Section 1 – Introduction & background
Members will be aware that the WHVGS is a hugely important institution and an early decision was taken that the society should be robust in monetary terms and governed by a financial model.
The development of the financial model was delegated to Mr A Austin in early 2007 although, at the time of the AGM in December 2007, he had systematically failed to draft any document for approval and this lethargy was a major factor in his removal from the Board at the AGM.
The development of the financial model was subsequently delegated to Mr C Gregory who did not raise any objections to this decision, principally because he was asleep on Bruce’s sofa at the time.
Section 2 – The need for income
The WHVGS has a number of approved overheads and these include the following:
- Competition prizes
- Tour clothing
- Beverage purchases
- Website costs
- Errant betting wagers
- Temporary credit function for Mrs G Gregory
It is therefore key that the society has in place a strong financial model to identify appropriate and sufficient income streams to meet the anticipated expenditure requirements. The following section identifies the main funding activities.
Section 3 – Where the bunce comes from
The WHVGS has a number of income streams and these include the following:
- Competition entry fees – the structure of these which are outlined in more detail below
- Sales of tour clothing as detailed by the approved process contained within the WHVGS Almanac
- Betting wager returns
- Donations
- Annual membership fees payable to the Tour Director prior to the AGM
- · Temporary credit facilities such as those provided by the WHVGS President and Founder
The responsibility lies with the Tour Director to collect competition entry fees & betting returns and with the President and Founder to collect the proceeds from the sale of tour clothing. All income will be stored securely by the Tour Director, with access only allowed to himself and Mrs G Gregory.
Any subsequent borrowing made by Mrs Gregory will expected to be underwritten by the Tour Director and such borrowing will be referred to as ‘Arthur Fowlerism’ or the workings of a ‘Dirty thief’.
Section 3.1 Detailed competition fee structure
The entrance fees for each WHVGS tour event will be published within the Tour Calendar or, in the case of additional minor competitions incorporated into the tour, members will be provided with 7 days notice of them.
The outline fee structure is as follows although individual competition sponsors will be permitted to deviate from this structure with the prior agreement of the WHVGS Board:
For all WHVGS competitions where a team format is also in operation, the following allocation of funds will generally be employed:
Winners prize 20% of entry fees
Runner-up prize 10% of entry fees
Team prize fund 20% of entry fees divided equally between the team
Nearest the pin prize 5 lads
Longest drive prize 5 lads
For all WHVGS competitions where a team format is not in operation, the following allocation of funds will generally be employed:
Winners prize 30% of entry fees
Runner-up prize 20% of entry fees
Nearest the pin prize 5 lads
Longest drive prize 5 lads
Section 4 – The WHVGS Financial year
The Society financial year will run from the date of the first official WHVGS competition of the season until the date of the AGM. In order to increase the turnout at the AGM, all financial competition prizes will be awarded at the AGM and, if any member is unavailable to collect their prize without good reason as assessed by the voting members present, then the prize will revert to the Tour fund.
Previous versions of the financial model regulated that Tour funds were not able to be carried forward between financial years although this position has been revised ‘to invest not just in the future of Society golf, but also in Rob’s golf’ and the following system now applies:
- £70 from Tour funds will be allocated to the winner of the Order of Merit, with £20 allocated for runner-up and £10 for third place.
- Once all prize payments and other authorised expenditure has been made, then 40% of Tour funds will be allocated to spending on the evening of the AGM, with 60% retained in reserves.
Section 5 – Financial reporting
A financial report will be made by the Tour Director to the WHVGS Board following every tournament and the Players Representative will forward the latest financial report to any WHVGS member on demand, should they request this from him at any point.
Section 6 – Quibbling
Members of the WHVGS will be aware that discredoration of the rules is given very short shrift, however, should there be any complaints on or challenges to the content of the financial model, then these will be considered on a case by case basis by the WHVGS Board at their earliest opportunity.
C. Gregory, Tour Director. For and on behalf of the WHVGS – updated March 2010.
