Hope Club

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

“The president is elected at the annual meeting by the members. The vice president, treasurer and secretary shall be elected by the board of governors from their own number at a meeting held as soon as may be after the annual meeting of the club. The voting for all officers elected by members shall be by ballot, and the votes of a majority of the members present in person and qualified to vote shall be sufficient to elect.”

“The organization has members who vote to approve any significant decisions made by the board.”

“The organization's 990 was reviewed by the club controller and treasurer, who in turn presented the 990 to the board of governors prior to it being filed with the irs.”

“The board of governors approves the compensation of top management through their annual budgeting process. A general increase is approved each year by the board of governors for all other employees, through the annual budgeting process.”

“The organization does not make its financial statements and governing documents available to the general public. These documents are available for members to review upon request.”

“While the organization does not maintain a written conflict of interest policy, the organization does handle any identified possible issues relating to conflict of interest informally and continue to monitor the relationships to ensure they continue to be appropriate for the organization.”

“While the organization does not have a written whistleblower policy, informally, all issues are communicated directly to the general manager or board of governors depending on the severity of the issue.”

“The hope club preservation fund (the preservation fund) was established to receive donations for the historic renovation of the club. During the years ended september 30, 2016 and 2015, the preservation fund did not contribute to the club to fund capital improvements. During fiscal years ended 2003 and 2004, the club issued 5.5% promissory notes to the preservation fund. The notes mature ten years from date of issue. Interest on these notes is payable annually in arrears and is due on each anniversary of the notes. The total amount due to the preservation fund at september 30, 2016 and 2015 was $265,000. Any payments by the club to the preservation fund will then be used by the preservation fund to support the clubhouse. The bonds are fully matured but were not paid due to covenant violations related to the bank rhode island note. Interest expense totaled $14,575 for both the years ended september 30, 2016 and 2015.”

“Depreciation adjustment (sale of tax credits) -23,355.”

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