Baltimore Municipal Golf Corporation

“After the revew by the audit committee, all members of the governing board are provided a copy of the 990 for review and approval.”

“Wage scales are developed using statistical and comparable positions in the region. The budget committee of the board reviews data and makes recommendations to the board. Approval is by board vote.”

“Copy of forms 990 and 1023 are made available to the public upon request.”

“Copy of forms 990 and the audited financial statements are made available to the public upon request.”

“The Organization entered into a management agreement (the Agreement) with the City of Baltimore in 1985 to lease and manage five golf courses, which includes the land, buildings and certain equipment, at no cost. The terms of the Agreement require the Organization to fulfill various non-financial covenants relating to the maintenance and improvements of the courses as well as managing the promotion of the sport in the Baltimore area. The Agreement indicates that there is a perpetual lease between the City and the Organization regarding the management of the golf courses, which automatically renews in five year increments. As of December 31, 2024 and 2023, the Organization had met all of the required covenants. In conjunction with the management agreement, as amended in 1996, the Organization is required to make annual payments of $400,000 to the Baltimore City Foundation by July 1 of each year, for Baltimore Citys fiscal year of July 1st through June 30th. The Organizations annual payment to the Baltimore City Foundation was forgiven for the years ended December 2024 and 2022; however, the Organization has not received forgiveness for the year ended December 31, 2022 until 2024. Accordingly, a forgiveness of required donation was recorded in the accompanying statement of activities for the year ended December 31, 2024.”

“Auditors present audited financial statements to the board and executive staff at a board meeting upon completion of the audit. In march 2010, the board of directors established and audit sub-committee, consisting of financial experts on the board. That committee is charged with the hiring of our independent cpa and reviewing the form 990 on behalf of the board.”