Winchester Creek Country Club Inc

“No review was or will be conducted.”

“No documents available to the public.”

“Client Note 1 - STATEMENT REGARDING SALE OF REAL PROPERTY ASSET THE ORGANIZATION WAS FORMED AS A SOCIAL CLUB FOR THE BENEFIT OF ITS MEMBERS TO MEET REGULARLY FOR LUNCHEONS, DINNERS, GAMES AND OTHER FORMS OF ENTERTAINMENT IN THEIR SMALL MOUNTAIN COMMUNITY. DUE TO COVID-19 AND THE ADVANCED AGE OF MOST OF THE MEMBERS, IT WAS DETERMINED BY THE BOARD OF DIRECTORS AFTER SEVERAL DISCUSSIONS THAT THE SOLE ASSET OF THE ORGANIZATION, A PIECE OF PROPERTY THAT HAD A BUILDING USED FOR EVENT SPACE FOR THE CLUB A WELL AS A SWIMMING POOL, SHOULD BE SOLD. THE BY LAWS OF THE ORGANIZATION PROVIDED THAT IN THE EVENT OF A SALE, DISSOLUTON OR LIQUIDATION OF THE ORGANIZATION, THE NET PROCEEDS SHOULD BE DISTRIBUTED TO THE REGULAR MEMBERSHIPS EQUALLY WHO HAVE BEEN MEMBERS IN GOOD STANDING FOR TWO YEARS. EACH MEMBER RECEIVED A CHECK FOR THEIR NET PROCEEDS IN JULY 2021 AND THE CLUB WAITED TO FILE THE TAX RETURN UNTIL THE CHECKS CLEARED THE BANK SO THE BANK ACCOUNT COULD BE CLOSED DOWN AND THE ATTORNEY FOR THE ORGANIZATION TO FILE ARTICLES OF DISSOLUTION WITH THE STATE OF NORTH CAROLINA (SEE ATTACHED). THE BOARD MEMBERS/DIRECTORS/OFFICERS UNANIMOUSLY AGREED VIA A VIRTUAL BOARD MEETING IN JUNE OF 2021 TO DISSOLVE THE ORGANIZATION DUE TO THE SALE OF THE PROPERTY WHICH RENDERED THE CLUB MEMBERS WITHOUT A MEETING LOCATION/EVENT SPACE (SEE ATTACHED BOARD MEMBER VOTING STATEMENTS REFLECTING UNANIMOUS AGREEMENT TO TERMINATE THE ENTITY).”

“Distribution to members of property sale proceeds = -$423573”