Chevy Chase Club Inc

“Permanently restricted assets are comprised of an endowment fund and a prize fund. The endowment fund is designated for special projects to enhance the quality of club life. The prize trust fund represents member donations to endow a club tournament. Temporarily restricted funds are contributions from members for certain club activities such as employees' christmas gifts, commemorative trees and tournament education.”

“The club is exempt from federal income taxes on members' transactions and other activities related directly to its nonprofit purposes under section 501(c)(7) of the internal revenue code. The provision for income taxes comprises federal and state income taxes on unrelated business income. Financial accounting standards board (fasb) accounting standards codification (asc) 740, accounting for uncertainty in income taxes, prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of the tax position taken or expected to be taken in a tax return. The club's management has evaluated the impact of this guidance to its financial statements. The club is not aware of any material uncertain tax positions and has not accrued the effect of any uncertain tax positions as of september 30, 2014. The club's income tax returns are subject to examination by taxing authorities, generally for a period of three years from the date the returns are filed. With few exceptions, the club is no longer subject to income tax examinations by federal, state or local tax authorities for years before 2010. The club's policy is to classify income tax related interest and penalties in interest expense and other expenses, respectively.”

“Cost of goods sold 2,213,930.”

“Earnings on deferred compensation plan assets 51,142. Endowment income 7,073. Loss on disposal of assets -396,015. Tree fund income 101. Permanently restricted funds 250.”

“Cost of goods sold 2,213,930. Pension plan adjustment 37,084. Loss on disposal of assets 396,015. Rounding 1.”