April 14, 2011

Golf simulator a success

Golf simulator a success
Club pays off loan

The note on the simulator at the Garrison Golf Club has been paid in full.
The announcement was made this past Sunday during the club’s annual meeting. All that remains is for stockholders to be reimbursed.
The payment is a full year ahead of what club officials had hoped to pay off the bank, which was estimated to be three years. The plan is to pay off the stockholders in another two-three years. The club will then assume ownership of the simulator.
Simulator income for 2010 was $9,964 (compared to $4,602), and simulator league dues another $9,229 (compared to $2,902).
Cost of the simulator was $56,535 . It was financed by a $20,900 stock sale, a $30,000 loan and simulator advertising income (about $8,000). The addition to the clubhouse to house the equipment, plus provide room for a lounge area was another $25,000.

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