The Port Royal Club Inc

“The club made changes to the by laws: board shall establish amounts required for joining payments and annual dues. Cap membership at 700, conversion of associate membership lots to resident membership lots. Addition of electronic voting. Added electronic approval of assessment, funds for special assessment deposited into restricted capital account and board ability to levy assessment to cover any principal or interest payments for on debt incurred due to insufficient funds in operating or capital accounts. Upon dissolution/final liquidation of club, property and assets of club after debts distributed among member in proportion to joining payment. Changed the description of the amount required to be paid to acquire membership and the corresponding equity ownership interest in the club from initiation fees to joining payments. In addition, the club will maintain 2 capital accounts (unrestricted and restricted) to hold all joining payments. Unrestricted usage must be approved by the board of directors, restricted used only for capital purchases.”

“The club is a 501(c)(7) club with members.”

“The members of the club may elect members to the governing body.”

“The board of director's decision to sell or otherwise encumber club land or real property, levy assessments in excess of $500 in any fiscal year, or decisions to adopt, alter, amend, or rescind the club's by-laws are subject to member approval.”

“The chief financial officer and gm review the federal forms 990/990t and f-1120 and if they have questions, they contact the preparer. The returns are then presented to the governing body at a board meeting prior to filing.”

“Management staff completes and signs a disclosure statement indicating organizations to which they are affiliated that transact with the club. The disclosure statement specifies the duty to disclose any financial interest prior to negotiating any proposed transaction to the board of directors. New vendors are required to complete a new vendor form which is approved by management. The club's new vendor form requests the identification of potential related-party situations. If a related-party situation is created by the selection of a particular vendor, the club follows its established policies and procedures for identifying and approving such relationships, including the completion of an approved conflict of interest form.”

“The board of directors perform a formal review of the general manager annually. The formal review form is divided into sections with the reviewer noting whether the general manager "exceeds requirements, meets requirements, does not meet requirements and no opinion". The reviewer is also allowed comments for each section. Section a evaluates the end results of the club's activities that directly affect members; prc believes the general manager is directly or indirectly responsible for quality in these areas. The areas include: food and beverage, private parties, club events, fitness, tennis, clubhouse and grounds. The second section evaluates other important operations of the club that are more internal and not directly apparent to membership as a whole. The gm's individual performance relative to these activities are evaluated. These activities include: personnel management, member relations, board relations, financial management, construction management. The next section of the evaluation evaluates the personal characteristics of the general manager. The personal characteristics evaluated include: knowledge of the club, knowledge of club management, work ethic, leadership, candor, flexibility, problem management. The last section allows the reviewer to provide an opportunity for overall evaluation of the general manager. The general manager performs a formal review of the chief financial officer annually. The formal review form is divided into evaluation topics (quantity of work, quality of work, punctuality of work, initiative, creativity and judgment, commitment to the club's goals, ability to work with others, responsiveness to supervision, compliance with club policy and practices and overall performance). For each evaluation topic, the general manager reviews the chief financial officer using a sliding rating scale of a through e ratings. Then the general manager may comment and make suggestions, as needed. At the end of the evaluation, the general manager notes any additional comments, primary areas of future focus for the chief financial officer. There are also sections for comments on supervisor's comments, areas for improvement and employee comments. The form is signed by both the general manager and chief financial officer.”

“Governing documents are published in prc's member directory book and distributed to each member every year as well as posted on the prc website (www.portroyalclub.org). Financial statements and club policies are available for members upon request and upon inspection at the club. Printed copies of financials are provided for members at the annual meeting. The federal form 990 is available for viewing on guidestar.”

“Clubhouse 302,322. Grounds 277,837. Membership activities 155,254. Food/beverage 130,030. Hurricane ian expenses 89,890. Personal property and real estate taxes 74,900.”