2024-11-14T11:06:23-06:00 2023-12-31 420714325 RSM US LLP 1555 PALM BEACH LAKES BLVD SUITE 500 WEST PALM BEACH FL 33401 990 2023-01-01 570868425 DATAW ISLAND CLUB INC DATA 8438388434 PO BOX 819 BEAUFORT SC 29901 LORI MURDAUGH ASST. GM/CONTROLLER 8438388434 2024-11-08 1 0 CHRISTOPHER CECIL P01877773 5616971785 2024-11-06 2023 2024-10-15 13:58:12Z EDWARD BARTLETT PO BOX 819 BEAUFORT SC 29901 11218421 0 X WWW.DATAW.ORG X 1987 SC TO BIND ITS MEMBERS TOGETHER BY A COMMON OBJECTIVE DIRECTED AT PLEASURE AND RECREATION. 9 9 217 165 861804 343827 0 0 7273678 7823677 66274 400728 1399100 1709271 8739052 9933676 0 0 0 0 4557713 5049863 0 0 0 5254796 6084301 9812509 11134164 -1073457 -1200488 28531232 29842709 1888594 1539446 26642638 28303263 DATAW ISLAND CLUB, INC. IS A SOCIAL CLUB WHOSE EXEMPT PURPOSE IS TO PROMOTE INTERACTION OF MEMBERS BY PROVIDING DINING AND RECREATIONAL ACTIVITIES. 0 0 THE CLUB'S REVENUE FROM FOOD & BEVERAGE SALES TOTALED $2,881,424 FOR THE YEAR ENDED 12/31/23, OF WHICH $118,479 WAS NON-MEMBER RELATED. APPROXIMATELY 63,318 ROUNDS OF GOLF WERE PLAYED FOR THE YEAR ENDED 12/31/23, OF WHICH APPROXIMATELY 2,022 ROUNDS WERE NON-MEMBER RELATED. 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 0 0 0 0 0 0 0 0 0 0 0 1 61 0 1 217 1 1 1 0 0 0 1 1 0 528230 0 0 0 X 9 9 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 0 1 0 0 SC X X MS LORI MURDAUGH 8438388434 PO BOX 819 BEAUFORT SC 29901 NANCY PAIN PRESIDENT (THROUGH 2/23) 11.00 X X 0 0 0 JOHN HOAG TREASURER (THROUGH 2/23) 10.00 X X 0 0 0 STEVE BIERITZ VP (THROUGH 2/23); PRESIDENT (AS OF 2/23) 10.00 X X 0 0 0 JIM KLEIN SECRETARY (THROUGH 2/23) 5.00 X X 0 0 0 STEVE BROWN DIRECTOR (THROUGH 2/23); VP (AS OF 2/23) 9.00 X X 0 0 0 KATIE HOPPER DIRECTOR (THROUGH 2/23); SECRETARY (AS OF 2/23) 8.00 X X 0 0 0 GEORGE FAHERTY DIRECTOR (THROUGH 2/23); TREASURER (AS OF 2/23) 11.00 X X 0 0 0 BILL WEBER DIRECTOR 10.00 X 0 0 0 BARBARA FISHER DIRECTOR 9.00 X 0 0 0 CHUCK TOMB DIRECTOR (AS OF 2/23) 8.00 X 0 0 0 STU DOMESHEK DIRECTOR (AS OF 2/23) 9.00 X 0 0 0 LYNN FAULKNER DIRECTOR (AS OF 2/23) 7.00 X 0 0 0 EDWARD BARTLETT GENERAL MANAGER/ COO 55.00 X 275562 0 47666 LORI MURDAUGH ASST. GM/CONTROLLER 50.00 X 146686 0 33172 BRIAN HOLLINGSWORTH DIRECTOR OF GOLF MAINTENANCE 50.00 X 141639 0 43404 LAURA MCCARTHY DIRECTOR OF MARKETING 50.00 X 111472 0 32140 WARREN FLORENCE DIRECTOR OF TENNIS & LAWN SPORTS 50.00 X 102348 0 42226 777707 0 198608 5 0 1 0 MCGRIFF INSURANCE P O BOX 1909 BLUFFTON SC 29910 INSURANCE AGENT 761693 CAROLINA SPORTSCARE 43 MARINA DRIVE ST HELENA SC 29920 OPERATING MANAGEMENT - COMMUNITY CTR 378858 KRA ARCHITECTURE & DESIGN P O BOX 2047 BLUFFTON SC 29910 ARCHITECTURAL SERVICES 124433 3 MEMBERSHIP DUES AND ASSESSMENTS 713910 6263028 6263028 GOLF 713910 1223885 1072134 151751 GREENSPACE FEES 713910 258000 258000 TENNIS, SWIMMING, CROQUET 713910 78764 78764 7823677 383895 383895 36000 36000 0 18300 1467 16833 16833 16833 2881424 1247278 1634146 1565988 68158 MISCELLANEOUS 713910 75125 75125 75125 9933676 9055039 861804 16833 3901352 1148511 123558 8330 1593169 686620 GOLF COURSE MAINTENANCE 1452662 TENNIS, SWIMMING, & FIT 601847 FOOD & BEVERAGE 499935 FACILITIES & POOL MAINT 487118 631062 11134164 5899874 2789155 1527947 1876899 552750 509102 92781 101152 256743 357963 35084964 17093929 18579066 17991035 4958229 1622071 1259174 28531232 29842709 662479 566457 22900 19400 1203215 953589 1888594 1539446 X 26642638 28303263 26642638 28303263 28531232 29842709 X -1200488 15349 2845764 X X 0 1 X 1 0 1586920 1586920 28670408 14630404 14040004 4827636 2463525 2364111 17991035 U.S TREASURY BILLS 2740558 F INVESTMENT IN SECURITIES 2217671 F 4958229 LONG-TERM DEBT 73358 DEFERRED COMPENSATION 102785 OPERATING LEASE LIABILITY 777446 953589 X 11232303 15349 15349 11216954 -1283278 -1283278 9933676 12417442 1283278 1283278 11134164 0 11134164 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 STATEMENT TO COMPLY WITH THE PROVISIONS OF THE INCOME TAX TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC). PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF SALES RECLASS -1,247,278. RENTAL EXPENSE -36,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES RECLASS 1,247,278. RENTAL EXPENSE 36,000. X X X 0 0 0 EDWARD BARTLETT GENERAL MANAGER/ COO 240562 0 35000 0 0 0 8594 0 39072 0 323228 0 0 0 BRIAN HOLLINGSWORTH DIRECTOR OF GOLF MAINTENANCE 118500 0 15279 0 7860 0 4569 0 38835 0 185043 0 0 0 LORI MURDAUGH ASST. GM/CONTROLLER 130676 0 16010 0 0 0 4632 0 28540 0 179858 0 0 0 FORM 990, PART VI, SECTION A, LINE 4 CURRENT DIC BYLAW 9.1.1.1 THE TREASURER SHALL OVERSEE THE COLLECTION, CUSTODY AND DISBURSEMENT, UNDER THE DIRECTION OF THE BOARD OF DIRECTORS, OF ALL MONIES AND FUNDS OF WHATSOEVER NATURE DUE TO OR HELD BY THE CLUB. THE TREASURER SHALL DEPOSIT OR CAUSE TO BE DEPOSITED ALL OPERATING FUNDS OF THE CLUB IN AN ACCOUNT OR ACCOUNTS IN THE CLUB'S NAME IN A BANK OR BANKS OR ONE OR MORE MONEY MARKET FUNDS, AS DESIGNATED BY THE BOARD OF DIRECTORS. PROPOSED DIC BYLAW 9.1.1.1 THE TREASURER SHALL OVERSEE THE COLLECTION, CUSTODY AND DISBURSEMENT, UNDER THE DIRECTION OF THE BOARD OF DIRECTORS, OF ALL MONIES AND FUNDS OF WHATSOEVER NATURE DUE TO OR HELD BY THE CLUB. THE TREASURER SHALL DEPOSIT OR CAUSE TO BE DEPOSITED ALL OPERATING FUNDS OF THE CLUB IN AN ACCOUNT OR ACCOUNTS IN THE CLUB'S NAME IN A BANK OR BANKS OR ONE OR MORE MONEY MARKET FUNDS, AS DESIGNATED BY THE BOARD OF DIRECTORS. THE TREASURER HAS THE AUTHORITY BUT NOT THE OBLIGATION TO INVEST FUNDS RESERVED FOR THE PURCHASE, REPLACEMENT OR REPAIR OF ASSETS. THE TREASURER WILL FOLLOW THE INVESTMENT POLICY APPROVED BY THE BOARD AND WILL ENSURE SUCH FUNDS ARE INVESTED IN CASH AND CASH EQUIVALENTS, US-BASED ETFS (BOTH EQUITY AND FIXED INCOME), US-BASED MUTUAL FUNDS, DOLLAR-DENOMINATED FIXED INCOME SECURITIES OR A COMBINATION OF THE NAMED INVESTMENT OPTIONS. INDIVIDUAL EQUITIES WILL NOT BE PERMITTED. THE TREASURER WILL NOT MAKE SPECIFIC INVESTMENT DECISIONS BUT WILL PROVIDE INVESTMENT PERIODS AND AMOUNTS TO AN INVESTMENT FIRM HIRED BY THE BOARD. THE FIRM HIRED WILL BE APPROVED BY THE BOARD AND WILL BE QUALIFIED TO MAKE INVESTMENT DECISIONS BASED ON THE NEEDS AND RISK TOLERANCE OF THE DATAW ISLAND CLUB. FORM 990, PART VI, SECTION A, LINE 6 DATAW ISLAND CLUB, INC. IS A PRIVATE MEMBER-OWNED CLUB THAT IS OWNED AND OPERATED FOR THE PLEASURE AND RECREATION OF ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A ALL RESIDENT MEMBERS HAVE VOTING PRIVILEGES (1 VOTE PER FAMILY). FORM 990, PART VI, SECTION A, LINE 7B THE BOARD IS SUBJECT TO MEMBERSHIP APPROVAL FOR THE FOLLOWING: (1) ANY AMENDMENT, ALTERATION, MODIFICATION, REPEAL OR RESTATEMENT OF THE BYLAWS (2) MORTGAGING OF ANY OF THE FACILITIES, (3) THE COMMITMENT TO ANY CAPITAL IMPROVEMENT PROJECT BUDGETED IN EXCESS OF $250,000, OR THE REPAIR OF ANY EXISTING ASSET IN EXCESS OF $500,000, (4) THE INCURRING OF ANY UNSECURED BORROWINGS IN EXCESS OF $150,000, (5) THE MERGER WITH, OR ACQUISITION OF, ANY CORPORATION OR ENTITY, (6) ANY EXPENDITURE REQUIRING A SPECIAL ASSESSMENT, (7) THE BOARD MAY MAKE AN EXPENDITURE OF FUNDS OR INCUR UNSECURED BORROWINGS, IN EXCESS OF $150,000, BUT NOT TO EXCEED $2,000,000 TO ADDRESS A NATURAL CATASTROPHE. IMMEDIATELY AFTER THE BOARD MAKES THIS DECISION, THERE SHALL BE A SPECIAL MEETING OF THE MEMBERS TO REVIEW EXPENDITURE OF FUNDS OR INCURRENCE OF UNSECURED INDEBTEDNESS, AND (8) THE DISSOLUTION OF THE CLUB. FORM 990, PART VI, SECTION B, LINE 11B THE GOVERNING BOARD REVIEW FORM 990 AND THE RELATED SCHEDULES WITH ITS OUTSIDE CPA PREPARERS PRIOR TO THE FILING OF THE FORM. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE CONFLICT OF INTEREST STATEMENTS AND DISCLOSURE FORMS ARE REQUIRED TO BE SIGNED BY ALL MEMBERS OF THE BOARD. ALL MANAGEMENT STAFF ARE REQUIRED TO SIGN CONFLICT OF INTEREST POLICY ANNUALLY. A WHISTLEBLOWER POLICY WAS IMPLEMENTED TO HELP ENFORCE CONFLICT OF INTERESTS. ADDITIONALLY, THE CLUB HAS A POLICY AGAINST DOING BUSINESS WITH COMPANIES OWNED BY A MEMBER. IN BOARD MEETINGS A BOARD MEMBER WOULD HAVE TO RECUSE THEMSELVES IF A CONFLICT IS KNOWN. IF THE CONFLICT WAS REPORTED ON THE CONFLICT OF INTEREST STATEMENT, THE MANAGEMENT STAFF AND BOARD WOULD MONITOR TO ENSURE THE BOARD MEMBER RECUSES THEMSELVES DURING CERTAIN DISCUSSIONS. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION STUDIES, INDUSTRY STUDIES & EMPLOYMENT CONTRACT AGREEMENTS ARE USED IN DETERMINATION AND DOCUMENTATION OF COMPENSATION. THE BOARD REVIEWS THE PERFORMANCE OF THE GENERAL MANAGER AND DETERMINES COMPENSATION BASED ON BUDGET PARAMETERS, PERFORMANCE AND COMPARISON OF GENERAL MANAGERS LOCALLY AND REGIONALLY. THE GENERAL MANAGER REVIEWS PERFORMANCE OF ALL SENIOR STAFF AND GIVES INCREASED COMPENSATION BASED ON THE PREVIOUSLY STATED PROCEDURE. THE GENERAL MANAGER APPROVES ALL SALARIED AND HOURLY INCREASES. FORM 990, PART VI, SECTION C, LINE 18 THE CLUB PROVIDES COPIES OF FORM 990 AND FORM 1024 UPON REQUEST AND ON THE CLUB'S WEBSITE. FORM 990, PART VI, SECTION C, LINE 19 THE CLUB PROVIDES COPIES OF ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS VIA THE CLUB'S WEBSITE AND UPON REQUEST. THE CONFLICT OF INTEREST POLICY IS NOT MADE PUBLIC. FORM 990, PART XI, LINE 9: CAPITAL DUES AND ASSESSMENTS 1,140,264. PROCEEDS FROM MEMBERSHIP CERTIFICATES 2,186,000. REDEMPTION OF MEMBERSHIP CERTIFICATES -91,500. ALLOCATION TO DATAW ISLAND OWNERS' ASSOCIATION, INC. -389,000. FORM 990, PART XII, LINE 2C NO CHANGE FROM PRIOR YEAR.