Winter Park Racquet Club Inc

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

“The following membership categories have voting privileges: the board elects the officers; the stockholders elect the new board of directors, which are regular members with stock, senior "a" social members, and non-resident with stock. If there is not a quorom at the annual meeting, the board can fill the vacancies.”

“Election of new board members require stockholder approval which is made up of regular members with stock, social a members, senior social a members, and non-residence members with stock. All of the folllowing are considered major decisions that require the approval of the same categories of stockholders listed above: incurring debt over eighty percent of the appraised value of any assets to be built, engaging in any activity that causes the corporation to lose their tax exempt status, merging or consolidating the corporation with another entity, liquidating substantially all of the assets, dissolving the corporation, or amending article v or article iv of the bylaws.”

“The club does not believe it is effective nor efficient for the entire governance board to review form 990 before filing. Thus, the governing board delegates the review of form 990 and the related schedules to the president and/or treasurer. The president/treasurer reviews form 990 with its outside cpa preparers prior to the filing of the form.”

“All new board members sign a code of conflict/conflict of interest and all employees, officers, committee, and staff are asked to avoid situations or personal activities that are or appear to be in conflict with their responsibilities.”

“The club's process for determining compensation of the officers and key employees is reviewed by the executive committee, using data of comparable compensation in the determination of compensation. Any bonus is ratified by the board members.”

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

“The club does not make its governing documents, conflict of interest policy, or financial statements available to the public.”

“Sale of membership 4,100. Redemption of membership -4,800. Capital expenditure fee assessments 439,653. Clubhouse enhancement fee assessments 429,300. Initiation fees 1,236,545.”

“The board assumes responsibility for the oversight of the audit of the financial statements and selection of the auditor.”