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TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is atwww.irs.gov/form990.
OMB No. 1545-0047
2013
Open to Public
Inspection
Inspection
Name of the organization
WAIALAE COUNTRY CLUB
Employer identification number
99-0057829
99-0057829
| Return Reference | Explanation |
|---|---|
| GOVERNING BODY AND MANAGEMENT | FORM 990 PART VI SECTION A Line 6 The organization has approximately 1,550 members and 35 different classes of membership. Regular, Limited, Senior Regular, Special Limited and Senior Special Limited member classes are entitled to: (1) Elect the members of the governing body; and (2) Approve significant decisions of the governing body. Regular, Limited, Senior Regular, Senior Limited, Ex-Resident Regular, Ex-Resident Limited, Ex-Resident Senior, Special Limited, and Senior Special Limited member classes who hold Transfer Certificates at the time the organization dissolves may be entitled to share in the organization's assets, if any. Line 7a Of the 1,550 total members, approximately 650 members may elect the governing body. Line 7b 1) Any expenditure or group of related expenditures in excess of $500,000 requires a majority vote of voting members. 2) Some of the decisions of the governing body regarding changes to by-laws and capital projects in excess of $500,000 may be subject to approval by the voting members. |
| Form 990 Part VI Section B | Line 11b The controller and general manager review the Form 990 prior to its filing with the IRS. Line 12c The Executive Committee of the Board is charged with monitoring proposed or ongoing transactions for conflicts of interest and any actual conflicts are referred to the full Board of Directors for action. Any potential conflicts of interest are reported to the President. Pursuant to the Conflicts of Interest Policy, an annual conflict of interest statement, aimed at determining any family and business relationships and transactions or other transactions that may pose a potential conflict, is distributed to all covered persons (i.e., board members, officers, management, and all key employees). Covered persons are required to disclose real or potential conflicts at the time when such conflicts arise. When someone becomes a covered person and annually thereafter, each covered person is required to sign a statement affirming that he/she has no conflicts of interest as defined in the Club's Conflict of Interest Policy. The procedures for addressing any conflict of interest are determined on a case by case basis. Lines 15a & 15b The Managing Review Committee, comprised solely of independent members, none of which have a conflict of interest with respect to the compensation arrangement, is accountable for setting reasonable compensation packages for each officer or key employee (including the general manager). Yearly, the Managing Review Committee reviews the annual performance goals and criteria used in determining merit increases and variable compensation criteria for officers and key employees. The compensation committee met to review the salary of Waialae's officers and key employees in August 2012 AND AGAIN IN MAY 2013. Appropriate comparability data is obtained every few years from other clubs in the area, i.e., total economic benefits paid by similarly situated organizations (both taxable and tax-exempt) for similar job responsibilities and used in determining reasonable compensation. THE COMMITTEE'S WRITTEN RECORDS INCLUDE THE (1) TERMS OF THE salary adjustment and bonus of THE OFFICER OR KEY EMPLOYEE (INCLUDING THE DATE THE ARRANGEMENT WAS APPROVED); (2) A LIST OF MEMBERS PRESENT DURING THE VOTE ON THE TRANSACTION; and (3) A DESCRIPTION OF THE COMPARABLE DATA RELIED UPON BY THE COMMITTEE. Key deliberations and decisions of the Committee are documented in minutes which are approved at the next Committee meeting. The last comparability data was received in 2010, and the 2013 annual increase was determined solely at the discretion of the independent Board based on their knowledge of the current economic climate in Hawaii. |
| Form 990 Part VI Section C | Line 19 The organization provides its governing documents, conflict of interest policy and financial statements available to the public, upon request. |
| FORM 990, PART XI, LINE 5 | $ (532,259) - OCCUPANCY ADJUSTMENT $ (3,663) - SALE OF SECURITIES $ (892,139)- CHANGE IN ADJUSTMENT TO PENSION LIABILITY ----------- $(1,428,061) |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2013
Additional Data
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