Granite Pointe appears to be recovering from a devastating financial loss.
The 99-year-old Nelson golf course lost $157,801 during the 2018 financial year ending Dec. 31, according to statements released at its annual general meeting on May 29. Clubhouse amortization of $44,942 however drops that number to $112,859.
Although the loss is still significant, the latest numbers represent a major improvement from last year when the course recorded a net loss of $258,418.
Barry Auliffe, who ended his two-year term as president at the AGM, also revealed plans to sell a 15-acre parcel of land that could result in 300 residential units added to the Rosemont site. New property owners would also pay an ongoing fee to live next to the course.
The development, he said, is needed to help pay off a nearly $1 million loan from the Nelson and District Credit Union that originated in 1992 when Granite Pointe expanded to 18 holes.
“If that first piece sells, that will put us on the road to turning this around,” said Auliffe.
Auliffe said public consultation will begin this summer for a three-acre parcel on Choquette Avenue next to Art Gibbon Park. If there are no delays, Auliffe said development could begin as early as 2020.
Several other factors helped Granite Pointe stop the bleeding.
Auliffe credited general manager David Belling with a $50,000 revenue gain at the pro-shop, while membership fees and rental income also increased. Granite Pointe also began subcontracting out its troubled restaurant operation, which saved $27,278.
Membership meanwhile held steady at 260, including 15 junior members.
Auliffe, who will be replaced as president by Am Naqvi, said he never expected to be the course’s chief steward when he joined the board of directors in 2012.
“It’s an honour to be president of this community asset,” said Auliffe. “It’s just so serious, we have a lot of challenges, but we have a pathway to sustainability. It’s just a lot of work.”