Gulf Stream Golf Club Inc

“The club is a private member-owned club that is owned and operated for the pleasure and recreation of its members.”

“Only regular members shall have the right to vote, to propose and second candidates for membership, and to serve as governors of the club.”

“The following decisions by the board of governors are subject to members approval: 1) to sell or lease the real property of the club or to mortgage or otherwise encumber same; to sell club personal property except in the conduct of normal course of business. 2) to increase the number of members from 300 members. This number shall be increased by a majority vote of the membership voting in person or by proxy at a meeting. 3) to alter or amend the charter of the club or to alter, amend, or repeal and adopt new by-laws. This decision must be adopted by: (a) the members by affirmative vote of not less than a majority of those present or represented at any meeting of the club. (b) the board of governors by affirmative vote of a majority of those present at any meeting of the club. 4) to enter into a debt agreement greater than $500k.”

“The organization does not believe it is effective nor efficient for the entire governing board to review form 990 before filing. Thus, the governing board delegates the review of form 990 and the related schedules to the controller and the treasurer. The controller and treasurer of the board review the form 990 and related schedules in its entirety with our outside accounting firm before the form is filed with the irs.”

“The controller and board monitor all transactions with the vendors to ensure no conflicts of interest arise.”

“The committee chair of the department will request an increase in pay for their department heads. The club president will then review and approve the listing each year. Compensation studies, industry studies, and employment contract agreements are used in the determination and documentation of compensation.”

“The club provides copies of form 990 and form 1024 upon request.”

“Governing documents, conflict of interest policy, and financial statements are not available to the public for inspection.”

“Real estate & personal property taxes 231,522. Food & beverage 181,840. Golf expense - other 151,228. Golf carts 42,120. Decorations 29,600. Transfer to reserve funds 20,754. Locker rooms 8,862. Valet & security -1,499.”

“Transfers to reserves -2,120,000. Membership certificates issued 18,000. Net increase in property & equipment 4,606,535. Redemption of membership certificates -20,000. Initiation fees 2,120,000.”

“No change from prior year.”