Belleview Biltmore Country Club Corp

“The executive committee is comprised of the officers of the club and is empowered to act for and on behalf of the board. Committee actions must be ratified by the board at its next scheduled meeting.”

“The bylaws were amended during the year to update board composition. At all times a majority of the board must be owners of residential units in the belleview biltmore residential planned development district or owners of residential units in belleview place.”

“Belleair country club is a private member-owned country club.”

“The golf members in good standing elect the members of the board of directors. Members of the board of directors must be golf members in good standing. The board elects its officers.”

“In accordance with the club's bylaws, a capital expenditures budget, for the ensuing fiscal year, shall be approved by the board of directors prior to the beginning of each fiscal year. The approval of a majority of golf members voting at any annual or special meeting of the membership shall be required for any single item of expenditure (or combination of closely related items essentially linked to one project) in excess of 10% of the prior year's gross revenues. Any proposed expenditures, the financing of which will necessitate a special assessment being made on any or all categories of members, shall require a 2/3 vote of the full board.”

“The comptroller reviews in detail the form 990, comparing the amounts to the general ledger and financial statements. She then reports to the treasurer of the finance committee who has the opportunity to review the form 990 and discuss this in the finance committee meeting prior to the filing date of the return. The finance committee is made up primarily of cpa's in practice, ceo's and other financially savvy individuals. The treasurer of the finance committee then reports to the board of directors during the board meeting regarding the form 990, giving the directors and executive committee the opportunity to discuss and bring up any questions and comments.”

“Each year during the january board meeting the board of directors reviews policies and procedures of the club, noting any changes or issues the board need consider. An audit is performed every year by an independent external audit firm. During the course of the audit, the auditor mails out conflict of interest questionnaires to the board, finance committee members and management staff. These are positive questionnaires which require a written response mailed or handed directly to the external auditors. The auditors review the completed questionnaires, and any conflicts disclosed are reported directly to the finance committee and the board of directors.”

“The president of the board of directors designates executive members of the board to serve on the compensation committee. The committee is responsible for the annual review of compensation and benefits for key management staff. The compensation committee has final approval over compensation and benefit actions. To ensure the propriety of wages and benefits for key management staff, the compensation committee regularly reviews compensation surveys of area and national private country clubs in addition to relative benchmarks.”

“The club is a private member-owned country club. A copy of the club's form 990 is made available to members or other interested parties upon request.”

“The club's governing documents, conflict of interest policy and audited financial statements are made available to the members of the club upon request. In addition, the club will mail any of these documents to members or other interested parties upon request.”

“The audit committee oversees the annual financial statement audit and selection of the independent certified public accountant. There were no changes to the process used by the audit committee during the fiscal year.”