The Moorings 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 member categories have voting privileges: full (4 votes), golf (3 votes), club (tennis) (2 votes), and social (1 vote). All have voting rights on matters pertaining to their membership category.”

“The board of governors is restricted to expenditures not to exceed $1,750,000 for any one (1) capital project in any one (1) fiscal year unless approved by a majority vote of the members. This restriction applies to spending related to new construction, expansion of existing facilities, or change in the activity program of the club, but they do not apply to equipment purchases, normal maintenance, compliance with government regulations, meeting emergencies, nor do they apply in respect of projects funded in whole or in part by capital assessments approved by vote of the assessed members in accordance with article xii. Assessments for capital purposes may be made only after being approved by a majority of the membership votes cast in person or by proxy. The board shall be empowered to apportion any such assessment among all or certain of the classes of membership as it deems fair and equitable and to designate which are the affected classes entitled to vote thereon. An informational meeting of the members will be held prior to any 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 form 990 and the related schedules to the treasurer, general manager, and director of finance. The treasurer, general manager, and director of finance review the entire form 990 with its outside cpa prior to the filing of the form.”

“Managers and governors are required to sign conflict of interest policy annually.”

“The compensation committee is appointed annually by the president of the board of governors and includes the treasurer, general manager, director of finance and human resources along with 1-2 additional members of the club who are or have served on the board. At least annually, the director of finance provides the committee with current and historical payroll and benefits data, as well as industry comps for each principal department manager. Positions include directors of golf, tennis, fitness, finance, human resources, facilities, membership, golf maintenance, executive chef, and general manager. Other second tier management positions are considered from time to time.”

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

“The club has copies of its governing documents available for inspection at the club. The club does not make copies of its financial statements available to the public. The club has copies of the conflict of interest policy available for inspection at the club.”

“Golf operations 548,327. Other food & beverage costs 505,191. Tennis operations 346,351. Fitness operations 302,905. Spa operations 197,362. Member activities 128,720. Yacht club 79,301. Access, safety, youth 71,140.”

“Capital contributions 3,794,951. Membership certificates issued 673,780. Membership certificates redeemed -480,034. Write-offs of delinquent members 36,534. Capital assessments 1,192,583. Donated capital 16,000.”

“The audit committee's responsibilities and processes for oversight of the audit and selection of the independent auditor have not changed from the previous year.”