Lou, what I haven't read yet, or missed by reading too fast
is what else in the way of profit center does that course have, that you are asking about? Do they have a good F&B and pro shop sales? Can they rent out party space?
It seems to me that what Don says is very important in evaluating the point that generates customers coming through your facility. If you are in a market catering to joe average recreational golfers, they are simply not looking for the price to quality of the design issue. They are looking for a place to go and feel like they are getting a good price or the lowest price to whack the ball around for a while, and then have some brewski's with their friends. It is a matter of finding a price to pay for the cost of maintenance and reasonable set aside capital improvements fund divided by the number of rounds you ought to "at least" do. But, you have to have an operation to take advantage of that nearly break-even point of green fees to course maintenance costs. If you charge a dollar or two or 5 less than the most likely competitors, in most non-metropolis regions, that ought to do the trick. Get them coming through then keep them. You can put more effort in F&B and even charge .50 more for a beer etc., and probably more than make that lower gf up, if you have the kind of atmosphere and culture to keep them there at the 19th hole.
One example at my home course, a county owned, rated always in top 3-5 publics in WI. They built a new clubhouse and leased the F&B to a local restaurantuer. The green fees went from 24 to 26 weekday res, 36 to 38 non res, and 3 bucks over those numbers for weekends. But, the restaurantuer came in with an excellent f&b offering in a new lovely clubhouse, AND rather than an old coverted eazy-go with an ice chest for on course beer, he put out two modern golf course beer, liquor carts, and a stand for brats hotdogs and hamburgers at the turn. He raised the profit on that aspect of the previous years f&b enormously in the club house, and quadrupled it on the course! That in my mind is where the rubber meets the road. The green fees should pay for the maintenance and capital improvement fund, and the profit should come from the f&b and customer friendly service.