Interlachen Country Club

“The membership at the club totals approximately 700 members. Included in the member totals are 340 voting stockholders, which consists of full privilege golf members. The remaining members are not stockholders and thus have no voting rights and are comprised primarily of fitness and social members but also include certain golf members.”

“The board of governors consists of 9 members with each serving 3 year terms with 3 positions maturing each year. The duty of the nominating committee is to nominate from among the stockholders of the club a slate of candidates for election to the board of governors, which is equal to not less than two times or more than three times the number of vacancies on the board of governors that will exist at the time of the annual meeting. The nominating committee strives to ensure that the board of governors is adequately representative of all stockholder constituencies. At least 45 days before the annual meeting, the secretary prints and mails the nominating committee's slate of candidates to each stockholder for election to the board of governors. All voting nominees shall be by ballot. The 3 candidates receiving the highest number of votes shall be declared elected members of the board of governors. Each elected member of the board of governors shall serve a three year term. No member of the board of governors shall serve more than two consecutive three year terms.”

“Any capital assessments or capital surcharges exceeding $120.00 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, coo, finance committee, and treasurer. The board of directors will also receive a copy of form 990 prior to filing with the irs.”

“Conflict of interests are discussed at both board of governor meetings and department head meetings and is also included in new member board books.”

“Board officers are not compensated and staff salaries are approved by the finance committee and board of governors.”

“Financial statements, conflict of interest policy and governing documents are available upon request for the same period of disclosure as set forth in section 6104(d).”

“Membership equity and capital surcharges -93,136. Transfer and membership fees 963,743. Capital dues 411,428.”