Charging system problems

[SteveBP]

02 Club Car DS Gas. was not charging. Testing indicated bad generator. I replaced the starter/generator and regulator. Still not charging the system. Re-test shows new generator is charging correctly. I replaced the regulator a second time but results are the same. I even replaced the solenoid after it failed a continuity test. I have traced all the wires through the charging system with an ohm meter and all are good and well connected.

Engine starts and runs but voltmeter shows less than 12 volts when running.

Does anyone have any ideas?

Thanks

Steve