Muskegon Country Club

“The club is a not-for-profit organization exempt from income tax under section 501(c)(7) of the internal revenue code and is exempt from similar state and local taxes. Although the club was granted income tax exemption by the internal revenue service, such exemption does not apply to "unrelated business taxable income." such income, pursuant to the internal revenue code and related regulations, includes investment income such as interest received from sources other than directly from the membership. The club has been classified as not a private foundation. The club analyzes its filing positions in the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions, to identify potential uncertain tax positions. The club treats interest and penalties attributable to income taxes, and reflects any charges for such, to the extent they arise, as a component of its general and administrative expenses. The club has evaluated its income tax filing positions for the years 2009 through 2013, the years which remain subject to examination by major tax jurisdiction as of september 30, 2014. The club concluded that there are no significant uncertain tax positions requiring recognition in the club's financial statements. The club does not expect the total amount of unrecognized tax benefits ("utb") (e.g. Tax deductions, exclusions, or credits claimed or expected to be collected) to significantly increase in the next twelve months. The club does not have any amounts accrued for interest and penalties related to utb at september 30, 2014 or 2013, and is not aware of any claims for such amounts by federal or state income tax authorities.”

“Cost of goods sold reducing revenues on form 990, line 10b 537,184.”

“Cost of goods sold reducing revenues on form 990, line 10b 537,184.”