2024-03-19T15:28:26-05:00 2023-10-31 111986323 MARCUM LLP 555 LONG WHARF DRIVE NEW HAVEN CT 06511 990 2022-11-01 060503510 THE RACE BROOK COUNTRY CLUB INC RACE 2033899521 246 DERBY AVENUE ORANGE CT 06477 CHRISTOPHER A MORAN PRESIDENT 2033899521 2024-03-19 1 CHRISTOPHER MORAN 999009999 0 MICHAEL D'ADDIO P00166886 2037819600 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z CHRISTOPHER A MORAN 246 DERBY AEVENUE ORANGE CT 06477 5777210 0 X WWW.RACEBROOK.ORG X 1912 CT THE CLUB IS ORGANIZED TO OPERATE AS A PRIVATE SOCIAL CLUB FOR THE PROMOTION OF OUTDOOR SPORTS AND THE DEVELOPMENT OF SOCIAL INTERACTION AMONG THE MEMBERS AND FOR ANY OTHER PURPOSE NOT PROHIBITED BY THE STATUTES OF THE STATE OF CONNECTICUT. 9 9 154 0 576060 0 0 0 3836149 4008511 1976853 -9593 3004947 958458 8817949 4957376 0 0 0 0 2360741 2482343 0 0 0 2068662 2038975 4429403 4521318 4388546 436058 2871328 21331211 984855 19008680 1886473 2322531 THE CLUB IS ORGANIZED TO OPERATE AS A PRIVATE SOCIAL CLUB FOR THE PROMOTION OF OUTDOOR SPORTS AND THE DEVELOPMENT OF SOCIAL INTERACTION AMONG THE MEMBERS AND FOR ANY OTHER PURPOSE NOT PROHIBITED BY THE STATUTES OF THE STATE OF CONNECTICUT. 0 0 PRIVATE SOCIAL CLUB FOR THE PROMOTION OF OUTDOOR SPORTS AND THEDEVELOPMENT OF SOCIAL INTERACTION AMONG THE MEMBERS AND FOR ANY OTHERPURPOSE NOT PROHIBITED BY THE STATUTES OF THE STATE OF CONNECTICUT. 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 8 0 1 154 1 1 1 0 0 0 0 522965 722387 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 0 0 1 0 0 CT X CHRIS CESARE 2033899521 246 DERBY AVENUE ORANGE CT 06477 STEVEN PEPE DIRECTOR 2.00 X 0 0 0 ALICIA PRETE DIRECTOR 2.00 X 0 0 0 DAVID BEEMAN DIRECTOR 2.00 X 0 0 0 DOUGLAS HELAL DIRECTOR 2.00 X 0 0 0 RICHARD COURVILLE DIRECTOR 2.00 X 0 0 0 CHRISTOPHER A MORAN PRESIDENT 2.00 X 0 0 0 JENNIFER BIHARY DIRECTOR OF OPERATIONS 40.00 X 96286 0 0 CHRISTOPHER CESARE TREASURER 2.00 X 0 0 0 MICHAEL LOSTOCCO VICE PRESIDENT 2.00 X 0 0 0 BRUCE CIRILLO SECRETARY 2.00 X 0 0 0 JOHN GALLAGHER SUPERINTENDENT 40.00 X 163000 0 0 259286 0 0 1 0 1 0 0 MEMEBERSHIP FEES 713910 3116279 3116279 CART FEES 713910 444139 389452 54687 GREENS FEES 713910 302046 187566 114480 OTHER 713910 104164 104164 0 INTEREST INCOME 900001 41883 41883 4008511 35000 18513 16487 16487 16487 9593 -9593 -9593 -9593 1733699 791728 941971 593448 348523 4957376 4381316 576060 0 259286 37149 1898352 23602 263954 19141 9389 40452 11490 22943 149362 187729 OTHER 891381 CHEMICALS AND FERTILIZE 335268 CLUBHOUSE 213201 FOOD AND BEVERAGE 158619 4521318 1804710 2297670 391393 441040 41419 53034 153494 195865 3093499 2561033 480312 532466 0 17811136 2871328 21331211 356133 492776 148423 144767 480299 18371137 984855 19008680 X 1886473 2322531 1886473 2322531 2871328 21331211 436058 0 X X 1 X 0 1 0 270374 30880 239494 2823125 2530153 292972 532466 OPERATING RIGHT OF USE ASSETS 17395395 FINANCING RIGHT OF USE ASSETS 415741 17811136 DEFERRED REVENUE 244416 ACCRUED INTEREST 37817 DEPOSITS 198245 OPERATING RIGHT OF USE LIABILITIES 17479668 FINANCING RIGHT OF USE LIABILITIES 410991 18371137 PART X, LINE 2 THE CLUB IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(7) OF THE INTERNAL REVENUE CODE. HOWEVER, THE CLUB IS SUBJECT TO A TAX ON UNRELATED BUSINESS INCOME UNDER SECTION 511 OF THE CODE. THE CLUB'S UNRELATED BUSINESS INCOME CONSISTS OF NON-MEMBER USE OF THE CLUB'S FACILITIES, FOOD AND BEVERAGE, AND INVESTMENT INCOME. THE CLUB FILES A FEDERAL INFORMATION AND INCOME TAX RETURN AND PAYS STATE FRANCHISE TAXES. THE CLUB'S FEDERAL AND STATE TAXES WERE NOT MATERIAL AT OCTOBER 31, 2023 AND 2022. THE CLUB ACCOUNTS FOR UNCERTAIN INCOME TAXES IN ACCORDANCE WITH THE INCOME TAX TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS CODIFICATION. THE CLUB FILES FEDERAL AND STATE OF CONNECTICUT INCOME TAX RETURNS, WHICH REPRESENTS THE MAJOR TAX JURISDICTIONS. FISCAL YEARS 2019 THROUGH 2022 REMAIN OPEN FOR FEDERAL AND STATE TAX AUDITS UNDER VARIOUS STATUTES OF LIMITATION. THE CLUB DOES NOT BELIEVE THERE ARE ANY UNCERTAIN TAX POSITIONS AT OCTOBER 31, 2023 AND 2022. PART IX OTHER ASSETS; PART X OTHER LIABILITIES EFFECTIVE NOVEMBER 1, 2022, THE COMPANY ADOPTED FASB ACCOUNTING STANDARDS CODIFICATION (ASC) 842, LEASES (ASC 842). THE COMPANY DETERMINES IF AN ARRANGEMENT CONTAINS A LEASE AT INCEPTION BASED ON WHETHER THE COMPANY HAS THE RIGHT TO CONTROL THE ASSET DURING THE CONTRACT PERIOD AND OTHER FACTS AND CIRCUMSTANCES. THE COMPANY ELECTED THE PACKAGE OF PRACTICAL EXPEDIENTS PERMITTED UNDER THE TRANSITION GUIDANCE WITHIN THE NEW STANDARD, WHICH AMONG OTHER THINGS, ALLOWED IT TO CARRY FORWARD THE HISTORICAL LEASE CLASSIFICATION. THE COMPANY ELECTED THE SHORT-TERM LEASE RECOGNITION EXEMPTION FOR ALL LEASES THAT QUALIFY. CONSEQUENTLY, FOR THOSE LEASES THAT QUALIFY, THE COMPANY WILL NOT RECOGNIZE RIGHT-OF-USE ASSETS OR LEASE LIABILITIES ON THE BALANCE SHEETS. THE COMPANY GENERALLY DOES NOT HAVE ACCESS TO THE RATE IMPLICIT IN THE LEASE, AND THEREFORE THE COMPANY UTILIZES A RISK-FREE RATE AS THE DISCOUNT RATE. THE ADOPTION OF ASC 842 RESULTED IN THE RECOGNITION OF OPERATING RIGHT-TO-USE ASSETS OF $17,697,996 AND OPERATING LEASE LIABILITIES OF $17,697,996 AS OF NOVEMBER 1, 2022. RESULTS FOR PERIODS BEGINNING PRIOR TO NOVEMBER 1, 2022 CONTINUE TO BE REPORTED IN ACCORDANCE WITH THE COMPANY'S HISTORICAL ACCOUNTING TREATMENT. AT OCTOBER 31, 2023 OPERATING RIGHT OF USE ASSETS WERE $17,395,395; RIGHT OF USE LIABILITIES WERE $17,479,668. X X 0 0 0 JOHN GALLAGHER SUPERINTENDENT 158000 0 5000 0 0 0 0 0 0 0 163000 0 0 0 RICHARD COURVILLE DIRECTOR: PAYMENT TO COURVILLE SERVICES LLC A 35% OR MORE CONTROLLED ENTITY 122593 VARIOUS LANDSCAPING PROJECTS 0 PATRICK GALLAGHER SON OF KEY EMPLOYEE 20048 COMPENSATION 0 CHRISTINA CERRONE SISTER OF OFFICER 17101 COMPENSATION 0 FORM 990, PART VI, SECTION A, LINE 6 RACE BROOK COUNTRY CLUB HAS PRIVATE MEMBERS WHO VOTE ANNUALLY ON THE BOARD OF GOVERNORS FORM 990, PART VI, SECTION A, LINE 7A RACE BROOK COUNTRY CLUB HAS PRIVATE MEMBERS WHO VOTE ANNUALLY ON THE BOARD OF GOVERNORS FORM 990, PART VI, SECTION A, LINE 7B ANY BORROWINGS IN EXCESS OF $1,000,000 NEED TO BE APPROVED BY THE MEMBERS. ANY AMENDMENTS TO THE BYLAWS NEEDS TO BE APPROVED BY THE MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEE HAS THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. COMMITTEES PRESENT RECOMMENDATIONS TO THE GOVERNING BODY AT THEIR MEETINGS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PRESENTED TO THE FINANCE COMMITTEE FOR REVIEW AND SIGNATURE. A COMPLETE COPY OF THE RETURN IS GIVEN TO THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICERS, KEY EMPLOYEES AND BOARD MEMBERS ARE REQUIRED TO SIGN A DOCUMENT ANNUALLY LISTING ANY POTENTIAL CONFLICTS OR STATING THAT THEY DO NOT HAVE ANY POTENTIAL CONFLICTS OF INTEREST. THESE STATEMENTS ARE REVIEWED BY THE BOARD AT THE ANNUAL MEETING. IF THERE IS A POTENTIAL CONFLICT, THE INDIVIDUAL WILL RECUSE THEMSELVES FROM DISCUSSION ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS REVIEWS AND APPROVES COMPENSATION OF THE DIRECTOR OF OPERATIONS FORM 990, PART VI, SECTION C, LINE 18 INDIVIDUALS MUST COME INTO RACE BROOK'S OFFICE AND PERSONALLY REQUEST DOCUMENTS FORM 990, PART VI, SECTION C, LINE 19 INDIVIDUALS MUST COME INTO RACE BROOK'S OFFICE AND PERSONALLY REQUEST DOCUMENTS PART XII LINE 2C: NO CHANGE FROM THE PRIOR YEAR.