Golf Canada released its annual report at its annual general meeting in Halifax, including financial statements that show a loss for 2015 of $915,495.
That loss comes a year after Golf Canada reported a loss of $1,400,675 due to disappointing financial results at the 2014 RBC Canadian Open and flooding the year before at the Golf Canada Calgary Centre.
Golf Canada points to the decline in the value of the Canadian dollar and global investment markets as reasons for the second consecutive year of deficit. Other factors include the softening of corporate hospitality and ticket sales to its professional championships and restructuring costs.
“As we look ahead to 2016 and beyond, together with the board and staff we will challenge every facet of our operation to make the association more efficient and financially sustainable,” wrote CEO Scott Simmons in his report on Page 8 of the report.
For the entire annual report, click here. Financial results begin on Page 35.