Atlanta Athletic Club

“The board of directors shall have the power to admit members to the corporation and may establish various classes of membership and prescribe criteria for each. At least one class of membership shall be known as "jones" members, who will be those members holding full privileges as members and with full voting rights to elect directors and to vote on other matters upon which members are entitled to vote in accordance with the club's bylaws. The board of directors shall have the authority to designate, by resolution, one or more additional classes of membership as members with the right to vote for the election of directors and upon the other matters set forth in the club's bylaws. Only those classes of members designated by the board of directors as entitled to vote for the election of directors shall be deemed "members" of the corporation as that term is defined under section 14-3-140(20) of the georgia nonprofit corporation code with the rights and obligations provided for in the georgia nonprofit corporation code. Members in these classes shall have the rights and privileges of membership as described in the club's bylaws, the rules and regulations of the corporation and any resolutions or directives adopted or prescribed by the board of directors from time to time. Members shall pay such fees and dues as may be prescribed from time to time by the board of directors. The board of directors may, from time to time, limit the number of members in any class or classes.”

“If somebody on the board leaves or vacates their position, the board members have the right to appoint a jones member to the board. However, this person must be in good standing with the club. The board members shall elect jones members to fill vacancies in the board to serve until the next annual meeting of the club.”

“Only jones members and those classes of members designated by the board of directors by resolution as entitled to vote on the election of directors shall be entitled to vote on the matters set forth below. Each member in such classes must be in good standing and shall be entitled to one vote on each such matter unless otherwise determined by the board of directors. Jones members and classes of members so designated by the board of directors are entitled to vote on the following matters: election of directors; a sale of the corporation or a sale of all or substantially all of the assets of the corporation; a merger or combination of the corporation or any transaction having a similar effect; dissolution and liquidation of the corporation; amendment of the articles of incorporation; any capital improvement projects where the members will be required to meet a special assessment in order to complete the proposed capital improvement project; or any other matter the board of directors elects to submit to the vote of the members. The board of directors may determine at any time in its sole discretion to submit any matter to the vote of all members, regardless of class.”

“After the form 990 is prepared by an outside cpa firm, frazier & deeter, llc, the form is first reviewed by the treasurer and cfo for accuracy. The full board of directors has the opportunity to review the form and then the form is signed by the cfo.”

“As a general rule, the board of directors agreed that it is best not to conduct business with members due to a potential conflict of interest, undue sales pressure and potential intimidation.”

“Compensation is determined by collecting benchmark information from area clubs through informal surveys, peer clubs from club benchmark, overall compensation from club benchmark, and overall compensation from cmaa. The club also collects data from guidestar. This information is evaluated by the executive committee to determine compensation. Other key officers' compensation is determined by the gm/coo using the same data as well as guidance from the executive committee.”

“Currently, anyone from the public can request (in writing) a copy of our governing documents, form 990, financial statements, etc. And they will be given one.”

“Athletics 893,485. General and administrative 815,455. Equipment rental & maintenance 720,565. Food & beverage 567,043. Repairs and maintenance 523,408. Property taxes 475,000. Entertainment 460,772. Miscellaneous 406,423. Aquatics 196,844. Workers compensation 195,728. Supplies 170,139. Clubrooms 73,881. Printing & stationary 48,360. Locker room 45,724. Telephone 30,697. Postage 10,201.”

“Change in value of interest rate swap agreements -131,363.”