Rolling Hills Company

“Rolling hills company is organized as a stock corporation that has both stock and non-stock memberships. The stock members are entitled to full use of the golf course and other club facilities, an equity interest in the organization, one vote on matters of the organization's business, and may hold office as a member of the board of directors. The non-stock members have full use of the golf course and club facilities. Non-stock members do not have an equity interest in the organization, have no vote on matters of the organization's business, and may not hold office. There are also social memberships that have the rights and privileges of the non-stock members with the exception of the use of the golf course.”

“Election of members and their rights - stock members elect the board of directors annually. Each stock member has one vote.”

“Organization's process to reveiw form 990. The 990 is reviewed by the controller, general manager, treasurer, and board president prior to filing with the irs.”

“Enforcement of conflicts policy - all board members sign a conflict of interest form each year.”

“Compensation process for top official - the general manager's compensation is reviewed annually by the 3 members of the executive board and a written formula is used to calculate any annual bonus.”

“Compensation process for officers - the golf course superintendent's compensation is reviewed by the golf committee and the accounting controller's compensation is reviewed by the general manager.”

“Governing documents disclosure explanation - no documents are available to the public except those maintained by the texas secretary of state.”

“All other accomplishments - clubhouse & membership - promote activities to encourage membership and golf activities.”

“Organization ceased conducting program services as the property was sold in august 2022 and administrative activities ceased shortly thereafter.”

“Book to tax difference depletion 3,198 final distributions to liquidate -2,172,650 total -2,169,452”