2024-08-27T15:03:42-05:00 2023-10-31 440160260 FORVIS MAZARS LLP 500 RIDGEFIELD COURT ASHEVILLE NC 28806 990 2022-11-01 561184946 HIGHLANDS FALLS COUNTRY CLUB INC HIGH 8285264118 ONE CLUB DRIVE HIGHLANDS NC 28741 CHUCK CARVER PRESIDENT 8285264118 2024-08-23 1 1 AMY BIBBY P00445891 8282542254 2022 2024-08-08 14:25:15Z JASON MACAULAY ONE CLUB DRIVE HIGHLANDS NC 28741 8710305 0 X WWW.CLUBHFCC.COM X 1977 NC TO PROVIDE SOCIAL ACTIVITIES FOR MEMBERS THROUGH GOLF AND DINING. 9 9 82 10 346020 130514 0 62870 6114222 6993610 69476 154098 1285643 1008714 7469341 8219292 3000 1750 0 0 3101994 3420923 0 0 0 3467182 3660122 6572176 7082795 897165 1136497 19673867 22223259 11111810 12513705 8562057 9709554 TO PROVIDE SOCIAL ACTIVITIES FOR MEMBERS THROUGH GOLF AND DINING. 0 0 MAINTAINED AND OPERATED AN 18-HOLE GOLF COURSE, DINING FACILITIES, FITNESS CENTER, CLUBHOUSE, SWIMMING POOL, TENNIS COURTS, AND GOLF PRO SHOP FOR CLUB MEMBERS AND THEIR GUESTS. 0 1 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 82 0 1 82 1 1 1 0 0 0 0 507098 106840 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 NC X JUDY GREGORY 8285264118 ONE CLUB DRIVE HIGHLANDS NC 28741 X CHUCK CARVER PRESIDENT 5.00 X X 0 0 0 MARK PAGANO VP/TREASURER 5.00 X X 0 0 0 PETER PORTLEY SECRETARY 5.00 X X 0 0 0 KARL BEIER BOARD MEMBER 2.00 X 0 0 0 GREG COPELAND BOARD MEMBER 5.00 X 0 0 0 CRAIG FRAVERT BOARD MEMBER 5.00 X 0 0 0 BOB FISHER BOARD MEMBER 5.00 X 0 0 0 OLIVIA HOLT BOARD MEMBER 5.00 X 0 0 0 SKIP GRAEBER BOARD MEMBER 5.00 X 0 0 0 MARTIN DE LAUREAL BOARD MEMBER 5.00 X 0 0 0 MARY WATTTS BOARD MEMBER 5.00 X 0 0 0 JASON MACAULAY GENERAL MANAGER (END 04/24) 50.00 X 240096 0 23663 FRED GEHRISCH GENERAL MANAGER (START 01/24) 50.00 X 165412 0 10241 SHAWN OLAH CHEF 50.00 X 138443 0 9249 GEORGE THOMPSON MEMBERSHIP DIRECTOR 40.00 X 113385 0 7063 ALLEN CHANDLER GOLF PRO 50.00 X 112006 0 8379 JUDY GREGORY CONTROLLER 40.00 X 100224 0 8412 869566 0 67007 6 0 1 0 0 62870 62870 MBRSHP DUES & ASSESSMENTS 713910 6399075 6399075 GOLF & PRO SHOP 713910 482902 376062 106840 FITNESS CENTER 713940 96222 96222 CROQUET 713940 12981 12981 TENNIS 713940 2430 2430 6993610 154353 154353 79538 0 79538 79538 79538 1000 1255 -255 -255 -255 1384645 489758 894887 889598 5289 INCOME TAXES 900099 19649 19649 LATE CHARGES 713910 11309 11309 MISCELLANEOUS REVENUE 713910 3331 3331 34289 8219292 7776368 346020 34034 1750 365104 2546728 51666 136722 320703 493626 57845 1174186 46504 461382 20393 2286 286747 969210 79469 BAD DEBT EXPENSE 41935 MISCELLANEOUS 26539 7082795 358590 768574 3331013 3440366 309218 140327 142386 137445 123213 140052 29909932 13017081 15409447 16892851 0 703644 19673867 22223259 308765 452265 4063377 4864724 6739668 6493072 0 703644 11111810 12513705 X 8562057 9709554 8562057 9709554 19673867 22223259 X 1136497 11000 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 609696 609696 12756257 6077447 6678810 3511548 1673002 1838546 13032431 5266632 7765799 16892851 OPERATING LEASE LIABILITY 703644 703644 X 8620620 512758 512758 8107862 111430 111430 8219292 7473123 489758 489758 6983365 99430 99430 7082795 PART X, LINE 2: INCOME TAXES ARE PROVIDED FOR THE TAX EFFECTS OF TRANSACTIONS REPORTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. DEFERRED INCOME TAXES ARE PROVIDED FOR THE ESTIMATED TAX EFFECTS OF DIFFERENCES BETWEEN THE FINANCIAL STATEMENT CARRYING AMOUNTS AND THE TAX BASES OF RECOGNIZED ASSETS AND LIABILITIES. DEFERRED TAX ASSETS ARE REDUCED BY A VALUATION ALLOWANCE WHEN, IN THE OPINION OF MANAGEMENT, IT IS MORE LIKELY THAN NOT THAT SOME PORTION OR ALL OF THE DEFERRED TAX ASSETS WILL NOT BE REALIZED. THE CLUB ACCOUNTS FOR UNCERTAIN TAX POSITIONS IN ACCORDANCE WITH THE ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA, UNDER WHICH LIABILITIES FOR UNCERTAIN TAX POSITIONS ARE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS WHEN IT BECOMES PROBABLE A LIABILITY HAS BEEN INCURRED AND THE AMOUNT CAN BE REASONABLY ESTIMATED. THE CLUB HAD NO MATERIAL TAX LIABILITY FOR FEDERAL AND STATE INCOME TAXES OR THE YEARS ENDED OCTOBER 31, 2023 AND 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 489,758. SALE OF EQUITY CERTIFICATES 23,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: HOUSING INCOME 79,538. REDEMPTION OF EQUITY CERTIFICATES 12,000. MERCHANDISE SALES IN EXPENSE 243. INCOME TAX INCOME IN EXPENSE 19,649. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD INCLUDED IN EXPENSES 489,758. PART XII, LINE 4B - OTHER ADJUSTMENTS: HOUSING INCOME 79,538. MERCHANDISE SALES IN EXPENSE 243. INCOME TAX INCOME IN EXPENSE 19,649. X 1 0 X X X X 0 0 0 JASON MACAULAY GENERAL MANAGER (END 04/24) 206357 0 30052 0 3687 0 8254 0 15409 0 263759 0 0 0 FRED GEHRISCH GENERAL MANAGER (START 01/24) 158856 0 6400 0 156 0 6100 0 4141 0 175653 0 0 0 PART I, LINE 1A THE ORGANIZATION PAID AN HOUSING ALLOWANCE OF $24,000 TO THE EXECUTIVE CHEF AS PART OF THEIR COMPENSATION AGREEMENT. THE ALLOWANCE IS INCLUDED IN THEIR PAYCHECK AND TAXED ACCORDINGLY. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION IS A COUNTRY CLUB WHICH HAS SEVERAL CLASSES ON MEMBERS: OWNERS OF EQUITY, FOUNDERS, SOCIAL, SOCIAL A, YOUNG EXECUTIVE, AND EMERITUS EQUITY MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EQUITY AND FOUNDER MEMBERS SHALL BE ENTITLED TO VOTE AT ALL MEETINGS OF THE MEMBERS, AND THERE SHALL BE ONE VOTE PER MEMBERSHIP. THESE MEMBERS MAY VOTE ON ELECTING MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B OWNERS OF EQUITY AND FOUNDER MEMBERSHIPS ARE ENTITLED TO VOTE ON ALL MATTERS THAT COME BEFORE THE MEETINGS OF THE MEMBERS. THE RIGHTS OF SOCIAL, SOCIAL A, YOUNG EXECUTIVE AND EMERITUS EQUITY MEMBERS TO VOTE ARE LIMITED TO A ONE-THIRD VOTE ON PROPOSED ASSESSMENTS ONLY AND MAY NOT VOTE ON OTHER MATTERS. ONLY MEMBERS IN GOOD STANDING MAY VOTE. FORM 990, PART VI, SECTION B, LINE 11B THE CLUB'S PRESIDENT AND TREASURER REVIEWED THE 990 PRIOR TO FILING THE RETURN WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CLUB HAS A CONFLICT OF INTEREST POLICY WHICH IT ENFORCES ON A CASE BY CASE BASIS. BOARD MEMBERS ARE RESPONSIBLE FOR ADDRESSING ANY POTENTIAL CONFLICT AND EXCUSING THEMSELVES FROM VOTING ON MATTERS WHERE A POTENTIAL CONFLICT MAY EXIST. EMPLOYEES MUST DISCLOSE ANY POTENTIAL CONFLICTS TO THE GENERAL MANAGER. FORM 990, PART VI, SECTION B, LINE 15 THE CLUB DETERMINES COMPENSATION OF TOP MANAGEMENT, OFFICERS, AND KEY EMPLOYEES BY USING WAGE AND SALARY COMPARISONS FOR THE SAME JOB DESCRIPTIONS WITH OTHER COUNTRY CLUBS IN THE GEOGRAPHIC AREA. THE CLUB REQUIRES THAT THE PRESIDENT OF THE BOARD APPROVE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC UPON REQUEST, ON ITS WEBSITE, AND ON WWW.GUIDESTAR.ORG. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST AND VIA THE NC SECRETARY OF STATE'S WEBSITE. THE FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: SALE OF EQUITY CERTIFICATES 23,000. REDEMPTION OF EQUITY CERTIFICATES -12,000. FORM 990, PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. HIGHLAND FALLS EMPLOYEE HOUSING LLC ONE CLUB DRIVE HIGHLANDS NC 28741 EMPLOYEE HOUSING NC 79538 HIGHLANDS FALLS COUNTRY CLUB INC