Spring Hill Golf Club

“The organization has members known as Equity Members. Equity members and their legally married spouses may become Golf Members of Spring Hill. The Equity members are divided among two categories: National Equity Members (15 max) and Regular Equity Members (215 max). National Equity Members shall be those natural persons who have been invited to become National Equity Members by the Board of Directors, have no place of residence (whether seasonal or permanent, whether leased or owned) within 75 miles from Spring Hill's clubhouse facility, and have paid the equity payment established by the Board of Directors for National Equity Members or agreed to pay the equity payment pursuant to a payment plan established by the Board of Directors. Regular Equity Members shall be those natural persons who have been invited to become Regular Equity Members by the Board of Directors, and have either paid the equity payment established by the Board of Directors for Regular Equity Members, agreed to pay the equity payment pursuant to a payment plan established by the Board of Directors, or agreed to pay the equity payment as a Junior Regular Equity Member. The Board of Directors may establish the age for eligibility to become a Senior Regular Equity Member (the "Senior Age"). A Regular Equity Member may elect to become a Senior Regular Equity Member as of January 1 of any calendar year in which he or she has attained or will attain the Senior Age by written notice to Spring Hill prior to such date. A Senior Regular Equity Member may elect to terminate his or her status as a Senior Regular Equity Member and become a Regular Equity Member as of the next succeeding January 1 by written notice to Spring Hill prior to such date. The Board of Directors may establish the age for eligibility to become a Junior Regular Equity Member (the "Junior Age"). A Regular Equity Member may elect to become a Junior Regular Equity Member as of the date he or she becomes a Regular Equity Member if during the calendar year in which he or she becomes a Regular Equity Member, he or she will not have attained the Junior Age by the end of such year. A Junior Regular Equity Member may elect to terminate his or her status as a Junior Regular Equity Member and become a Regular Equity Member as of the next succeeding January 1 by written notice to Spring Hill.”

“The voting members in the organization are natural persons who are either an Equity Member--who is not a Junior or Senior Regular Equity Memeber--or the Legally Married Spouse of an Equity Member--who is not a Junior or Senior Regular Equity Member. Each National Equity Member and each spouse of a National Equity Member shall have one-half vote with respect to all matters voted upon by the Voting Members. Each Regular Equity Member who is a Voting Member and each spouse of a regular equity member who is a voting member shall have one vote with respect to all matters voted upon by the Voting Members. New members and/or successors of the Board of Directors shall be nominated by the existing Board of Directors and submitted to the Voting Members for election.”

“Prior to filing, a copy of the Form 990 is received from an independent preparer and then is distributed to the treasurer and president for review. Once approval has been given, a copy is distributed to the rest of the board members.”

“The financial information and governing documents are provided to each member upon joining and are also available on an as-requested basis.”

“Contributed capital from new members 12,000. Payouts to resigning members -11,000.”

“The organization has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant and the process has not changed from prior year.”