John'S Island Club Inc

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

“The following equity member categories have voting privileges: member and social. Members have a double weighted vote.”

“Capital assessments and by-law changes are subject to member approval. By law changes requires majority vote after quorum. Capital assessments require 66.6% approval following quorum.”

“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 cfo, the treasurer and/or the president. These individuals review the form 990 with its outside cpa preparers prior to the filing of the form. Stated at the following board meeting is the preparation, review and filing of the return.”

“All responsible parties shall act solely in the interest of the club without regard for his/her own financial interests. On discovery of a potential or actual conflict of interest, the responsible party must disclose facts to the board. After disclosure, the interested party must leave the board room. Chairperson shall appoint person to investigate one alternative to the proposed transaction in question. After review of alternative option (if available), the board shall determine by majority vote whether the transaction or arrangement is in the club's best interest, for its own benefit, and whether it is fair and reasonable.”

“The executive committee of the board meets annually to determine the compensation for management and key employees. Compensation studies, industry studies, and employment contract agreements are used in the determination and documentation of compensation.”

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

“The club's governing documents and conflict of interest policy are available for inspection on the club's premises. The financial statements are available for inspection upon request.”

“No change from prior year.”

“Other golf operations 1,460,713. General maintenance 1,429,575. G&a 1,397,058. Tennis 972,787. Other member activities 704,553. Other expenses 599,410. Golf pro shop 78,875. Member development 32,937.”

“Membership transfer fees 1,717,250. Capital retainage 11,004,000. Interest income from deferred comp plan not included in financial stmts -89,688. Capital assessment 4,432,944.”