2024-04-15T12:37:02-05:00 2023-05-31 420714325 RSM US LLP 1555 PALM BEACH LAKES BLVD SUITE 500 WEST PALM BEACH FL 33401 990 2022-06-01 590542388 GULF STREAM BATH AND TENNIS CLUB INC GULF 5612722101 925 NORTH OCEAN BOULEVARD DELRAY BEACH FL 33483 MICHAEL TERRITO GM, COO 5612722101 2024-04-08 1 MICHAEL TERRITO XXX-XX-XXXX 0 CHRISTOPHER CECIL P01877773 5616971785 2024-04-08 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MICHAEL TERRITO 925 NORTH OCEAN BOULEVARD DELRAY BEACH FL 33483 5572453 0 X N/A X 1990 FL TO OPERATE A PRIVATE RECREATIONAL AND SOCIAL CLUB WITH CERTAIN BEACH, TENNIS, FITNESS, RESTAURANT, SWIMMING AND RELATED FACILITIES. 15 15 92 15 100090 23463 0 0 3012154 3247147 8885 38248 1366308 1408131 4387347 4693526 0 0 0 0 2746692 3140889 0 0 0 2203716 2547103 4950408 5687992 -563061 -994466 10931489 10078227 1460801 814521 9470688 9263706 X THE GULF STREAM BATH AND TENNIS CLUB IS A SOCIAL CLUB THE TAX EXEMPT PURPOSE OF WHICH IS TO PROVIDE FOR THE OPERATION OF A PRIVATE RECREATIONAL AND SOCIAL CLUB WITH CERTAIN BEACH, TENNIS, FITNESS, RESTAURANT, SWIMMING AND RELATED FACILITIES FOR THE USE OF MEMBERS OF THE CLUB AND THEIR GUESTS. 0 0 THE CLUB PROVIDES FOOD AND BEVERAGE SERVICE ON APPROXIMATELY 220 DAYS THROUGHOUT THE YEAR. DURING FISCAL 2022-2023, GROSS REVENUES FROM FOOD AND BEVERAGE WERE $1,966,046 (OF WHICH $106,990 WAS NON-MEMBER RELATED) AND EXPENSES WERE $2,630,622. THE OPERATING LOSS FROM FOOD AND BEVERAGE SERVICE WAS FUNDED THROUGH MEMBERSHIP DUES. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 16 0 1 92 1 1 1 0 0 0 1 1 0 106990 0 0 0 X 15 15 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X MICHAEL TERRITO 5612722102 925 N OCEAN BLVD DELRAY BEACH FL 33483 KIRSTEN STANLEY PRESIDENT 1.00 X X 0 0 0 BRADFORD B KOPP VICE PRESIDENT 1.00 X X 0 0 0 MICHAEL HEFLEY TREASURER 1.00 X X 0 0 0 ANTHONY W GRAZIANO JR SECRETARY 1.00 X X 0 0 0 TINA SMITH GOVERNOR 1.00 X 0 0 0 GEORGE DEB BELL JR GOVERNOR 1.00 X 0 0 0 JOHN T VANDERSLICE GOVERNOR 1.00 X 0 0 0 TERI POWER GOVERNOR 1.00 X 0 0 0 W FREDERICK SOUDER V GOVERNOR 1.00 X 0 0 0 S CURTISS ROACH GOVERNOR 1.00 X 0 0 0 RICHARD DIPIETRO GOVERNOR 1.00 X 0 0 0 JOANNE Y JULIEN GOVERNOR 1.00 X 0 0 0 SUZANNE M SENNATT GOVERNOR 1.00 X 0 0 0 JORGETTE D SMITH GOVERNOR 1.00 X 0 0 0 MICHAEL J TERRITO GENERAL MANAGER/COO 40.00 X 265228 0 31060 CRAIG REGER CONTROLLER 40.00 X 71442 0 757 CAREY SAVONA HEAD CHEF 40.00 X 156434 0 28839 493104 0 60656 2 0 1 0 PLASTRIDGE AGENCY 820 NE 6TH AVE DELRAY BEACH FL 33483 INSURANCE PREMIUMS 397868 1 MEMBERSHIP DUES 713910 3247147 3247147 3247147 38248 38248 1996046 878927 1117119 1055277 61842 OTHER INCOME 713910 289756 289756 INTEREST RATE SWAP AGREEMENT 713910 1256 1256 291012 4693526 4593436 100090 0 2590896 69133 480860 26284 663712 432700 FOOD & BEVERAGE DEPT EX 458121 ADMIN & GENERAL 446482 BLDG & GROUNDS DEPT EXP 137764 PROPERTY TAXES 119365 262675 5687992 2999420 573223 438260 446128 113011 114757 24201 633045 11907404 4924615 7350957 6982789 1320816 5640 7469 10931489 10078227 282315 554391 867397 0 311089 260130 1460801 814521 X 9470688 9263706 9470688 9263706 10931489 10078227 X -994466 20653 766831 X X 0 1 X 1 0 156385 156385 9751214 3631587 6119627 1858183 1293028 565155 141622 141622 6982789 TREASURY SECURITIES 1320816 F 1320816 DUES COLLECTED IN ADVANCE 152130 MEMBERSHIP DEBENTURES 108000 260130 X 5572453 0 5572453 -878927 -878927 4693526 6566919 878927 878927 5687992 0 5687992 PART X, LINE 2: THE CLUB HAS EVALUATED ITS TAX POSITIONS AND CONCLUDED THAT THE CLUB HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THE ACCOUNTING GUIDANCE FOR UNCERTAINTY IN INCOME TAXES WITHIN THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC). PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF SALES -878,927. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 878,927. 1 X X X X 0 0 0 MICHAEL J TERRITO GENERAL MANAGER/COO 203291 0 61937 0 0 0 8033 0 23027 0 296288 0 0 0 CAREY SAVONA HEAD CHEF 132434 0 24000 0 0 0 4758 0 24081 0 185273 0 0 0 PART I, LINE 7: THE ORGANIZATION HAS AN EMPLOYEE LEASING ARRANGEMENT WITH OASIS OUTSOURCING WHEREBY ALL OF THE ORGANIZATION'S EMPLOYEES ARE LEASED. ALL COMPENSATION REPORTED ON FORM 990 PART VII, FORM 990 PART IX AND SCHEDULE J REPRESENT THE AMOUNTS PAID TO OASIS OUTSOURCING, AN UNRELATED ORGANIZATION. TOM LYNCH PRIOR PRESIDENT OF CLUB 397868 INSURANCE PREMIUM 0 CONOR LYNCH CLUB MEMBER 397868 INSURANCE PREMIUM 0 FORM 990, PART VI, SECTION A, LINE 6 THE SOLE POWER TO VOTE IS VESTED IN THE REGULAR MEMBERS PAYING REGULAR DUES WHO VOTE TO ELECT MEMBERS OF THE GOVERNING BODY (I.E., THE BOARD OF GOVERNORS) AND TO APPROVE CERTAIN CAPITAL PROJECTS. IN THE EVENT OF THE DISSOLUTION AND LIQUIDATION OF THE ORGANIZATION'S ASSETS, SUCH ASSETS, AFTER PAYMENT OF ALL THE ORGANIZATION'S DEBTS AND LIABILITIES, SHALL BE DISTRIBUTED IN EQUAL SHARES TO THE REGULAR MEMBERS AND SENIOR MEMBERS PURSUANT TO APPLICABLE FLORIDA LAW. FORM 990, PART VI, SECTION A, LINE 7A THE SOLE POWER TO VOTE IS VESTED IN THE REGULAR MEMBERS PAYING REGULAR DUES WHO VOTE TO ELECT MEMBERS OF THE GOVERNING BODY (I.E., THE BOARD OF GOVERNORS) AND TO APPROVE CERTAIN CAPITAL PROJECTS. FORM 990, PART VI, SECTION A, LINE 7B SUBSECTIONS 9.4.A AND 9.4.B OF THE ORGANIZATION'S BY-LAWS PROVIDE: 9.4.A THE BOARD OF GOVERNORS MAY NOT ACQUIRE, SELL, EXCHANGE, LEASE OR LIQUIDATE REAL PROPERTY HELD IN THE NAME OF THE CLUB, NOR DISSOLVE THE CLUB WITHOUT THE APPROVAL OF THE MEMBERS REPRESENTING MORE THAN FIFTY PERCENT (50%) OF THE MEMBERSHIPS THEN ELIGIBLE TO VOTE, AT ANY ANNUAL MEETING OR SPECIAL MEETING OF REGULAR MEMBERS HELD FOR THAT PURPOSE; PROVIDED HOWEVER THE BOARD OF GOVERNORS MAY ACQUIRE ADDITIONAL REAL PROPERTY TO BE HELD IN THE NAME OF THE CLUB WITHOUT SUCH APPROVAL IF SUCH ACQUISITION MAY BE COMPLETED WITHOUT A ONE-TIME ASSESSMENT OF ANY MEMBER WHICH IN THE AGGREGATE IS IN EXCESS OF FIFTY PERCENT (50%) OF THE THEN-CURRENT DUES PAYABLE BY SUCH MEMBER IN THAT FISCAL YEAR. 9.4.B. THE BOARD OF GOVERNORS MAY NOT ENCUMBER THE REAL AND PERSONAL PROPERTY HELD IN THE NAME OF THE CLUB IF: (1) THE TOTAL AGGREGATE AMOUNT OF ALL SUCH ENCUMBRANCES AGAINST SUCH REAL AND PERSONAL PROPERTY EXCEEDS SIXTY-SIX AND TWO-THIRDS PERCENT (66-2/3%) OF THE VALUE OF SUCH PROPERTIES, WITH THE VALUE OF SUCH PROPERTIES BEING DETERMINED BY THE BOARD OF GOVERNORS IN THE FOLLOWING MANNER: I. BY UTILIZING THE ASSESSED VALUE OF SUCH PROPERTIES AS DETERMINED BY THE PALM BEACH COUNTY PROPERTY APPRAISER'S OFFICE FOR THE TAX YEAR IMMEDIATELY PRECEDING THE DATE OF SUCH DETERMINATION, OR II. BY OBTAINING AN APPRAISAL AS TO THE FAIR MARKET VALUE OF SUCH PROPERTIES BY AN APPRAISER SELECTED AND DETERMINED TO BE QUALIFIED BY THE BOARD OF GOVERNORS; AND (2) THE ENCUMBRANCE RESULTS IN AN ASSESSMENT OF ANY MEMBER IN EXCESS OF FIFTY PERCENT (50%) OF THE THEN-CURRENT DUES PAYABLE BY SUCH MEMBER IN ANY GIVEN FISCAL YEAR, UNLESS SUCH ENCUMBRANCE IS APPROVED BY THE MEMBERS REPRESENTING MORE THAN FIFTY PERCENT (50%) OF THE MEMBERSHIPS THEN ELIGIBLE TO VOTE, AT ANY ANNUAL MEETING OR SPECIAL MEETING OF REGULAR MEMBERS HELD FOR THAT PURPOSE. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION DOES NOT BELIEVE IT IS EFFECTIVE NOR EFFICIENT FOR THE ENTIRE GOVERNING BOARD TO REVIEW FORM 990 BEFORE FILING. THUS, THE GOVERNING BOARD DELEGATED THE REVIEW OF FORM 990 AND THE RELATED SCHEDULES TO THE CONTROLLER,GENERAL MANAGER AND TREASURER. THESE THREE INDIVIDUALS REVIEW FORM 990 WITH THE ORGANIZATION'S OUTSIDE CPA PREPARERS PRIOR TO THE FILING OF THE FORM. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION ANNUALLY DISTRIBUTES TO, AND RECEIVES RESPONSES FROM, ITS GOVERNORS, OFFICERS AND KEY EMPLOYEES A QUESTIONNAIRE RELATING TO THEIR COMPLIANCE WITH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. THE RESPONSES TO ALL SUCH QUESTIONNAIRES ARE REVIEWED BY THE SECRETARY AND ANY REPORTED CONFLICT OF INTEREST IS REPORTED TO THE BOARD OF GOVERNORS FOR APPROPRIATE ACTION FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE GENERAL MANAGER AND OTHER KEY EMPLOYEES IS DETERMINED BY THE EXECUTIVE COMMITTEE WHICH ACTS IN PLACE OF A COMPENSATION COMMITTEE. NONE OF THE MEMBERS OF THE EXECUTIVE COMMITTEE IS COMPENSATED BY THE ORGANIZATION. THE EXECUTIVE COMMITTEE ACTS UPON DATA WITH RESPECT TO COMPENSATION OF OTHER INDIVIDUALS IN COMPARABLE POSITIONS AND DOCUMENTS ITS DELIBERATIONS AND DECISIONS. FORM 990, PART VI, SECTION C, LINE 18 THE CLUB PROVIDES COPIES OF FORM 990 AND FORM 1024 UPON REQUEST. UPON REQUEST, OTHER OR BOTH: UPON REQUEST FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE AVAILABLE TO THE GENERAL PUBLIC ITS GOVERNING DOCUMENTS (E.G., ITS CHARTER, BY-LAWS, RULES AND REGULATIONS), FINANCIAL STATEMENTS (OTHER THAN AS REQUIRED BY APPLICABLE LAW), OR CONFLICT OF INTEREST POLICY. THE ORGANIZATION DOES MAKE ALL OF THOSE DOCUMENTS AVAILABLE TO ITS MEMBERS ON REQUEST. FORM 990, PART XI, LINE 9: INITIATION FEES 264,500. CAPITAL IMPROVEMENT ASSESSMENT 502,331. FORM 990, PART XII, LINE 2C NO CHANGE FROM PRIOR YEAR.