Golf Canada recorded a loss of $1,400,675 in 2014, compared to a surplus of $181,695 the year before, according to financial statements in its 2014 annual report.
Overall results were adversely affected by disappointing financial results from the RBC Canadian Open at Royal Montreal and the Golf Canada Calgary Centre, according to the document.
Corporate hospitality and sponsorship sales were slightly below target for the RBC Canadian Open, but the bigger shortfall came in advance and walk-up public sales. The Open had a deficit of $1.2-million, but contributed $505,000 to charities.
After the flood of 2013, the Golf Canada Calgary Centre was slow to return to pre-flood levels, providing the disappointing result of a $98,000 surplus for 2014. Insurance claims are still in the process for business interruption and building and contents coverage.
Membership dues were $3.6-million, a decline of about four per cent from the year before with a decline in the number of members at member clubs and 13 fewer member clubs.
Improved market conditions provided Golf Canada with total investment income of $1.48-million and, as of Oct. 31, the overall surplus stood at $27.8-million, down from $29.2-million in 2013.
Click here for the entire annual report. Financials begin on Page 33.