Crystal Tree Golf & Country Club

“There are two major classes of members, equity members and non-equity members. Members who are entitled to share in liquidation proceeds, and who purchase a redeemable, or partially redeemable, certificate are deemed "equity" members. These members have the authority to elect the governing body, as well as approve significant decisions made by the governing body. Members who are not entitled to vote, hold office, share in liquidation proceeds, or have their initiation fees refunded in whole or in part are deemed "non-equity" members.”

“If somebody on the board leaves or vacates their position, the board members have the right to appoint an equity member to the board. However, this person must be in good standing with the club. The board members shall elect equity members to fill vacancies in the board to serve until the next annual meeting of the club.”

“The equity members have the right to ratify significant decisions made by the board members. Examples of these significant decisions could include the approval of going into debt of more than a specified amount and any capital expenditures exceeding certain amounts.”

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

“General manager - an annual review is performed by the house committee chairman along with the president of the club. The level of compensation is determined by the board of governers. The board surveys area private country clubs for manager compensation packages. They also have information through the chicago district golf association, the greater chicago club managers association and the club managers association of america. Controller - a review is performed by the general manager and treasurer/finance committee chairman. Compensation is determined by the general manager and the finance committee. The club surveys area private country clubs for compensation packages and utilizes data from the greater chicago club managers association and engage a public accounting firm. All salaries and hourly wage rates are reviewed by the board of governors and the department chairperson at the start of the fiscal year. These wage rates are incorporated into the operating budget for the current fiscal year.”

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

“Gain on debt forgiveness 7,400,000.”