Waikiki Yacht Club

“The organization has several classes of membership, each with varying qualifications for eligibility, rights and privileges.”

“Three classes of membership (regular, life and honorary life) have the right to elect members of the governing body.”

“Capital expenditures in excess of limits as set forth in the bylaws require approval by the voting members. The bylaws set forth the criteria by which they can only be amended by the voting membership.”

“Draft of form 990 sent to the finance committee for review prior to filing.”

“In january of each year, the club distributes copies of related policies and obtains a signed acknowledgement and receipt for the policies as well as a signed disclosure statement from each member of the governing body, the general manager and others with purchasing authority (management persons). During the year, purchases and contracts over limits specified in the policies are approved by the governing body and monitored by the general manager. Periodically, the club's finance committee, which is independent of the management persons, reviews purchases and contracts for compliance with the policies, and as appropriate identifies potential conflicts for enforcement action by the governing body.”

“Compensation for the organization's general manager is subject to the review and approval of the governing body.”

“No documents available to the public, however they are available to the membership upon request.”

“This club is organized and shall operate to provide for the pleasure, recreation and other nonprofitable purposes of its members, as an organization described in section 501(c)(7) of the internal revenue code. Consistent with its status as a section 501(c)(7) tax exempt entity, the primary purpose for which this club is organized and its primary mission is to provide a medium through which its members may participate in the sport of yachting and to promote and foster interest in the knowledge of yachting, boating, navigation, and other maritime activities, and to cooperate with federal, state, and municipal officials in the protection of life and property on the high seas and within the waters of the state of hawaii. Corinthianism shall dominate all activities of the club. Subject to the club's primary purpose and mission, the club may offer such social and recreational activities to its members as are consistent with its nonprofit, tax exempt status.”