Nantucket Yacht Club

“The organization has members who elect the members of the governing body, and who approve significant decisions of the governing body.”

“The members of the board of governors are elected by the voting members of the organization at the annual meeting. All candidates for the board are nominated by the nominating committee, or by a written proposal signed by at least fifteen voting members and submitted at least ten days prior to the annual meeting.”

“The board of governors shall have power to make general rules governing the use of the clubhouse and grounds by the members and their guests and shall have the full control of the affairs, funds and property of the club. All significant decisions and changes to the by-laws shall be authorized by a majority of member votes cast at a special meeting.”

“The organization's 990 was reviewed by the club controller and treasurer prior to being filed with the irs.”

“The conflict of interest policy is distributed annually to the board to sign in order to ensure that there are no relationships that exist which are inappropriate for the organization.”

“The compensation committee meets annually regarding the compensation of the general manager. The compensation committee performs the annual review and determines the wage increase for the general manager. The general manager then performs the annual review of all other management and determines the wage increases to be granted, after approval from the compensation committee. Any employee who is not management receives a standard rate increase and due to the seasonal activity associated with the job, a formal review is not conducted for those employees.”

“The organization does not make its financial statments/governing documents/conflict of interest policy available to the general public. The financial statments and all other documents are available for members to view upon request, by appointment only, and within 24 hours of the request.”

“Commodore's fund 154,811. Employee meals 131,791. Other expenses 108,900. Cost of goods sold 83,598. Entertainment-other 78,291. Contributions 49,069. Continuing education 36,128. Waterfront operating 33,682. Counter expenses 20,216. Boathouse operating 9,742. Insurable damage expense 8,816. Junior yacht club 7,531.”

“The organization's finance committee has direct oversight and responsibility for the selection of its outside cpa, as well as its annual financial statement audit. There was no change in this process from the prior year.”