Shoal Creek

“The club has made amended the following bylaw amendments: preamble the mission statement describes the mission of the board of governors. The description of the golf experience has been changed from "exceptional" to "superior". Further, a provision has been added to memorialize that the club's bylaws were previously amended by a greater than two-thirds (2/3) vote of the members of the club at the annual meeting of the members of the club on april 2, 2019, and have been further amended by the board of governors in accordance with article ix of the bylaws. 2.1 provides that the president shall have the authority to appoint one or more members of the club to serve in a non-voting, advisory capacity to the board of governors for a term of two (2) years, including but not limited to one (1) in-state national member and one (1) out-of-state national member, and such appointed members shall be entitled to attend all meetings of the board of governors and receive all information provided to the full board of governors. 2.2(d) provides that each regular, junior, senior and national member in good standing shall be entitled to vote in board of governor elections. 3.3 provides that the failure to attend three consecutive meetings of the board of governors may subject an officer to removal from office. 4.5(a) provides for the membership application process to be conducted as follows: a person desiring admission to national membership must (i) submit an application for membership; (ii) be proposed in writing by a sponsoring member (the "sponsoring member letter"); and (iii) obtain letters of recommendation from at least two additional members. A person desiring admission to all other classes of membership must (i) submit an application for membership; (ii) obtain a sponsoring member letter; and (iii) obtain letters of recommendation from at least four additional members. All applications, along with the sponsoring member letter and additional member recommendation letters shall be delivered to the club for transmission to the membership committee. 4.5(b) provides that the membership committee shall promptly post a copy of the sponsoring member letter and the applicant's letters of recommendation on the bulletin board of the club for at least ten days. 4.5(e) provides that a regular member or any national out of state member whose membership is deemed an equity membership may at any time request the board of governors to transfer his or her membership to one of his or her lineal descendants. Upon such request, the board of governors shall consider the designated descendant for membership in accordance with the bylaws and, if accepted, shall transfer the membership of the designating member to such member's descendant upon such terms as the board of governors may set from time to time. Any transfer of membership pursuant to section 4.5(e) shall cause such membership to convert to a non-equity membership and shall be deemed to have released the club from any equity obligation with respect to such membership. 4.5(g) provides that if a senior associate member shall remarry, the spouse shall make application for senior membership, but, if accepted, shall pay an additional membership fee as determined by the board of governors. If such spouse is rejected then the membership of such senior associate member shall thereupon terminate. 4.5(m)(ii) subsection (m) provides that a member who has been a regular member for at least twenty years may be invited by the board for lifetime membership status. Subsection (m)(ii) provides in such a scenario that an individual's regular membership, if it is deemed an equity membership, may be transferred to a lineal descendent with board of governor approval or shall remain with the club until the death of such member at which time the membership shall be transferred in accordance with section 4.5(e) of the bylaws. 4.5(n)(vi) provides that a social member may elect to convert his or her status to a regular membersh”

“There are members who have equity in the club.”

“Regular, junior, senior and national members in good standing shall be entitled to vote in board of governor elections.”

“There are decisions of the governing body that are subject to approval by members/stockholders.”

“The board of directors reviews the form 990 before the return is filed.”

“The club president approves all top management/key employee compensation.”

“A copy of the governing documents, conflicts of interest policy, or financial statements is available upon request for the same period of disclosure as set forth in irc section 6104(d).”

“Special assessment 444,740. Initiation contributions 663,967. Capital asessment 356,580. Equity membership issuances 98,963. Equity membership redemptions -73,675.”

“Shoal creek uses a modified accrual method of accounting.”

“The organization did not change either its oversight process or selection of the independent accountant.”