Algonquin Golf Club

“Members vote on special capital assessments that exceed the amounts allowed for a regular capital assessment, dues modifications, and election of the board of directors.”

“Members elect the board of directors. In case of a vacancy on the board of directors, the board appoints a successor to serve the balance of the term.”

“Decisions of the board of directors to assess a special capital assessment for capital improvements must be approved by members.”

“A copy of the form 990 is provided to the board of directors, including the finance committee chair for review and approval prior to filing.”

“Conflict of interest statements are signed each year by board members, the general manager, and each department head. The board has responsibility for ensuring compliance with the policy, administering the annual questionnaire, and making decisions as required to avoid actual conflicts of interest. The conflict of interest statement has the following guidelines: 1. Board members and employees shall not receive any payment, commercial benefit or gift in excess of $25 annually from any entity or person providing services or products to the club or seeking to provide such services unless approved by the board. 2. Board members and their immediate family members shall not provide paid service or product to the club unless approved by the board. 3. Board members and employees shall disclose any professional or personal relationship with any company doing business with the club. 4. In the normal course of business, board members and employees shall be sensitive to any personal or business interest in all decisions made.”

“The general manager is employed under a written compensation contract for a period of at least 3 years. The terms of the contract are negotiated by the outgoing and incoming president in the fiscal year that ends with the contract expiration date. Each outgoing president at fiscal year end conducts an annual performance review. Other compensation is reviewed annually by the general manager and compensation is determined at the beginning of each new fiscal year.”

“The by-laws and rules are available at request. The financial statements are provided to the management team and the board of directors monthly. The audited financial statements are filed with appropriate third parties.”

“Real estate & property taxes 229,884. Equipment rental & maintenance 157,018. Glassware, linens and utensils 142,282. Committee, director, & stock 74,562. Entertainment 61,763. Food and beverage costs 61,585. Miscellaneous 59,867. Dues and subscriptions 47,641.”

“Reissued treasury stock 38,785. Purchase of treasury stock -169,330. Rounding”