Clearwater Yacht Club Inc

“Form 990 is reviewed and signed by the treasurer. Once completed and signed, form 990 is provided to voting members by either physical or electronic means as requested.”

“The conflict of interest policy is monitored on a case by case basis. If an issue arises, it is addressed immediately with the general manager then the officers and directors. To date no issues have been identified.”

“Compensation and bonuses go through an approval process with the officers, directors and board members. The approval process is documented in the board minutes.”

“The organization's governing documents, conflict of interest policy and financial statements are made available upon request.”

“The organization qualifies for nonrecognition of gain under section 512(a)(3)(d) with respect to the sale detailed below. Consequently, a portion of the gain has been reported as exempt function revenue in column (b). Description of property: 16 transferrable development rights (tdr)*** date sold: 12/10/2024 proceeds: $1,040,000 expense of sale: $5,125 cost basis: $83,630 gain: $951,245 exempt function use of property sold: site of clubhouse, access to club's 37 boat slips, parking for members using the docks and clubhouse replacement period: 12/10/2023 - 12/10/2027 replacement property: marina featuring 32 new slips with wear decking, new electrical panels, and pilings exempt function use of replacement property: serves as a hub for member yachting activities. Cost of replacement property: $354,594 date construction commenced: 12/10/2023 date construction completed: 11/15/2025 ***the tdrs sold were assigned to the club's land by the local governmental authority. Pursuant to florida law, tdrs in florida are considered an interest that pertains to real estate and therefore the sale of tdrs represents a sale of real property. All the real property owned by the club, including the property to which the tdrs were attached, is and has been directly, continuously, regularly and physically used for the club's exempt purposes.”