Equity Memberships

[Bob_Huntley]

Gentlemen,

I need help...in a hurry.

What Clubs listed below have an Equity Membership where the Shareholders vote on matters of Club Governance.

For instance, Riviera is not such a club.



Augusta National (1)            Shinnecock Hills GC (3)            Oakmont CC (5)
The Merion (7)            Winged Foot GC (            Oakland Hills CC (11)
National GC (15)            The CC Brookline (18)            Muirfield Village GC (19)
Medinah CC (20)            Prairie Dunes CC (21)            Riviera CC (31)
Olympic Club (26)            Baltusrol GC (30)            Olympic Fields CC (43)
Southern Hills CC (34)            Inverness Club (40)            Cherry Hills CC (54)
Shoal Creek GC (50)            Milwaukee CC (52)     Flint Hills Nat’l GC (63)
Scioto CC (61)            Eugene CC (62)            Plainfield CC (71)
Congressional CC (66)            East Lake GC (69)     Laurel Valley GC (77)
Long Cove Club (73)            Aronimink GC (76)            Kiawah Island Club


Bob
 

[Jerry Kluger]

Bob:

In the DC area clubs like Congressional are membership owned but their equity stake has value only if the club is sold.  Otherwise, the fee which one pays to join the club is an initiation fee and you receive zero if you leave the club. But to answer your question - the members do vote on matters of club governance.

[Patrick Glynn]

I am pretty sure Pasatiempo has an all-Equity style membership policy. Really interesting how ye do things over there! Pretty much every club in the UK & Ireland has the same membership setup.

[SB]

East Lake and Kiawah do not have members involved in operations.   Riviera is owned by an individual, I believe Laurel Valley used to be, although I'm not sure now.  Medinah may also be different.  Most of the others (except maybe Flint National) are at least owned by the membership.  I'm not sure how much say the members have at each place though (ie. probably very little at Augusta).

[Mike Benham]

I am pretty sure Pasatiempo has an all-Equity style membership policy. Really interesting how ye do things over there! Pretty much every club in the UK & Ireland has the same membership setup.

However, the following link does not define who has the voting power ...

Pasatiempo Membership

[Roger Wolfe]

Bob:

In the DC area clubs like Congressional are membership owned but their equity stake has value only if the club is sold.  Otherwise, the fee which one pays to join the club is an initiation fee and you receive zero if you leave the club. But to answer your question - the members do vote on matters of club governance.

Interesting point, Bob.  Having spoken with thousands of prospective members I find it interesting that the term, "Equity Membership," is interpreted as meaning your initiation fee is refundable.  All "equity" means is that you are an owner of the club.  Our bylaws read the same as Congressional's.  Only if the club is sold, do the members' shares have value.  Interesting.

[Dave Givnish]

I thought that Flint Hills was owned by an individual, not by the members.

Interesting comments re the use of the term "equity".  In the Phoenix/Scottsdale area, the clubs that used the term most during the last 10 years to sell their memberships were, in fact, not owned by the members.  The clubs promising "equity" used new fees/deposits to pay off departing members under various complicated formulas.  By and large, the clubs that are owned by the members seem to be in better financial positions now.

Dave