Rockaway River Country Club

“Scott sanclimenti & ryan sanclimenti (trustees) have a family relationship.”

“The rockaway river country club was incorporated as a membership organization.”

“The club has proprietary members who hold certificates (bonds). These members vote to elect the governing body of the club (board of governors/directors) on an annual basis.”

“As per club by-laws-"no disposition of any club property, and no expenditures for any capital improvements or additions to the club's property incurring additional mortgage indebtedness exceeding one hundred thousand dollars ($100,000) in the aggregate for all such improvements in any fiscal year, shall be made without a majority vote of all members entitled to vote who are present at a meeting.”

“Committee meetings do not record minutes. Reports are submitted to board generally verbally and documented in board minutes.”

“The club's treasurer will review the form 990 with the governing body prior to filing with the internal revenue service.”

“Annually, at the onset of the new fiscal year, the board of governors is provided with our club's conflict of interest policy and disclosure statement. At the monthly board meeting the treasurer explains the policy to the board of governors. Each board member receives a copy of the policy and must complete and sign the disclosure statement and return it to the club office (controller) for the club's permanent files. The policy and disclosure statement are also provided to key staff members. The controller explains the policy to them at the onset of the new fiscal year and requests that the disclosure statement be completed and signed. These are also kept in the club office for the club's permanent files. If something changes during the course of the year in connection with a board member or employee and the club, the disclosure statement will be revised.”

“A personnel committee will meet and research the data needed for compensation analysis including comparable data from other clubs. The committee then makes recommendations to the board and meets with top management to determine compensation.”

“The club's governing documents, conflict of interest policy, and financial statements are not available to the general public.”

“Change in redemption of certificates -96,525. Interest rate swap adjustment -701,680.”