2024-09-18T13:10:14-05:00 2023-12-31 540737372 PBMARES LLP 12150 MONUMENT DRIVE SUITE 350 FAIRFAX VA 22033 990 2023-01-01 560507966 CARMEL COUNTRY CLUB INC CARM 7049459630 4735 CARMEL ROAD CHARLOTTE NC 28226 RICHARD LANCASTER CONTROLLER 7049453323 2024-08-29 1 1 EDWARD T YODER CPA P00239134 7033858577 2024-08-29 X 2023 2024-08-08 14:25:15Z RICHARD LANCASTER 4735 CARMEL ROAD CHARLOTTE NC 28226 37038015 0 X CARMELCOUNTRYCLUB.ORG X 1947 NC TO PROMOTE SOCIAL INTERACTION & RECREATION FOR THE BENEFIT OF ITS MEMBERS. 12 12 526 12 3327365 71333 0 0 20300503 25872737 224480 198534 4844137 6289464 25369120 32360735 0 0 0 0 15410947 18320669 0 0 0 11671998 13555423 27082945 31876092 -1713825 484643 54662931 54787442 21546543 17951857 33116388 36835585 TO PROMOTE SOCIAL INTERACTION & RECREATION FOR THE BENEFIT OF ITS MEMBERS. 0 0 THE CLUB PROVIDES FACILITIES SUCH AS TENNIS COURTS,GOLF COURSES, SWIMMING POOLS AND DINING ROOMS TO ITS MEMBERS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 152 0 1 526 1 1 1 0 0 0 1 1 3996974 4205503 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X RICHARD LANCASTER 7049453323 4735 CARMEL ROAD CHARLOTTE NC 28226 BILL HAMEL PRESIDENT 10.00 X X 0 0 0 DANN SMITH VICE PRESIDENT 5.00 X X 0 0 0 MIKE FOX TREASURER 10.00 X X 0 0 0 EVAN BASS SECRETARY 5.00 X X 0 0 0 CLIFTON COBLE VICE PRESIDENT 5.00 X X 0 0 0 AMY SHOBER DIRECTOR 1.00 X 0 0 0 PETER BRENNAN DIRECTOR 1.00 X 0 0 0 JEFF BRIGHTON DIRECTOR 1.00 X 0 0 0 BILL HARRISON DIRECTOR 1.00 X 0 0 0 ALI ELAASAR DIRECTOR 1.00 X 0 0 0 STEVE BOLAND DIRECTOR 1.00 X 0 0 0 MARINA MAVRAKIS DIRECTOR 1.00 X 0 0 0 JOHN NORMAN DIRECTOR 1.00 X 0 0 0 MIKE RYAN DIRECTOR 1.00 X 0 0 0 JASON MILLS DIRECTOR OF GOLF 50.00 X 205995 0 11565 DONALD GOODRICH COURSE SUPERINTENDANT 50.00 X 293431 0 31548 RICHARD LANCASTER CONTROLLER 50.00 X 199065 0 30117 CLARK HOWELL DIRECTOR OF TENNIS 50.00 X 260805 0 30129 AARON DAWSON GENERAL MANAGER 50.00 X 424038 0 25950 MARK WOOD DIRECTOR OF INSTRUCTION 50.00 X 272750 0 31901 CRAIG MEYER EXECUTIVE CHEF 50.00 X 260127 0 29918 PHILIP DODDS MEMBERSHIP DIRECTOR 50.00 X 178587 0 4878 NICOLE GUY CLUBHOUSE MANAGER 50.00 X 180274 0 26823 ALEKSANDAR MARKOV ASSISTANT TENNIS PRO 50.00 X 254757 0 34853 JEFF NICHOLS DIRECOTR OF GOLF, FORMER 50.00 X 287753 0 0 JOHN SCHULTZ GENERAL MANAGER 50.00 X 173868 0 0 2991450 0 257682 12 1 1 0 US FOODSERVICE 7801 STATESVILLE ROAD CHARLOTTE NC 28269 FOOD & BEVERAGE SUPPLIES 1450384 SMART AND QUICK SOLUTIONS CB LLC 8301 ARROWRIDGE CHARLOTTE NC 28273 TEMPORARY STAFFING SERVICE 648345 GOLF COURSE SERVICES 338 HEMPSTEAD PLACE CHARLOTTE NC 28207 GOLF COURSE SERVICES 628722 ACUSHNET PO BOX 844324 BOSTON MA 022844324 GOLF MERCHANDISE 616976 MECKLENBURG ABC BOARD 400 EAST SECOND STREET CHARLOTTE NC 28232 ALCOHOL BEVERAGE DISTRIBUTOR 411537 39 MEMBER DUES & ASSESSMENTS 713910 20264544 20264544 GOLF 713910 3652025 2464144 1187881 TENNIS 713910 926902 881433 45469 LOCKERS 713910 297960 297960 POOL HEALTH & FITNESS 713910 275310 275310 455996 455996 25872737 79808 79808 118726 0 118726 118726 118726 10966744 4677280 6289464 4275257 2014207 32360735 29033370 3327365 0 1004149 14087251 238765 1917770 1072734 1112742 84154 943923 832168 139016 385623 4350882 349449 INCOME TAX 14850 GOLF EXPENSE 2074252 REPAIR & MAINTENANCE 818301 MISCELLANEOUS 754901 1695162 31876092 3312 6828 3286376 3950210 3606622 4310427 3427327 3710155 802903 833679 40407 56595 83019134 43254822 40896377 39764312 114495 151646 2485112 2003590 54662931 54787442 915674 657137 9376955 7847312 11253914 9447408 21546543 17951857 X 33116388 36835585 33116388 36835585 54662931 54787442 X 484643 3246200 -11646 X X 0 1 X 1 0 1702415 1702415 35626108 15574279 20051829 12188196 2097583 10090613 33502415 25582960 7919455 39764312 DEF INC- 457(B) 151647 CAPITAL NOTES - CURRENT 1256250 CAPITAL NOTES PAYABLE 52000 LT DEFERRED REVENUE IF - NONCURRENT 6458333 OTHER PAYABLES 15188 SHORT TERM LEASE LIABILITY 731849 LONG TERM LEASE LIABILITY 766631 VEHICLES CURRENT PORTION 15510 9447408 X 37032369 4677280 4677280 32355089 5646 5646 32360735 36559371 4683280 4683280 31876091 0 31876091 PART X, LINE 2: THE CLUB IS AN EXEMPT ORGANIZATION UNDER SECTION 501(C)(7) OF THE INTERNAL REVENUE CODE AND, AS SUCH, IS NOT SUBJECT TO INCOME TAX, EXCEPT ON UNRELATED BUSINESS TAXABLE INCOME, WHICH PRIMARILY CONSISTS OF GUEST USAGE FEES AND INTEREST INCOME. FASB ACCOUNTING STANDARDS CODIFICATION (ASC)740, INCOME TAXES, PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE CLUB'S MANAGEMENT HAS EVALUATED THE IMPACT OF THE GUIDANCE TO ITS FINANCIAL STATEMENTS. THE CLUB'S INCOME TAX RETURNS ARE SUBJECT TO EXAMINATION BY TAXING AUTHORITIES, GENERALLY FOR A PERIOD OF THREE YEARS FROM THE DATE THEY WERE FILED. THE CLUB'S POLICY IS TO CLASSIFY INCOME TAX RELATED INTEREST AND PENALTIES, IF ANY, IN OTHER INTEREST EXPENSE AND PENALTIES EXPENSE, RESPECTIVELY. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 4,677,280. PART XI, LINE 4B - OTHER ADJUSTMENTS: 457B PLAN EARNINGS 5,646. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 4,677,280. BAD DEBT EXPENSE 6,000. X 1 1 X X X X X 0 1 0 AARON DAWSON GENERAL MANAGER 374950 0 37500 0 11588 0 6759 0 19191 0 449988 0 0 0 DONALD GOODRICH COURSE SUPERINTENDANT 260490 0 15000 0 17941 0 10466 0 21082 0 324979 0 0 0 MARK WOOD DIRECTOR OF INSTRUCTION 19573 0 244253 0 8924 0 5982 0 25919 0 304651 0 0 0 CLARK HOWELL DIRECTOR OF TENNIS 54158 0 7780 0 198867 0 7929 0 22200 0 290934 0 0 0 CRAIG MEYER EXECUTIVE CHEF 249527 0 10000 0 600 0 600 0 29318 0 290045 0 0 0 ALEKSANDAR MARKOV ASSISTANT TENNIS PRO 12914 0 234043 0 7800 0 8934 0 25919 0 289610 0 0 0 JEFF NICHOLS DIRECOTR OF GOLF, FORMER 287753 0 0 0 0 0 0 0 0 0 287753 0 0 0 RICHARD LANCASTER CONTROLLER 169578 0 15000 0 14487 0 5726 0 24391 0 229182 0 0 0 JASON MILLS DIRECTOR OF GOLF 205995 0 0 0 0 0 0 0 11565 0 217560 0 0 0 NICOLE GUY CLUBHOUSE MANAGER 179854 0 0 0 420 0 420 0 26403 0 207097 0 0 0 PHILIP DODDS MEMBERSHIP DIRECTOR 170687 0 7900 0 0 0 4361 0 517 0 183465 0 0 0 JOHN SCHULTZ GENERAL MANAGER 173868 0 0 0 0 0 0 0 0 0 173868 0 0 0 PART I, LINE 1A CERTAIN MANAGEMENT EMPLOYEES ARE PROVIDED DISCRETIONARY SPENDING ACCOUNTS. THESE ARE APPROVED BY THE BOARD AND ARE INCLUDED IN THE COMPENSATION OF THE RESPECTIVE EMPLOYEE. PART I, LINE 3 NON-QUALIFIED PLANS - JOHN SCHULTZ, DONALD GOODRICH, AND PHILIP DODDS FORM 990, PART VI, SECTION A, LINE 6 THE CLUB HAS MEMBERS FORM 990, PART VI, SECTION A, LINE 7A THE CLUB MEMBERS ELECT THE DIRECTORS FORM 990, PART VI, SECTION A, LINE 7B NO ASSESSMENT SHALL BE LEVIED UPON ANY MEMBERS EXCEPT BY AN APPROVAL OF THE MEMBERS ON WHOM THE ASSESSMENT IS TO BE LEVIED. A QUORUM FOR THE CONSIDERATION OF ANY PROPOSED ASSESSMENT SHALL CONSIST OF AT LEAST FIFTY PERCENT OF THE ASSESSED MEMBERS BEING PRESENT EITHER IN PERSON OR BY WRITTEN PROXY. THE ASSESSMENT MAY BE LEVIED ONLY AFTER APPROVAL BY TWO-THIRDS OF THE ASSESSED MEMBERS PRESENT, EITHER IN PERSON OR BY PROXY. ANY SUCH ASSESSMENT SHALL APPLY ONLY TO THE ASSESSED MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 TAX RETURN IS REVIEWED BY THE PRESIDENT, TREASURER, GENERAL MANAGER AND THE CONTROLLER. A COPY IS MADE AVAILABLE TO ALL MEMBERS OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 12C THE CLUB HAS A CONFLICT OF INTEREST POLICY APPLICABLE TO DIRECTORS, FINANCE COMMITTEE MEMBERS, THE GENERAL MANAGER, DEPARTMENT HEADS AND ALL OTHER PERSONNEL THAT MAKE DECISIONS THAT EFFECT THE FINANCIAL POSITION OF THE CLUB. THE POLICY ADDRESSES DUTIES OF THE RESPECTIVE PERSONS AND PROCEDURES FOR DETERMINING A CONFLICT OF INTEREST AND RESOLUTION OF POSSIBLE CONFLICTS TO PROTECT THE INTEREST OF THE CLUB. THIS POLICY ENFORCEMENT IS ONGOING. THE POLICY ALSO ADDRESSES RECEIPT OF GIFTS. ALL KEY EMPLOYEES ARE REQUIRED TO COMPLETE AN ACKNOWLEDGEMENT OF GIFT FORM. THESE FORMS ARE REVIEWED BY THE CONTROLLER, GENERAL MANAGER AND FINANCE CHAIR. THE FINANCE CHAIR REPORTS TO THE FINANCE COMMITTEE AND THE BOARD. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD REVIEWS THE COMPENSATION OF THE GENERAL MANAGER AND APPROVES ACCORDINGLY FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC, ONLY TO THE MEMBERS UPON REQUEST FORM 990, PART XI, LINE 9: 457B PLAN INCOME,NET ON TAX RETURN NOT FINANCIAL STATEMENTS -5,646. BAD DEBT EXPENSES -6,000. FORM 990 PART XII LINE 2C THE CLUB HAS AN AUDIT COMMITTEE THAT SELECTS THE AUDIT FIRM AND OVERSEES THE ANNUAL AUDIT. THE PROCESS HAS NOT CHANGED FROM PRIOR YEARS PART XI RECONCILIATION OF NET ASSETS, LINE 8 PRIOR PERIOD ADJUSTMENTS: DURING 2023 MANAGEMENT OF THE CLUB BECAME AWARE OF ADDITIONAL FACTS AND CIRCUMSTANCES THAT RESULTED IN AN EARLIER RECOGNITION OF INITIATION FEE REVENUE AND A CORRESPONDING REDUCTION OF DEFERRED REVENUE. AS A RESULT OF THIS CHANGE, DEFERRED REVENUE AS OF JANUARY 1, 2022, WAS REDUCED BY $3,836,200 LEADING TO AN INCREASE IN NET ASSETS ON JANUARY 1, 2022, OF THE SAME AMOUNT. THIS ADJUSTMENT ALSO HAD THE FOLLOWING IMPACT ON PREVIOUSLY REPORTED AMOUNTS FOR THE YEAR ENDED DECEMBER 31, 2022: INITIATION FEE REVENUE WAS REDUCED BY $590,000 FOR 2022, RESULTING IN A NET ADJUSTMENT TO DEFERRED REVENUE OF $3,246,200 AT DECEMBER 31, 2022.