The Forest Club

“The forest club's governing body is a board of directors consisting of thirteen (13) members. Twelve (12) members of the board of directors are elected for three-year terms. The president of the ladies' association serves a one-year term. The immediate past president of the club is an ex-officio, non-voting member. The senior member and junior representative are also non-voting members.”

“The forest club's board of directors is elected by members eligible to vote at the annual meeting of the members of the club which is held annually on the second wednesday of november. No general assessments of the membership at large to defray capital expenditures of the club shall be made except pursuant to an affirmative of at least 60% of the membership eligible to vote at an annual or special meeting. No long-term debt shall ever be incurred except pursuant to an affirmative vote of a majority of the membership eligible to vote at an annual or special meeting.”

“The forest club's board of directors is elected by members eligible to vote at the annual meeting of the members of the club which is held annually on the second wednesday of november. No general assessments of the membership at large to defray capital expenditures of the club shall be made except pursuant to an affirmative of at least 60% of the membership eligible to vote at an annual or special meeting. No long-term debt shall ever be incurred except pursuant to an affirmative vote of a majority of the membership eligible to vote at an annual or special meeting.”

“The forest club's board of directors is elected by members eligible to vote at the annual meeting of the members of the club which is held annually on the second wednesday of november. No general assessments of the membership at large to defray capital expenditures of the club shall be made except pursuant to an affirmative of at least 60% of the membership eligible to vote at an annual or special meeting. No long-term debt shall ever be incurred except pursuant to an affirmative vote of a majority of the membership eligible to vote at an annual or special meeting.”

“The form 990 is reviewed by the general manager, the business manager, and the treasurer before filing.”

“The compensation of key employees is reviewed annually by the board of directors.”

“The books and records, including form 990, is made available to its membership upon request.”

“On april 20, 2020, the organization applied for and was accepted to receive funding for a ppp loan in the amount of $425,100. The loan is subject to partial or full forgiveness, the terms of which are dictated by the cares act. The organization paid $16,275 toward the unforgiven portion in november 2021. For fiscal year ended september 30, 2021, $408,825 was included as government grants on the form 990, part viii statement of revenue line 1e as forgivable funds from the ppp loan.”

“Compensation of current officers is reported on a fiscal year basis on part ix, statement of functional expenses, and on a calendar year basis on part vii, compensation of officers, directors, trustees, key employees, highest compensated employees, and independent contractors.”

“The cares act also provided for an employee retention credit (erc), which is a refundable tax credit against certain employment taxes of up to $5,000 per employee for eligible employers. The tax credit is equal to 50% of qualified wages paid to employees during a quarter, capped at $10,000 of qualified wages per employee throughout the year. During the fiscal year ended september 30, 2021, the organization submitted an application for reimbursement of qualified wages, which had not been reimbursed by the ppp loan, for a total of $326,146. For the fiscal year ended september 30, 2021, the organization recognized the credit of $326,146, which is included as a reduction of the compensation not included in officer compensation to disqualified persons reported on form 990, part ix statement of functional expenses, line 6.”