Princeton Ski and Sail Club

“Organization had many members but no stockholders”

“Members have the power to elect members of the governing body”

“Governance decisions are voted upon by all members of the organization”

“Form 990 is reviewed by the treasurer and is available to all members of the princeton ski club for review, upon request”

“The princeton ski club is governed by a 12 member board of directors composed of 6 officers, 5 at large members and the immediate past president. The board meets monthly throughout the year to approve expenditures and activities, review and adopt policies and discuss all other club business issues. The boaard has final authority to set membership dues, adopt and annual budget, set policies and take other action. The quorum requirement is 6 members of the board, and a majority of those present and voting is sufficient to take action. Activities in which the club is involved are primarily social, including but not limited to skiing, sailing, barbecues, dinners, canoeing, hiking and bicycling. Meetings of the full membership are held monthly during the ski season. The annual meeting of the club, on notice and open to all members, is held in march of each year. A quarum for the transaction of busienss at membership meetings is 10% of the membership, except that the quorum for voting by the internet is 15%. Bylaws amendments, if any, must be voted on by the full membership at the annual meeting. A report of the treasurer is presented at the annual meeting, as well as a report from a nominating committee offering a slate of officers and board meetings for the coming year. Following nominations from the floor, if any, a ballot is sent to all members within 10 days of the annual meeting. The terms of the newly elected officers and board members commence on may 1, which is also the start of the club's fiscal year. The financial statements are provided at monthly meetings of the officers and directors, presented by the treasurer. This includes the cash position, balance of the sail account and the individual financial status of any activity involving the club funds. Once a year the treasurer submits an annual report at the meeting in march, open to all existing members as advertised in the newsletter and on the website. Princeton ski club is a 501(c)7 organization due to the passage of p.l. 94-568 on october 20, 1976 and is organized exclusively for the pleasure and recreation of its members.”

“Deferred income = -$51483”

“Prepaid expenses = $68943”