The Club Foundation

“The financial statements of the club foundation (the foundation) are prepared by the foundation treasurer and reviewed by an independent public accounting firm. Once the final statements are approved, the public accounting firm prepares irs form 990 based on data compiled by management which is reviewed by the treasurer. A copy of the form 990 is distributed to the full board for review prior to filing.”

“Each director, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person has recieved a copy of the conflicts of interest policy, has read and understands the policy, has agreed to comply with the policy, and understands the foundation is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. Also, to ensure the foundation operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, period reviews shall be conducted. The periodic reviews shall, at a minimum, include the following subjects: a. Whether compensation arrangements and benefits are reasonable, based on competent survey information, and the result of arm's length bargaining. B.whether partnerships, joint ventures, and arrangements with management organizations conform to the foundation's written policies, are properly recorded, reflect reasonable investment or payments for goods and services, further charitable purposes and do not result in inurement, impermissible private benefit or in an excess benefit transaction. It is the duty of any interested person of the foundation to disclose their possible conflict of interest to the governing board for a determination of whether the conflict of interest exists. If the conflict exists, procedures for addressing the conflict of interest will be followed by the board. Also, any violations of the policy will allow the governing board to take appropriate disciplinary and corrective action. C. After exercising due diligence, the governing board or committee shall determine whether the foundation can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. D. If a more advantageous transaction or arrangement is not reasonabley possible under circumstances not producing a conflict of interest, the governing board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the foundation's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination, it shall make its decision as to whether to enter into the transaction or arrangement. 4. Violations of the conflicts of interest policy: a. If the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. B. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take the appropriate disciplinary and corrective action.”

“Documents that are required by state or federal law to be open to public inspection shall be distributed upon verbal or written request - no other documents are available to the public.”