in the Louisville, Ky. area from 2009 to 2012 showed that only four had posted net gains in revenues less expenses over that period. Louisville Country Club showed the biggest increase, of over $1 million, even though its 2012 report was not included. Standard Country Club showed the biggest loss, of over $2 million, but its 2012 report was also not part of the study.
In a column written for Louisville Business First, Senior Reporter Ed Green followed up a report on the state of the golf industry in the Louisville, Ky. area (http://www.bizjournals.com/louisville/print-edition/2014/04/04/rough-times-golf-clubs-battle-industrywide-decline.html) with an in-depth look at Form 990s filed with the U.S. Internal Revenue Source by 12 of the region’s nonprofit clubs from 2009 to 2012.
“Nonprofit golf clubs must file Form 990s annually with the [IRS] to show details of their financial performance, [so] I researched the available financial data for a number of area golf clubs,” Green wrote in his followup report.
Looking at the results from 2009 to 2012, the most recent years for which data are available, Green reported these details:
• Only four of the 12 nonprofit clubs for which reports were obtained showed net gains in revenue less expenses since 2009. Two of the clubs had not yet filed reports for 2012, Green noted.
• The club showing the highest net revenue versus expenses among the 12 that were studied was Louisville Country Club, which reported a cumulative total of $1.03 million in revenue less expenses from 2009 to 2011. The club was one of the nonprofits that had not yet reported financial results for 2012, Green noted.
• The club showing the biggest net loss based on revenue less expenses was Standard Country Club, which cumulatively reported a negative $2.08 million in revenue less expenses from 2009 to 2011. Standard CC had also had not yet reported financial results for 2012, Green noted.
• Big Spring Country Club and Harmony Landing Country Club, which recently announced a merger, (http://clubandresortbusiness.com/2014/04/01/big-spring-cc-harmony-landing-cc-announce-merger/) would have posted a net loss over the four-year period had they been combined, Green reported. But they would have showed a gain for 2012, based on the reported results.
Among the clubs for which 2012 returns were obtained, Hurstbourne Country Club showed the strongest performance, reporting a gain of nearly $750,000 for that year. Big Spring Country Club ($138, 273) and Shelbyville Country Club ($77,127) also showed gains for 2012.
The 12 clubs included in Green’s study were: Audubon Country Club, Big Spring Country Club, Harmony Landing Country Club, Hunting Creek Country Club, Hurstbourne Country Club, Jeffersonville Elks Lodge & Country Club, Lake Forest Country Club, Louisville Country Club, Standard Country Club, Shelbyville Country Club, South Park Country Club, Wildwood Country Club.
A table showing the figures reported by each club can be viewed at http://www.bizjournals.com/louisville/blog/2014/04/what-do-louisville-country-club-and-standard.html
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