Tiger Woods is sitting out of the game of golf for the rest of the year following reconstructive surgery this week, and his knee is not the only thing that is hurting. Companies dependent upon his presence at golf tournaments to boost attendance are going to be hurting too. Tiger's absence is going to cost sponsors an estimated $10 million.

The companies Tiger promotes, like Nike and Buick will be hurt because their payoff comes when he's out in the public eye. Nike depends on the visibility of their brand on what he's wearing and Buick puts their logo on his golf bag. No Tiger, no visibility. The sponsors also lose out on their chance for additional promotion when he wins a tournament.

Decreased attendance at PGA Tour events means the event organizers lose revenue from merchandise sales. Television networks lose advertising revenue because the number of projected viewers goes down, making the advertising time worth less.

The sport of golf and companies with revenues tied to it will undoubtedly be hurt by Tiger's hiatus from golf. They can only hope that this is just temporary, and that Tiger will be back next season and ready to play. If he decides not to return to the sport (or can't because he doesn't heal well), there will be an even bigger impact to the sport and the companies he endorses. Let's all cross our fingers and hope Tiger has a successful recovery and comeback. The sport depends on it.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

The sport of golf has experienced a rapid expansion of courses and golf-centric communities in the past decade, but the actual number of golfers in the U.S. has remained stagnant. Now, with the housing debacle slowing sales, the already turgid market for golf club memberships and homes built adjacent to courses has tumbled dramatically, according to Smart Money magazine.

A negative thinker (i.e., a golfer), would say don't buy in a down market, even though club memberships in some areas are being offered for as little as a quarter of the usual fee, and houses at a fraction of their original value. I think differently.

Looking at the nation demographically, the boomer generation (yeah, I'm tired of talking about them too, but they won't go away) is looking at retirement in the next ten years. Golf is a perfect game for retirees, because it provides three great benefits. It provides exercise, socialization, and gives the non-golfing spouse some time apart to regain his/her composure after a full day of partnership.

Because of this, I believe that the courses will be busier than ever in ten years. Since private clubs typically demand a one-time upfront fee to join as well as an ongoing membership fee, buying into a private club now could save your thousands of dollars, provided you are in the position to begin enjoying your membership now. If not, the annual fee will quickly eat up your initiation savings.

Even if you aren't, this would be a great time to call around to see if the clubs are amenable to allowing you to try a round on their courses, so you can begin to scout out the perfect course for your golden years.

Savings accounts can be boring, especially in the current interest rate environment, where Uncle Ben is determined to make it impossible for retirees living on fixed incomes to keep up with inflation.

Anyway: if you're looking for more excitement in your your savings, check out this promotion from Wachovia. According to GolfWeek, "Wachovia, the nation's fourth-largest bank, has debuted its "Save Like A Champion" initiative. It will reward customers enrolled in the bank's Way2Save savings program with an interest rate in June, July and August equal to the tournament's winning score in relation to par. In the past five years at Quail Hollow Club in Charlotte, that number has ranged from 10 to 13 under."

For more on the promotion, visit the Wachovia site here.

The action starts tomorrow, so you may want to follow the scores to decide whether to go with Wachovia -- it's a lot more interesting than checking BankRate.

Here's a pretty convoluted story I found on the GolfWrx.com message board. Basically, this guy went to Golf Galaxy and purchased a club for $60 and then received this phone call: "The sonartec club you purchased 2 weeks ago shouldn't have been for sale. It was an employee's club getting serviced or something. Would you do a big favor and bring it back in? I would appreciate it very much and we will take care of you!"

So this good Samaritan drives 60 miles to return it, and is offered a $100 used driver as a trade. Not satisfied, he asked to be upgraded to a $250 driver and was told that he couldn't have it. He ended up settling for some golf balls because he didn't want the driver he was offered.

So here's the question: did he get ripped off?

I bet Mark Twain, who called golf a "good walk spoiled," would have liked bowing because everybody likes bowling. The same can't be said for golf.

The New York Times recently painted a pretty depressing view of golf business. For instance, the total number of players has declined or remained flat since 2000 and the number of people who play 25 times a year dropped by one-third between 2000 and 2005, according to the paper.

This is a sign of the times.

Perhaps it's a bit early for some of us to get out on the links, but that's no reason why golfers can't start thinking about gearing up for the coming turf chunking season. Do you need a new driver to replace the one you wrapped around that tree? Should you stock up on balls to replace the ones still at the bottom of that pond? How about your shoes? Is this the year you'll buy real golf shoes to improve your game or are you going to go out putting in that same old, worn out pair of cross-trainers?

I found a great closeout deal on Etonic G>SOK GT, golf shoes at DiscountGolfShoes.com . DGS is asking just $60 plus about $15 shipping for these golf shoes. These Etonic golf shoes regularly sell in the $100 price range. They feature classic styling in high grade, soft leather uppers, high density foot support and an in-shoe moisture control system. The shoes stand firm on high quality Goodyear rubber outsoles which provide turf grip for the athlete without the use of cleats.

For shopping comparison, I located the same shoes being sold at innovativeGOLFgear.com . IGG is currently selling the same shoes for $109.95. IGG is only charging a base shipping rate of $5.95 for the shoes which closes the price gap a little but roughly speaking, these shoes from DGS will cost $75, while they'll cost $115.90 from IGG.

Take note that this is a closeout offer from DiscountGolfShoes.com, so your individual size may not be available. Note also that although these are advertised as men's shoes, I'd say some of the ladies might find these golf shoes quite suitable for wearing while whacking some golf balls around.

As the holiday season approaches, we thought you might appreciate some gift suggestions with a twist, appropriate for those on your list who aren't satisfied with the same old, same old.

I'm sure I'm not the only one surrounded by people who lose their minds every time they see 18 holes of grass, sand and men in circus-like outfits. If you have a golf-addicted gift obligation, you could take the safe route by taking out a loan to buy them a box of Titleist golf balls, or a handkerchief with Tiger Wood's logo on it ($100, probably).

Unfortunately, those gifts usually don't last long. Your dozen golf balls might see me through the first six holes, if there aren't any water hazards. Why not give your golfer friend a gift they'll appreciate every time they sit down to catch up on paperwork?

I'm referring, of course, to the Potty Putter. The kit comes with a miniature green that is placed strategically at the player's feet, a ball, and a putter that one can use while seated. An added benefit is that it reminds the player that in golf, too, a loose grip brings better results. And a hacker like me would be pleased to get a fore on #2.