Friends of Basin Harbor Golf Inc

“Friends of basin harbor golf, inc. Is a non-profit corporation organized in vt under the non-profit corporation act of the state of vermont. There are members of the corporation and they are allowed to vote on matters brought before the membership. A member shall have one vote for each 1,000 dollars of membership fee made to the corporation. Excpt as may be otherwise permitted by the internal revenue code with respect to 501(c)(7) organizations, no part of the net assets or net earnings of the corporation shall inure to the benefit of or be to an officer,director, employee, member or donor of the organization.”

“The president reviews the form 990 prior to filing with internal revenue service. It is available to the other board members and discussed at next regular board meeting.”

“Documents are available upon request to board members.”

“The board of fbhg, inc. Operates on a volunteer basis.”

“In the spring of 2020, the covid-19 pandemic threatened the survival of the basin harbor resort. The owners of the resort made the difficult decision to close the golf course. Friends of basin harbor golf, inc. (fbhg) was formed to aid in helping to save the golf course after this decision was made by basin harbor resort. A new operating agreement was executed between clark golf management llc (cgm) and basin harbor resort. It is a five year management agreement with a duration of 5 years and an option to renew. Cgm is the new operator of the golf course and assumes all revenues, risk and profit/loss. Basin harbor/beach properties, inc. Continues to own the property but receives no revenues from the golf operation. Due to the current financial support of fbhg, inc. And the new operating model, it appears the golf course will survive. Members play golf in season. Based on their initial assessments, members play for up to four years based on dues paid to fbhg, inc. Or they pay separately to cgm to play. The majority of the members' dues, membership fees and assessments are paid, or will be paid to cgm for direct costs associated with the operation of the facility.”