Amelia Island Equity Club Inc

“There are two major classes of members, equity members and non-equity members. Equity members shall mean members who have an (i) amelia golf equity membership, (ii) amelia tennis equity membership, (iii) amelia social equity membership, who are entitled to vote, hold office, and share in liquidation proceeds are deemed "equity" members. Equity members may be eligible to vote at official club meetings and are entitled to one (1) vote per membership. No other members shall be eligible to vote. To be eligible to vote, members must be current on all dues, assessments, charges and any other obligations to the club. Members who are not entitled to vote, hold office, or share in liquidation proceeds are deemed "non-equity" members. Non-equity members are subject to limitations and not subject to assessments. In the event of a dissolution and liquidation of the club, equity members in good standing will be entitled to receive a pro rata share of such remaining assets, based on membership contribution amounts, as determined by the board of directors. Non-equity members are not entitled to receive any portion of the club's remaining assets in the event of dissolution and liquidation of the club.”

“The government and general management of the club shall be vested in a board of directors (herein the 'board') consisting of nine (9) elected members, which will include the four (4) officers of the club, namely: a president, vice president, secretary and treasurer. The first board under this membership plan and bylaws consisted of the board of directors of amelia island club, inc. With their remaining respective terms. On february 4, 2011, the first election was held to fill the three (3) vacant board positions at that time. Thereafter, each member of the board of directors was and shall be elected for a three (3) year term. No member may run for a consecutive three (3) year term. Except as otherwise provided by a resolution adopted by the members, the term of a newly elected director shall begin at the conclusion of the annual meeting at which his or her election is announced. Officers shall each serve a one (1) year term, with a limit of two consecutive terms. The board shall have the authority to invite the outgoing president and any other outgoing board members, on a case by case basis, to participate as an ex-official non-voting participant at board meetings to assist in an orderly transition. The participation of the outgoing president, outgoing other board members or a representative of the resort owner shall be at the sole discretion of the board and for such time period as determined by the board.”

“The equity members have the right to ratify and vote on significant decisions made by the board members. Examples of these significant decisions could include the approval of annual capital assessments in excess of $500,000 and approval of annual operating assessments that exceed fifteen percent (15%) of a member's annual dues.”

“After the form 990 is prepared by an outside cpa firm, frazier & deeter, llc, the form is first reviewed by the cfo and general manager for accuracy. The form is then presented to the full board of directors and then signed by the cfo.”

“Officers, directors and committee members are required to disclose conflicts of interest at the time of decision making. No officer or board member shall use his or her position for personal gain. Such activity shall be deemed a conflict of interest and shall be a cause for removal.”

“There is an annual performance review of all management. The finance committee shall advise and assist the board in reviewing annual salaries of the general manager and other employees and recommending appropriate salary adjustments. The board of directors must approve the general manager's compensation.”

“Documents are available upon request and can be reviewed at the club.”

“During the 2022 tax year, amelia island equity club, inc. Sold assets procucing net proceeds of $204,252. We chose to exclude this gain under irc sec. 512(a)(3)(d) due to the fact that the club used all of the proceeds to purchase property to be used in the club's exempt function during the 2022 taxable year.”

“Fitness & health fees 296,102. Real estate taxes 260,103. Landscaping 247,302. Equipment rentals 218,767. Uniforms & linen 181,914. Dues & subscriptions 162,601. Contract services 140,373. Miscellaneous expense 126,340. Entertainment 117,442. Member/guest expense 113,906. Commissions 65,745. Fuel 56,169. Workers compensation 50,336. China, glass, & silverware 37,516. Waste removal fee 35,619. Professional fees 35,116. Flowers & decorations 33,810. Marketing expense 26,491. Recruiting expense 22,199. Consulting 17,500. Employee training 15,480. Bank charges 13,842. Postage & shipping 12,086. Printing & publications 11,507. Handicap expense 9,376. Vehicle expense 8,400. Permits & licenses 6,524. Tournament expense 4,197. Security 1,816.”

“Initiation fees 1,915,155.”