Exclusive ski club received $1.4M in federal COVID relief amid 'record' year
CBC
The Georgian Peaks Ski Club, near Collingwood, Ont., has a history of producing winners.
Three of its racing alumni were on the slopes at the Beijing Winter Games, with Jack Crawford capturing Olympic bronze in the men's combined.
But "the Peaks" — one of Canada's most exclusive private clubs, with an initiation fee of $43,000 — has had much more to celebrate this season, including an unprecedented surge in new members and the opening of a "state of the art" $13-million lodge.
Not to mention $1.37 million in taxpayer-supplied federal COVID relief, which helped propel the club to a $1.54-million budget surplus, three times greater than the year before.
Financial statements for the fiscal year ending May 31, 2021, obtained by CBC News show that Georgian Peaks received $1.203 million under the Canada Emergency Wage Subsidy (CEWS) and a further $166,885 from the Canada Emergency Rent Subsidy (CERS).
Overall, the club, which enjoys not-for-profit tax status, reported $7.948 million in revenue against $4.741 million in expenses.
The resulting $3.207-million surplus was halved by a $1.667-million depreciation and amortization charge — an extra-large accounting writedown triggered by the demolition of its old clubhouse and the opening of the $12.833-million replacement. The annual report brags that the facility is "second to none when compared to any contemporary skiing venue anywhere."
While pandemic-related shutdowns meant less operating revenue, expenses dropped almost in lockstep. The club benefited as people in the Greater Toronto Area looked for a release from lockdown life, taking in $2.524 million in annual dues and $1.541 million in new initiation fees, both healthy increases from the prior season.
"From a membership perspective 2020/21 delivered a record year for the Club," the Membership Committee reported. "And as a result we are proud to say that for the first time in our history the Georgian Peaks membership is 'full.' We now have the hottest waiting list on the [Niagara] Escarpment."
Those who manage to make the grade pay handsomely for the privilege. Annual dues are $3,000 per person, while racing program costs for kids range between $3,000 and $6,000 a season. Add in $2,500 for a premium parking spot, the minimum bar tab and capital improvement fees, and the cost for a family of four easily tops $20,000 to $25,000 a year.
It's not clear why the club felt it necessary to apply for the federal wage and rent subsidies. The financials note that the funds helped support "over 270 employees," but they also report that an Ontario government-ordered ski hill shutdown starting on Boxing Day 2020 triggered the layoff of most of its food and beverage workers.
Georgian Peaks representatives declined multiple interview requests and did not respond to written questions from CBC News.
In a text, board president Nick Hamilton, a Collingwood investment advisor, simply wrote "we always abide by the rules of any government programs for which we qualify and use any funds received for their designated purposes." Finance chair Laura Boland, the chief financial officer for a grocery chain, didn't acknowledge emails or text messages.
Per the financial statements, the club's budget windfall will help kick-start a new 10-year capital improvements plan, with $2.5 million earmarked for the refurbishment of one of the main chairlifts, and upgrades to the snow-making control centre in the coming off-season.
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