One of the country's best known golf clubs, Lahinch in Co Clare, was sitting on a record €4.7m cash fund at the end of June due to bumper green fee receipts this summer.
In a half year report by chairperson of the golf club, John Gleeson reports that green fee income for 2023 is expected to beat the €2.7m estimate.
Mr Gleeson has told members in a six page report that the golf course's green fee tee times are virtually sold out for the season.
"The revenue generated provides much needed funds for our capital projects, provides employment for our staff and contractors and is vital in supporting the local business community," he added.
US golfers usually make up a sizeable chunk of the green fee income where it costs non-member golfers €275 for a round at Lahinch's "Old Course" during high season from mid April to the end of September this year.
"Our finances are in a very healthy state with a record €4.7m cash held by the club," Mr Gleeson said.
He added that the €4.7m cash included €1.4m in pre-payments.
"However, with our contingency fund of €2m, irrigation project costing €2m, clubhouse improvements essential and the upgrading plans for the Castle Course also requiring consideration, the Club will need these funds and more to complete its ambitious plans," he stated.
Mr Gleeson told members that the Club Council will continue to manage the Club’s finances "in a very careful and prudent manner, and we most certainly do not have a philosophy of 'we have it so let’s spend it’".
"These capital projects are necessary to keep Lahinch at the forefront of not just Irish golf, but world golf and we will invest our resources wisely and prudently," he added.
Underlining the buoyant summer season at Lahinch GC, Mr Gleeson said that sales at the golf shop at the end of June were €625,000 (ex VAT) which, he said, is ahead of projections.
He said that annual subs received to date total €1.13m which is in line with budget. Mr Gleeson said that expenditures for the first six months of this year of €1.6m is also in line with budget.
Club membership at the club, which staged the Dubai Duty Free Irish Open in 2019, won by 2023 Masters' winner Jon Rahm, is much sought after.
Earlier this year, Lahinch GC concluded its first membership election in six years which was limited to spouses/partners of members and permanent local residents.
In his report, Mr Gleeson stated that the Club Council "acknowledges that some excellent candidates were unsuccessful in a very competitive but open and fair election process".
Mr Gleeson reports that the Club Council will look to hold a further election at the end of 2024, subject to a full analysis of tee time availability on the Old Course.
He also pays tribute to club member Áine Donegan who featured as an amateur in the recent US Women's Open.
- Reporting by Gordon Deegan
