2025-04-15T13:43:40-05:00 2024-05-31 420714325 RSM US LLP 1555 PALM BEACH LAKES BLVD SUITE 500 WEST PALM BEACH FL 33401 990 2023-06-01 590542388 GULF STREAM BATH AND TENNIS CLUB INC GULF 5612722101 925 NORTH OCEAN BOULEVARD DELRAY BEACH FL 33483 MICHAEL TERRITO GM, COO 5612722101 2025-04-11 1 0 CHRISTOPHER CECIL P01877773 5616971785 2025-03-31 2023 2025-03-06 01:10:19Z MICHAEL TERRITO 925 NORTH OCEAN BOULEVARD DELRAY BEACH FL 33483 6224321 0 X N/A X 1990 FL TO PROVIDE PLEASURE AND RECREATION TO THE MEMBERS AND THEIR GUESTS THROUGH SOCIAL AND RECREATIONAL FACILITIES SUCH AS A CLUBHOUSE, A RESTAURANT AND BAR, TENNIS COURTS, A FITNESS FACILITY, A SWIMMING POOL, AN OCEANFRONT BEACH, AND RELATED FACILITIES. 15 15 88 15 261648 168155 0 0 3247147 3766357 38248 46936 1408131 1412674 4693526 5225967 0 0 0 0 3140889 3534101 0 0 0 2547103 2762964 5687992 6297065 -994466 -1071098 10078227 10473434 814521 761197 9263706 9712237 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 2023-2024, GROSS REVENUES FROM FOOD AND BEVERAGE WERE $1,963,696 (OF WHICH $131,782 WAS NON-MEMBER RELATED) AND EXPENSES WERE $2,813,980. 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 9 0 1 88 1 1 1 0 0 0 1 1 0 131782 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 JOANNE F HAYES PRESIDENT 1.00 X X 0 0 0 BRADFORD B KOPP VICE PRESIDENT (THROUGH 3/24) 1.00 X X 0 0 0 ALEX POWER VICE PRESIDENT (AS OF 3/24) 1.00 X X 0 0 0 ANTHONY W GRAZIANO JR SECRETARY 1.00 X X 0 0 0 MICHAEL HEFLEY TREASURER (THROUGH 3/24) 1.00 X X 0 0 0 DOUGLAS L BROWN TREASURER (AS OF 3/24) 1.00 X X 0 0 0 S CURTISS ROACH GOVERNOR 1.00 X 0 0 0 RANDOLPH HARRELL GOVERNOR (AS OF 3/24) 1.00 X 0 0 0 THOMAS STANLEY GOVERNOR (AS OF 3/24) 1.00 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 W FREDERICK SOUDER V GOVERNOR 1.00 X 0 0 0 NANCY HELLMUTH GOVERNOR (AS OF 3/24) 1.00 X 0 0 0 RICHARD DIPIETRO GOVERNOR (THROUGH 3/24) 1.00 X 0 0 0 SUZANNE M SENNATT GOVERNOR (THROUGH 3/24) 1.00 X 0 0 0 JORGETTE D SMITH GOVERNOR 1.00 X 0 0 0 EMILY STARKLEY GOVERNOR 1.00 X 0 0 0 KEVIN MARONI GOVERNOR (AS OF 3/24) 1.00 X 0 0 0 CRAIG REGER CONTROLLER 40.00 X 135550 0 9954 MICHAEL J TERRITO GENERAL MANAGER/COO 40.00 X 257856 0 34069 CAREY SAVONA HEAD CHEF 40.00 X 162080 0 30607 REBEKAH MCGREE CLUBHOUSE MANAGER 40.00 X 122804 0 28040 678290 0 102670 4 0 1 0 1 MEMBERSHIP DUES 713910 3766357 3766357 3766357 184715 184715 137779 -137779 -137779 -137779 1963697 860575 1103122 1026189 76933 OTHER INCOME 713910 309552 309552 309552 5225967 5102098 261648 -137779 2842352 72129 619620 707602 609289 PROVISION FOR INCOME TA 6168 ADMIN & GENERAL 467020 FOOD & BEVERAGE DEPT EX 434654 BLDG & GROUNDS DEPT EXP 192671 345560 6297065 573223 1550486 446128 511700 114757 134873 633045 596007 12051393 5386426 6982789 6664967 1320816 1006264 7469 9137 10078227 10473434 554391 617822 260130 143375 814521 761197 X 9263706 9712237 9263706 9712237 10078227 10473434 X -1071098 -5420 1525049 X X 0 1 X 1 0 156385 156385 9919916 3954702 5965214 1931180 1431724 499456 43912 43912 6664967 TREASURY SECURITIES 1006264 F 1006264 DUES COLLECTED IN ADVANCE 143375 143375 X 6513965 -5420 -5420 6519385 -1293418 -1293418 5225967 7590483 1293418 1293418 6297065 0 6297065 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 -860,575. FOOD & BEVERAGE SERVICE CHARGE -432,843. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 860,575. FOOD & BEVERAGE SERVICE CHARGE 432,843. 1 X X X X 0 0 0 MICHAEL J TERRITO GENERAL MANAGER/COO 211919 0 45937 0 0 0 7815 0 34069 0 299740 0 0 0 CAREY SAVONA HEAD CHEF 137330 0 24750 0 0 0 4932 0 30607 0 197619 0 0 0 REBEKAH MCGREE CLUBHOUSE MANAGER 107804 0 15000 0 0 0 1084 0 26956 0 150844 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 609289 INSURANCE PREMIUM 0 CONOR LYNCH CLUB MEMBER 609289 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 798,308. CAPITAL IMPROVEMENT ASSESSMENT 726,741. FORM 990, PART XII, LINE 2C NO CHANGE FROM PRIOR YEAR.