Finance officer Chris Rebbechi and club president Jenni Delany address members on profits at last week’s AGM.
The Corowa RSL Club has announced a record-breaking profit of $1,127,309 for the 2022 fiscal year, surpassing the previous year's profit of $931,621.
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The club's 50th Annual General Meeting (AGM) last Tuesday unveiled the figures highlighting the positive impact of recent strategic decisions, a dedicated team, and unwavering support from its members.
CEO Peter Norris, who made an apology to the meeting due to illness, expressed his satisfaction with the club's financial performance in the 2022 annual report.
“Financially, the club has performed exceptionally well, recording one of our strongest profit positions in many, many years,” he said.
“This enables the Board and Management to make strategic decisions to position our club for continued growth in the coming decades.”
Mr Norris attributed the success to the strong executive team, including the new president Jenni Delany, and board member John Elmore who joined the club recently.
“This kind of result can only come from a strong team, and I can proudly say our entire team have all contributed significantly to this result,” he said.
“I thank our board for their ongoing support and vision in helping to create a venue that is proving to be one of the best clubs in NSW.”
The CEO also acknowledged the club's supportive and cohesive staff, whose exceptional customer service contributed to the consistently positive Google reviews received by the club.
At the meeting, finance manager Chris Rebbechi described the company’s operating cash flow known as EBITDARD (earnings before taxes, interest, depreciation, amortization, rent and donations) as “healthy” for the 2022 year.
Mr Rebbechi also spoke about the club’s sustainability with huge savings made from investing in infrastructure to lower power costs.
“It means we can have funds which enable us to grow into the future, particularly if there’s a downturn in gaming, which is an area we have experienced good growth in,” he said.
“One of the other things going on is the installation of electric car chargers for people with electric vehicles.
CEO Peter Norris said the board of management and staff are the driving force behind the club's exceptional financial performance after recording a record-breaking profit of $1,127,309 for the 2022 fiscal year,
“There hasn’t been a massive take up in the vehicles, but that is changing, and the government is offering Fringe Benefit Tax exemptions for anyone who buys an electric vehicle.
“As a result, there is going to be a lot more electric vehicles coming our way and we need to be ready for that in terms of in terms of having facilities within our town to charge those vehicles. We’ll have two double chargers in the carpark which will enable people to charge their cars while visiting the town.”
Mr Rebbechi said the board and management are also actively working on identifying alternate and diversified revenue streams to ensure sustained growth and reinvestment in the community.
Community support was another important aspect discussed at the AGM, with a particular focus on the NSW ClubGRANTS program. Through this program, clubs across NSW provide support to local community organisations, sporting groups, and charities.
A standout initiative mentioned during the meeting was the "Uniting Our Communities Flood Relief" program.
As part of this initiative, several local community groups and sporting clubs received financial support from the club's Flood Recovery Fund, totalling almost $60,000. Beneficiaries included the Corowa Golf Club, Corowa Football Club, Corowa Cricket Club, Wahgunyah Speedway, Corowa Apex, Corowa Girl Guides, and Wahgunyah Rowing Club.
To further assist the flood-affected community, the Corowa RSL Club organised the Uniting Our Communities Flood Relief Concert. All proceeds from ticket sales were donated to the Flood Recovery Fund.
The event received widespread support from the community, local businesses, and club suppliers, with over 50 businesses making financial and in-kind donations. The concert generated almost $30,000, which was distributed among the Corowa Lawn Tennis Club, Corowa Rutherglen FNC, Corowa Rutherglen MotorSports, CR United Hockey Club, and Shear for Kids.
During the meeting questions were raised regarding the recent decision to rename the club to ‘Club Corowa’. Concerns were voiced by RSL Club bowlers, particularly regarding the potential need to change their uniforms and the rationale behind the name change.
In response to these queries, club president Jenni Delany addressed the members' concerns and clarified the reasons behind the name change.
“It’s a gradual transition,” she said. The change in name aims to eliminate confusion, particularly among visiting RSL members from other states, who were under the impression that the club operated solely as an RSL establishment.”
Members also raised questions regarding the club's decision to loan the Corowa Golf Club $300,000 as well as administration and in-kind support, following the 2022 floods which impacted significantly the golf course. Ms Delany emphasised that the intention behind the loan was not to “take over” the golf club but to foster mutual success and collaboration between the two establishments.
“Our aim is to see both clubs thriving as it benefits both in terms of tourism and other aspects." She further elaborated on the club's recent interactions with the golf club's new CEO Kim Gregg, expressing positive sentiments about the potential for the two clubs to work together effectively.
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