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Why Don We Sell The Club

3186 words - 13 pages

MIA ICS Case Writing Group Case Study No. 3

Hur Tze Huan
CA(M), FCMA(UK), CFP, MBA(UKM), Cert. Trainer
The Club
Releks Golf & Country Club (the Club) was one of the few members’ clubs in Malaysia. Its 4,000 plus members not only enjoyed golfing and other recreational activities of the Club, they were also each a part owner of the Club’s assets, including the land. The Club’s 36-hole course sat on 300 acres of prime land surrounded by residential and shop-office properties. In addition, the Club had accumulated a cash reserve of RM10 million over the years. This was placed in fixed deposits at several local banks.
The organization structure of ...view middle of the document...

Members did not pay green fees. Outsiders were allowed to play on Monday through Friday only, by paying RM80 per round of golf game (18 holes). Another steady source of income was from the rental of buggies, which members or non-members hired one at the same rate of RM50 per round of golf game. While the Golfers Terrace served food and drinks to members and non-members alike, non-members were charged 10 % more. The Club had been looking out for a good tenant for its Eagle Court Restaurant for some time. The auditorium (or hall) was being rented out for functions such as wedding, birthday or corporate annual general meeting (AGM) and extraordinary general meeting (EGM). Members enjoyed free use of the recreational facilities, such as swimming pool, tennis court and gym, while non-members paid RM10 per entry for the same privilege. The driving range was tendered out at a rate of RM4000 per month
The Finance Subcommittee
Every member of the GC supervised a functional department. The member in turn would seek out several active members to form a subcommittee. This was intended to make the GC member function objectively in the management of the club, by consultation and consensus. He would be more professional and transparent in carrying out his role as the policy implementer, and the coordinator and supervisor of the department under his purview. The subcommittee members were active or retired professionals from many fields.
Mr. Lee Sam Tat (M. Lee) was the current Honorary Treasurer. His duty included co-signing the cheques with the President or the GM, monitoring the income and expenditure, preparing of the budget and undertaking budgetary control. Last, but not the least of his duty included chairing of the Finance Subcommittee.
Mr. Lee took his roles very seriously both as Honorary Treasurer and as chairman of the Finance Subcommittee. He had 7 members in his Finance Subcommittee: two accountants, an auditor, a stock broker, an ex-banker, an operational manager and a businessman. The GM (Mr. Zainal Ibrahim) and the Finance Manager (Ms Lau Mei) were permanent members. The Finance Manager also served as secretary for all the meetings of the Subcommittee.
The Task
It was early October, a time to prepare for next year’s budget. Mr. Lee, in his capacity as the Honorary Treasurer and Finance Subcommittee chairman, was asked to coordinate the budgetary process. He was a firm believer of zero-based and activity-based budgetary processes. Weeks ago he had asked all the functional managers and executives to submit detailed budget for their respective departments. He then asked the Finance Manager to summarize all the incomes and expenditures. This served as the first draft of the budget. The President and the GC had studied the draft budget. They commented that the budget for the following year had a big gap between the operating income and operating expenditure. They also found out that the Club had been suffering from an operating loss for many...

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