World Golf Foundation Inc

“Gregory t. Mclaughlin and diane tetsworth - business relationship”

“The foundation amended its governing documents in 2024 to reduce the number of board members from nine (9) to four (4), effective september 25, 2024. Under the amended bylaws, all four of the voting directors are named by title and are directors because of their official capacity in each of the following major golf organizations - the pga tour ("tour"), united states golf association ("usga"), professional golfers' association of america ("pga"), and the ladies professional golf association, inc. ("lpga"). The board may also elect non-voting members from time to time, up to a maximum of four (4) non-voting members. The foundation's amended governing documents also modified its charitable mission to remove references to the world golf hall of fame and museum (the "museum") following the closure of the museum's physical location in st. Augustine, florida, in december 2023. The foundation's mission, as stated in its amended governing documents, remains focused on rendering charitable support and assistance to exempt organizations established to diversify the sport of golf and support environmental and sustainability initiatives.”

“The foundation's board is comprised of four (4) voting directors; under the bylaws, as amended as described in part vi, line 4, all four of the directors are named by title and are directors because of their official capacity in the following four major golf organizations - the pga tour ("tour"), united states golf association ("usga"), professional golf association of america ("pga"), ladies professional golf association, inc. ("lpga"). Each of these four golf organizations may, at any time, remove and replace its director representative or fill a vacancy caused by the removal from office, resignation, or death of its director representative or caused by an increase in its number of representatives enacted by amendment of the foundation's bylaws. Additionally, the board may elect non-voting members from time to time, up to a total of four (4) non-voting members.”

“The return was reviewed in detail by the senior vice president of finance and grant thornton advisors, llc, an independent outside service provider. The 990 return as filed with the irs was also mailed/emailed to the board of directors prior to the filing of the form with the internal revenue service.”

“The employee handbook contains comprehensive conflicts of interest policies and reporting procedures that govern all employees, including key employees and officers who are also employees. Each employee signs a certification when they review the conflicts of interest section of the employee handbook, and the employee handbook is posted at all times on the organization's intranet web site. There is no annual written disclosure form. Employees are required to disclose actual or potential conflicts of interest to an officer or the director of talent and culture promptly as they arise monitoring and managing actual or potential conflicts of interest on the board of directors and among employees is the responsibility of the chief executive officer, with advice and consultation from other officers, directors, supervisory staff and the director of talent and culture. As stated in the employee handbook employees and officers who are also employees are required to report any actual or potential conflicts of interest and to take appropriate action including adequate disclosure and not participating in decisions that involve the conflict of interest.”

“The 2024 compensation of the chief executive officer was decided by the compensation committee comprised of independent directors based on several criteria including a written report with comparability data from the golf industry. A written record was made of the committee's compensation decisions. The compensation of other officers and key employees was determined by the compensation committee, with all such compensation reflected in the budget approved by the directors.”

“The articles of incorporation are available anytime online from the state of florida, division of corporations. The bylaws, the conflict of interest policy, and the audited financial statements are not made available to the public.”

“The compensation reported in form 990, part vii, section a for diane tetsworth, the organization's secretary, represents an allocation of her salary from an unrelated third party for the services she renders to world golf foundation, inc.”

“The world golf hall of fame & museum closed its physical presence in st. Augustine, florida, to the public as of september 2023. The world golf hall of fame imax theater ceased operations as of december 2024. The foundation deaccessioned hall of fame artifacts following the closure of the hall of fame & museum. A portion of the deaccessioned artifacts were transferred to the usga foundation in 2024 to promote continued public access.”

“The organization's cash is kept in an interest-bearing sweep account.”