Annual Club Fees
A Club Fee is payable annually towards maintenance of the Club to ensure the quality of Club Property is maintained. For example, ongoing operating expenses, such as management fees, landscaping costs, cleaning costs, refurbishment costs and general administrative expenses are required to ensure Members continue to enjoy quality facilities each and every year.
The annual Club Fees include the Responsible Entity’s management fee. The Responsible Entity is entitled to a management fee of the greater of no more than 15% per annum of the Annual Budget of the Club and 5% of the value of Club Assets. In 2018 it is budgeted that the management fee will be 9.0% of total Club expenses (excluding the management fee).
The Responsible Entity has determined the annual Club Fees for the financial year ending 31 December 2018 as set out at Figure M. For subsequent financial years the Club Fees will be based on the Club Budget prepared for those years and determined at that time.
New Members will receive an invoice shortly after joining the Club and subsequently every December with payment due in January. When a Member joins other than on 1 January, their first year of Club Fees will be charged pro-rata for that year.
It is important to pay Club Fees on time. Late payment of Club Fees will incur late fees and interest charges. If Club Fees are not up to date, you will not be able to make bookings, exercise Personal benefits and, in the case of continuing default, existing reservations will be cancelled. Continuing non-payment of Club Fees will cause your Membership rights to be suspended and can lead to the Responsible Entity taking legal action to recover the money, including by forfeiting the Membership.
Members who upgrade their Membership will receive an invoice shortly after purchasing their higher level of Membership, for the Club Fee corresponding to the upgrade for that year (which is not pro-rated). The Club Fee for the next, and each subsequent year, will be for the higher level of the Membership.
If, for any reason you are unable to pay your Club Fees by the due date, please contact us to discuss whether we can grant you an extension of time or arrange a payment plan.