Oaks Club Corporation

“Purchasers of real estate lots in the developments known as oaks i, oaks ii, and oaks iii must purchase either a social or equity membership, the cost of which is presently determined by the board of governors.”

“The organization adheres to its by-laws, which require the equity members to vote on the selection of its board members. Only equity members are entitled to vote. The organization follows its by-laws to ensure a quorum of equity members have voted.”

“The organization adheres to its by-laws which require approval of the equity members before commencing with the addition of any new structure or club facility, or commencing with the improvement, replacement or repair of any existing club property, where the cost of the addition, improvement, replacement or repair is expected to exceed $400,000. Except, member approval is not required for the repair or replacement of any club property exceeding $400,000 if the expenditure is necessitated by an unexpected event or discovery, is necessary for reasons of health, safety or to prevent further damage to the club's existing infrastructure and the expenditure is approved by an 80% vote of the governing body. In addition, approval of the equity members is required before (i) acquiring or contracting to acquire additional land if the club's assets, in whole or in part, are to be pledged as collateral, (ii) disposing of real property owned by the club or (iii) levying an assessment for additions to, or the improvement, replacement or repair of any club property.”

“The members of the governing body are provided a copy of the return prior to filing the return.”

“All board of governors members, the general manager, all department directors, and all purchasers are required to sign an annual conflict of interest statement. The accounting office notifies management if there appears to be a conflict. Management and the board review before entering into agreements.”

“The evaluation and compensation committee of the board of governors sets the compensation for coo/gm using a compensation market survey and study along with the respective written employment contracts. The compensation committee consists of the president, vice president, and treasurer. Due to the not-for-profit nature of the club and the purpose of the organization and operation, non-employee officers shall serve without compensation or salary from the club, but will be entitled to reimbursement for all expenses reasonably incurred in performing any duties pursuant to the bylaws.”

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

“The governing documents are made available on the club's website and the financial statements are made available upon request. The conflict of interest policy is not made available to the public.”

“Golf activities 479,633. Fitness and wellness 279,605. Events 227,011. Racquet sports 192,145. Property taxes 190,025. Interest rate swap agreement 181,522. Other non-operating expense 147,926. Membership 108,452. Housekeeping 74,630.”

“Equity certificates issued and upgraded 3,000,000. Equity certificates redeemed -1,128,500.”

“No change from prior year.”