Great Harbor Yacht Club Inc

“The organization has a management agreement for certain administrative and human resources with paychex, inc the officers and highest compensated employees listed in part vii and schedule j were paid by paychex, inc.”

“The club has members and these members have the power to elect officers and directors at their annual member meeting.”

“Members are entitled to elect officers and directors at the annual meeting of members on a day during august. Thirty days notice thereof shall be mailed by the secretary to each member entitled to vote. The majority of the votes cast on the matter shall constitute the act of the members.”

“The executive committee shall have and may exercise, when the board is not in session, all powers of the board, except that the executive committee may not take any action which under the by-laws require a two-thirds directors vote or a vote of the members.”

“The club has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared and reviewed by management, it is electronically sent to the members of the finance committee for any comments. Any comments are then grouped, summarized and reviewed with management and the accounting firm. All issues are documented and addressed. The form 990 is then submitted to the full board of directors for their review and approval. Each issue is documented and addressed until the return is finalized and approved for filing. If necessary the executive committee can approve the 990 as final on behalf of the full board.”

“Upon first being hired, promoted or asked to join ghyc, each director, officer or key employee shall make disclosure of any related-party transactions with ghyc of which the director, officer or key employee has knowledge to the commodore, vice commodore, rear commodore, treasurer and secretary (hereafter, the "flag officers"). This shall include any related-party transactions that currently exist, that occurred during the past year, or that the individual reasonably expects might occur in the coming year. Thereafter, disclosures shall be updated annually, or otherwise as changed circumstances in a particular case may warrant. If, prior to the next annual disclosure, any duality of interest or possible conflict of interest on the part of any director, officer or key employee develops, such conflict shall be disclosed to the flag officers. For all such disclosures, ghyc shall use a disclosure form consistent with the general definitions above and responsive to the various regulatory and auditing requirements to which ghyc is subject. The terms of all related-party transactions shall be reviewed by the flag officers who have no involvement with any related-party transactions for ghyc. The flag officers shall develop recommendations as to whether, all factors considered, a given transaction meets fair-market terms and is in the best interests of ghyc. For this purpose, a "transaction" may include an ongoing business relationship subject to stated terms. The flag officers shall report its recommendations of related-party transactions to the board of directors. A director may state his or her views, and shall respond to questions, on any transaction in which he or she may be interested, but all interested directors on the board of directors shall be excused from deliberations and voting as to any related-party transactions. Approval of a related-party transaction shall require a majority vote of those directors on the board of directors who have no involvement with any related-party transactions. The basis for any such vote shall be reflected in the minutes of the meeting at which action is taken, and those minutes shall be approved at the next meeting of the board of directors.”

“Compensation for the general manager is determined by the executive committee. Each manager has goals for the year and our performance is measured against those goals. Each manager writes a self review which is reviewed by the gm and the executive committee. Approval of any pay changes/additional compensation is given to the cfo for processing by the general manager. The approval for these has come from the executive committee.”

“The organization makes its form 990 and the audited financial statement available for public inspection as required under section 6104 of the internal revenue code. Form 990 is posted guidestar.org and other similar types of websites. In addition, governing documents and conflict of interest policy are also available upon written request at 96 washington street, nantucket, ma 02554 or by calling the organization directly at 508-680-5033.”

“Net increase in membership certificates 962,500.”

“The organization has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process did not change from the prior year.”