Emerald Bay Club Inc

“The club has members, all of whom are owners of real estate in emerald bay. Each member has an equal vote.”

“There are annual elections of the board of directors (the governing board)by the members .”

“Capital expenditures in excess of $10,000 must be approved by the membership, if not included in the board-approved capital budget.”

“A copy of the tax return is given to the office manager after it is signed by the treasurer. It is available for review by all members of the governing body.”

“Each board member must disclose if he/she has a conflict of interest with any item that must be voted on and that member is not allowed to vote on that item.”

“The compensation of the organization's top management official, general manager, is reviewed by a committee of the governing board and recommendations are made. Any compensation adjustments must be approved by the governing board. The compensation of each management employee is reviewed by the general manager. Salary adjustments are approved by the governing board on an overall basis by department, rather than by individual.”

“The organization's governing documents, policies, and financial statements are maintained in the administration offices and are available for viewing and examination by all members during regular business hours.”

“During 2024, the club experienced two weather events, including a tornado. The club incurred cleanup costs in recovring from the natural disasters, including tree trimming of broken branches, tree removal, and fill dirt, debris hauling, and repairs. Other expenses include $150,683 in costs associated with the storm cleanup, net of insurance proceeds received.”

“New member fees 120,000. Payroll tax expense reduction for tip credit benefit -5,838.”

“The club collects monthly dues and charges from members of the emerald bay homeowners association. The collections are remitted to the hoa and are reported on line 1r.”