Lake Monroe Sailing Association Inc

“All board members have an equal vote and does not delegate broad authority to any committee.”

“As per LMSAs Articles of Incorporation Membership in LMSA shall have three classes of Members as follows: 1. Regular Members: Regular Voting Members are those who own and sail their sailboats on Lake Monroe; who pay the LMSA annual membership dues; pay annual fees for LMSA slips buoys sailboat or summer dry storage not including board boat storage. Members granted a Bye as defined in LMSA Rules & Regulations who continue to pay annual membership dues shall also be considered a Regular Member. Regular Members are accorded voting rights in LMSA and are eligible to serve on the LMSA Board of Directors. Regular Members are entitled to full membership benefits including access to the LMSA Facility guests and gate key for access during other than normal business hours both during the Summer Season Spring Harbor Day to Fall Harbor Day and during off-season from approximately November thru March and all social events and races. Regular Members include: Single 1 vote Couple 2 votes Single Parent Family 1 vote and Family Membership 2 votes. LMSA Regular Members applications shall be approved annually by affirmative vote of a majority of the Board of Directors. 2. Associate Members: LMSA Associate Non-Voting Members are individuals who desire to be associated with LMSA and attend LMSA Social Events including but not limited to attendance at LMSA Social Events and LMSA Youth Sailing Camp races and events Adult Sailing lessons and other related events. Associate members do not have access to the LMSA Facility other than during social events or sanctioned club activities. Associate Members pay the LMSA annual membership fee. Associate Members are not accorded voting rights in LMSA and are not eligible to serve on the LMSA Board of Directors. Associate Members who desire to regularly utilize the LMSA Facility and be issued a gate key must pay trailer storage board boat storage winter storage or the facility LAKE MONROE SAILING ASSOCIATION INC. CONSTITUTION P a g e | 2 Lake Monroe Sailing Association Inc. 04 01 22 use fee. Associate members also include students family and parents who join through participation in the Youth Sailing Camp and participants in the LMSAs Adult Sailing Instruction Program 3. Honorary Members: The Board of Directors may bestow upon any person an Honorary Membership in LMSA by a two-thirds majority vote. The Board may confer such Honorary Membership annually or for any number of years and waive applicable LMSA Membership fees and Facility Access fees. However Honorary Membership does not waive any applicable fees for LMSA slips buoys or storage. Honorary Members are entitled to the LMSA Facility guests and gate key for access. Honorary members must pay for a slip buoy or summer dry storage not board boat storage to be accorded voting rights in LMSA and to be eligible to serve on the LMSA Board of Directors.”

“As per LMSAs Articles of Incorporation Membership in LMSA shall have three classes of Members as follows: 1. Regular Members: Regular Voting Members are those who own and sail their sailboats on Lake Monroe; who pay the LMSA annual membership dues; pay annual fees for LMSA slips buoys sailboat or summer dry storage not including board boat storage. Members granted a Bye as defined in LMSA Rules & Regulations who continue to pay annual membership dues shall also be considered a Regular Member. Regular Members are accorded voting rights in LMSA and are eligible to serve on the LMSA Board of Directors. Regular Members are entitled to full membership benefits including access to the LMSA Facility guests and gate key for access during other than normal business hours both during the Summer Season Spring Harbor Day to Fall Harbor Day and during off-season from approximately November thru March and all social events and races. Regular Members include: Single 1 vote Couple 2 votes Single Parent Family 1 vote and Family Membership 2 votes. LMSA Regular Members applications shall be approved annually by affirmative vote of a majority of the Board of Directors. 2. Associate Members: LMSA Associate Non-Voting Members are individuals who desire to be associated with LMSA and attend LMSA Social Events including but not limited to attendance at LMSA Social Events and LMSA Youth Sailing Camp races and events Adult Sailing lessons and other related events. Associate members do not have access to the LMSA Facility other than during social events or sanctioned club activities. Associate Members pay the LMSA annual membership fee. Associate Members are not accorded voting rights in LMSA and are not eligible to serve on the LMSA Board of Directors. Associate Members who desire to regularly utilize the LMSA Facility and be issued a gate key must pay trailer storage board boat storage winter storage or the facility LAKE MONROE SAILING ASSOCIATION INC. CONSTITUTION P a g e | 2 Lake Monroe Sailing Association Inc. 04 01 22 use fee. Associate members also include students family and parents who join through participation in the Youth Sailing Camp and participants in the LMSAs Adult Sailing Instruction Program 3. Honorary Members: The Board of Directors may bestow upon any person an Honorary Membership in LMSA by a two-thirds majority vote. The Board may confer such Honorary Membership annually or for any number of years and waive applicable LMSA Membership fees and Facility Access fees. However Honorary Membership does not waive any applicable fees for LMSA slips buoys or storage. Honorary Members are entitled to the LMSA Facility guests and gate key for access. Honorary members must pay for a slip buoy or summer dry storage not board boat storage to be accorded voting rights in LMSA and to be eligible to serve on the LMSA Board of Directors.”

“Minutes are kept at board meetings and reviewed by board at subsequent meetings. Committees do not have broad authority and provide either written or oral reports to the full board.”

“Board reviews Form 990 during a board meeting to provide oversight.”

“The board established a compensation committee to review comparability data and other factors to determine a wage rate for the general manager. The full board approved its recommendations. No officer receives compensation.”

“To provide information about how the club operates the organizations constitution along with its rules and regulations are posted to our website; board meeting minutes are posted in members only section. Form 990 is available to the public upon request.”

“We inadverntally have under reported depreciation expenses. This one year adjustment will put”