Thorngate Country Club

“There are two classes of members, equity members and non-equity members. Equity members have the right to vote, are entitled to a refund of equity upon resignation, and would share in the allocation of the club's assets upon dissolution. Non-equity members have the right to vote, but would not receive a refund of equity upon resignation, and do not share in the liquidation proceeds.”

“The club is governed by a fifteen person board of directors which is limited to only those equity members who are in good standing with the club. The members of this board of directors are nominated by a committee of their peers and are submitted to the equity membership for vote via closed ballot of the annual general membership meeting. In the event a member of the board resigns mid-term, the president has the authority to appoint an interim member to hold the position until the subsequent general membership meeting.”

“The board of directors has the authority to govern the club pursuant to the club's by-laws and rules in all matters. The equity members by virtue of established by-laws grant approval only for those issues pertaining to the following. -year end cogressional assessment -any significant capital assessment -any incoming members of the board of directors -approval for any proposed changes to the club's by laws”

“The form 990 is prepared by bdo usa, llp and the treasurer and controller review the tax returns. The treasurer is authorized to sign the tax return.”

“The club regularly and consistently monitors and enforces compliance with the written conflict of interest policy by comparing accounts receivable with accounts payable for any member receiving business income from the club. This information is disclosed to the finance committee.”

“Compensation of the organization's ceo, executive director, and top management official as well as that of other officers or key employees is determined and approved by the board of directors.”

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

“Investment income from deferred compensation plan, $55,561. Interest rate swap agreement, $111,881.”