Lake Shore Country Club

“The board has 16 members that have the power to vote on matters that come before the board. The president of the board, who is not considered one of the 16 voting members that have the power to vote on all matters that come before the board, is not entitled to vote on any issue before the board other than to break a tie or the admission of members.”

“Lake shore has equity members and non-equity members. Equity members include regular and veteran. Non-equity categories include honorary, legacy, special and veteran special. Equity members are entitled to share in liquidation proceeds, and, together with the special members, have the authority to elect the governing body and approve significant decisions made by the governing body. Non-equity members (other than special members) are members generally who are not entitled to vote on matters of indebtedness, hold office or share in liquidation proceeds.”

“If a board member vacates their post, the board is empowered to appoint another regular member, or spouse of a regular member, to the board. This member must be in good standing. Replacement board members shall serve until the next annual meeting of the members when equity members vote to fill expiring terms on the board.”

“Voting members must approve certain significant decisions made by the board. Example: incurring indebtedness of more than $500,000 requires approval by the voting members of the club.”

“The return is prepared by the organization's public accounting firm, selden fox, ltd., and is reviewed by the organization's general manager and controller. Before filing, a copy of the form 990 was provided to the governing body for review, questions, and comments.”

“The president of the club met with the general manager to discuss the general manager's past performance, goals, any improvements or changes needed and upcoming events that will require the general manager's attention and approves increases in the general manager's pay. The general manager met with each department head individually to discuss the goals they set for themselves and then approves increases in pay for each department head.”

“A private member club is not required to make the governing documents, or financial statements available to the public. However, form 990 is available to the public upon request.”

“Unrealized change in fair value of swap asset/liability -84,631.”