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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 990-EZ 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
2015
Open to Public
Inspection
Inspection
Name of the organization
THE COUNTRY CLUB AT MUIRFIELD VILLAGE I
Employer identification number
31-1011563
31-1011563
| Return Reference | Explanation |
|---|---|
| Form 990, Part VI, Section A, line 3 | ON JANUARY 1, 2010, THE COUNTRY CLUB AT MUIRFIELD VILLAGE, INC. AND THE COUNTRY CLUB AT MUIRFIELD, LTD. ENTERED INTO A NEW MANAGEMENT AGREEMENT. THE COUNTRY CLUB AT MUIRFIELD, LTD. WILL PROVIDE MANAGEMENT SERVICES TO THE COUNTRY CLUB AT MUIRFIELD VILLAGE, INC. WITH RESPECT TO THE CLUB OPERATIONS FOR AN ANNUAL FEE EQUAL TO THE OPERATING EXPENSES INCURRED BY THE PARTNERSHIP. THE TERM OF THE MANAGEMENT AGREEMENT IS FIVE YEARS, AND AUTOMATICALLY RENEWS FOR SUCCESSIVE FIVE-YEAR TERMS UNLESS TERMINATION OCCURS AS DESCRIBED IN THE AGREEMENT. THE MANAGEMENT FEE WAS $7,644 IN 2015. |
| Form 990, Part VI, Section A, line 6 | FOR GOVERNANCE PURPOSES, THE ORGANIZATION RECOGNIZES THREE TYPES OF MEMBERS. THIS INCLUDES THE SPECIAL MEMBER, TRUSTEES, AND REGULAR MEMBERS. THE ONLY MEMBER OF THE SPECIAL MEMBER CLASS IS THE COUNTRY CLUB AT MUIRFIELD, LTD. THE SPECIAL MEMBER HAS THE ABILITY TO ELECT AND APPROVE MEMBERS TO THE BOARD OF TRUSTEES. THE SECOND CLASS OF MEMBERS ARE THE TRUSTEES. THESE ARE REGULAR MEMBERS WHO HAVE BEEN ELECTED TO THE BOARD OF TRUSTEES BY THE SPECIAL MEMBER. THE FINAL CLASS OF MEMBERS ARE THE REGULAR MEMBERS. THESE MEMBERS HAVE NO VOTE OR RESPONSIBILITIES IN THE GOVERNANCE OF THE COUNTRY CLUB AT MUIRFIELD VILLAGE, INC. |
| Form 990, Part VI, Section A, line 7a | THE SPECIAL MEMBER HAS THE RESPONSIBILITY TO ELECT AND APPROVE THE MEMBERS TO THE BOARD OF TRUSTEES. |
| Form 990, Part VI, Section B, line 11 | THE FORM 990 IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM. THE FORM 990 IS THEN REVIEWED BY THE UPPER MANAGEMENT AND THE BOARD OF TRUSTEES PRIOR TO BEING FILED. |
| Form 990, Part VI, Section B, line 12c | THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY BY REQUIRING BOARD MEMBERS TO ANNUALLY COMPLETE A CONFLICT OF INTEREST STATEMENT. |
| Form 990, Part VI, Section B, line 15 | THE COMPENSATION COMMITTEE WAS RESPONSIBLE FOR REVIEWING THE COMPENSATION PACKAGE OF THE GENERAL MANAGER. THE COMPENSATION COMMITTEE LOOKED AT RANGES OF COMPENSATION FROM OTHER CLUBS DURING THE REVIEW. THE GENERAL MANAGER REVIEWED THE OTHER MANAGERS AND THE COMPENSATION COMMITTEE WAS MADE AWARE OF A RANGE OF SALARIES FOR COMPARABLE POSITIONS AT OTHER CLUBS. |
| Form 990, Part VI, Section C, line 19 | THE COMPANY DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. |
| Form 990, Part XI, line 9: | REFUNDS OF INITIATION FEES TO FOUNDING MEMBERS -33,000. |
| Form 990, Part XI, Line 1 | THE COUNTRY CLUB AT MUIRFIELD VILLAGE, INC.'S POLICY IS TO PREPARE THE FINANCIAL STATEMENTS ON THE ACCOUNTING BASIS USED FOR FEDERAL INCOME TAX PURPOSES. THE INCOME TAX BASIS OF ACCOUNTING DIFFERS FROM ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA, IN THE FOLLOWING SIGNIFICANT RESPECTS: - DEPRECIATION CHARGES ARE BASED ON RATES AND LIVES ESTABLISHED OR PERMITTED BY THE INTERNAL REVENUE SERVICE, RATHER THAN THE FUTURE PERIOD EXPECTED TO BE BENEFITED; - THERE IS NO RESERVE FOR DOUBTFUL ACCOUNTS, AS ACCOUNTS RECEIVABLE ARE WRITTEN-OFF ONLY AFTER ALL COLLECTION EFFORTS HAVE CEASED AND THE ACCOUNTS ARE DEEMED WORTHLESS; - THE INVESTMENT IN THE PARTNERSHIP IS ACCOUNTED FOR UNDER THE EQUITY METHOD OF THE INCOME TAX BASIS OF ACCOUNTING; - CHANGES IN THE FAIR VALUE INTEREST-RATE SWAP AGREEMENT WOULD BE RECOGNIZED ON THE COMBINED STATEMENTS OF ASSETS, LIABILITIES, AND MEMBERS' EQUITY AND PARTNERS' CAPITAL AS EITHER AN ASSET OR A LIABILITY, WHILE THERE IS NO RECOGNITION UNDER THE INCOME TAX BASIS OF ACCOUNTING; - THE COUNTRY CLUB OF MUIRFIELD VILLAGE, LTD., AS A VARIABLE INTEREST ENTITY, WOULD BE REQUIRED TO BE CONSOLIDATED WITH THE COUNTRY CLUB AT MUIRFIELD VILLAGE, INC., THE PRIMARY BENEFICIARY OF THE VARIABLE INTEREST, WHILE THERE IS NO CONSOLIDATION REQUIREMENT UNDER THE INCOME TAX BASIS OF ACCOUNTING; - MANDATORILY REDEEMABLE FINANCIAL INSTRUMENTS, SUCH AS THE FOUNDING MEMBERS' INITIATION FEES, WOULD BE TREATED AS A LIABILITY, WHEREAS THESE INSTRUMENTS ARE TREATED AS EQUITY UNDER THE FEDERAL INCOME TAX BASIS; - IF A LOSS CONTINGENCY IS PROBABLE, AND THE AMOUNT OF THE LOSS CAN BE REASONABLY ESTIMATED, THE ESTIMATED LOSS WOULD BE ACCRUED FOR THE MINIMUM AMOUNT IN THE RANGE OF POSSIBLE LOSS, WHILE THERE IS NO RECOGNITION UNDER THE INCOME TAX BASIS OF ACCOUNTING; - IMPAIRMENT OF PROPERTY AND EQUIPMENT WOULD BE RECOGNIZED ON THE COMBINED STATEMENTS OF REVENUES AND EXPENSES AS A LOSS FROM CONTINUING OPERATIONS, WHILE THERE IS NO RECOGNITION REQUIRED UNDER THE INCOME TAX BASIS OF ACCOUNTING. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2015
Additional Data
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