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Royal Cork Yacht Club – Proposed purchase of Salve Marine

Date: May 2024                        Proposed purchase of Salve Marine.

  1. As was outlined at the recent member’s information meeting, the Club is currently negotiating the purchase of the Salve Marine premises/marina. The advantages of this proposal were outlined in detail to the meeting and support for the project was unanimous. The cost of the project will be in the order of €1.5m.
  2. The Club has secured indicative support from its bank. However, the cost of borrowing the entire amount, while feasible, is prohibitive, and the Club is accordingly looking to its members to fund the procurement of Salve Marine premises.
  3. The funding options discussed at the meeting were (i) Soliciting donations from its members;  (ii) Borrowing from the members; (iii) Borrowing and donations from members (iv) a combination of the above. The first two options are considered below:

(i)        Soliciting donations from members/corporates. In this instance, a member (or corporate) would make a one-off donation to the Club.(minimum donation €500 with no maximum limit).The advantage of this is that tax relief is generally available for such a donation if it is at least €250 in a tax year (see https://www.revenue.ie/en/companies-and-charities/charities-and-sports-bodies/tax-relief-donations-certain-sporting-bodies/index.aspx for further information). This is a common fundraising method in other clubs and sporting organisations.

(ii)         Borrowing from its members. What is envisaged is that the Club would enter into an arrangement under which it would borrow a sum of money from a member. (Minimum loan amount €30,000 going up in increments of €10,000 with no maximum limit) A sinking fund will be established so that the Club can start to repay the borrowings after a period of five years.  The lending member would be entitled to a 50% reduction on their membership subscription for the duration of the loan, which on preliminary advice, would not have any tax consequences for either the member or the Club.  

 The Club is seeking expressions of interest from its members and corporates and accordingly you are asked to indicate below if, you or your business might lend a sum and/or make a donation to the Club.  Such indication will be confidential and completely non-binding on you. Tick all that apply.

Royal Cork Yacht Club Proposed purchase of Salve Marine

Royal Cork Yacht Club - Proposed purchase of Salve Marine

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  • If you would consider lending and donating please enter the 'lending' amount in euro's above
  • If you would consider lending and donating please enter the 'Donation' amount in euro's above
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