Indian Creek Country Club Inc

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

“Proprietary member have voting privileges.”

“Proposed amendments or revisions to the articles or bylaws and sales of assets with fair market value in excess of $250k (would cover dissolution of the club) are subject to the approval of the members eligible to vote.”

“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 for 990 and the related schedules to the finance committee. The finance committee reports any significant items on the 990 to the board. The treasurer and director of finance also review form 990 with its outside cpa preparers prior to the filing of the form.”

“To ensure the club operates in a consistent manner and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews are conducted by the audit committee. The periodic review, at a minimum, includes the following subjects: a. Whether compensation arrangements and benefits are reasonable, based on competent survey information, and the result of arm's length bargaining. B. Whether partnerships, joint ventures, and arrangements with management organizations conform to the club's written policies, are properly recorded, reflect reasonable investment or payment for goods and services, and do not result in inurnment, impermissible private benefit or in an excess benefit transaction. When conducting periodic reviews, the club may, but need not, use outside advisors. If outside experts are used, their use shall not relieve the governing board of its responsibility for ensuring periodic reviews are conducted.”

“Contracts for key employees are negotiated in executive board sessions. In may each year, the general manager determines the bonus amounts for all salaried employees. The bonus for the general manager is determined by the president in line with their contract agreement. Salaried staff are reviewed for raises in may for an effective date of june 1st. Final determinations via a signed document showing the approved bonuses and raise status are provided to accounting.”

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

“Governing documents and conflict of interest policy are available to the public upon request and via inspection at the club. The financial statements are distributed to the members at the annual meeting and are available on the club website, upon request, and available for inspection at the club.”

“Issuance of proprietary membership certificates 7,000. Redemption of proprietary membership certificates -6,000. Initiation fees, capital 5,987,500. Capital improvement assessments 1,265,100.”

“No change from prior year.”