Interlachen Country Club

“The Executive Committee shall consist of the President, Vice President, Secretary and Treasurer. During the interim between Board meetings, the Executive Committee shall act for the Board to execute the Board's established policies and to address urgent matters and give counsel to the General Manager. In so acting, the Executive Committee shall have the same authority and power as the Board itself; provided that such actions shall be fully reported to the Board and ratified and confirmed by it at its next succeeding meeting. The Executive Committee may initiate and recommend to the Board major policies and projects and shall, when so directed by the Board, act with the same authority as is possessed by the Board on all matters referred to it. The Executive Committee shall act as the Compensation Committee, and shall approve any written employment contract between the Club and General Manager after presenting it to the Board.”

“The membership of the Club shall consist of Golf Members, Senior Golf Members, Legacy Golf Members, National Golf Members, Athletic Members, Social Members, and Honarary Members. Golf Members require ownership of a share of stock in the Club.”

“The board shall be elected at the annual meeting by the voting stockholders.”

“Any capital assessments or capital surcharges exceeding $1200.00 per fiscal year or any amendment to the existing bylaws of Interlachen Country Club shall only be effective upon ratification by stockholders holding a majority of the total number of shares of stock of the club. All ratifications are by member vote at the annual meeting or at a special meeting of the stockholders called for the purpose of considering such matter.”

“Form 990 is reviewed by the CFO, Finance Committee, and Treasurer. The Board of Directors will receive a copy of the Form 990 prior to filing with the IRS.”

“Conflict of interests are discussed at both Board of Director meetings and department head meetings and are determined by the Board of Directors. The conflict of interest policy covers the Board of Directors and staff. Any individual with a conflict of interest must abstain from voting and if a conflict arose the Board of Directors would address appropriately.”

“The Director of Golf's and General Manager/CEO's compensation is reviewed each year by the Finance Committee, consisting of the President, Vice President, Secretary, Treasurer, and member-at-large as selected by the President. The Finance Committee makes all recommendations in regard to compensation for these individuals. The Finance Committee uses comparability data gathered from other club managers during this process. The General Manager reviews the compensation for the CFO using comparability data and makes a recommendation to the Finance Committee. This process is completed annually.”

“Financial statements, conflict of interest policy and governing documents are available upon request.”

“Membership equity refunds -9,890. Change in Club's archive fund -43,353.”