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        <Desc>INITIATION FEES</Desc>
        <BusinessCd>713910</BusinessCd>
        <TotalRevenueColumnAmt>828870</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>828870</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>7859915</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>117139</TotalRevenueColumnAmt>
        <UnrelatedBusinessRevenueAmt>117139</UnrelatedBusinessRevenueAmt>
      </InvestmentIncomeGrp>
      <GrossSalesOfInventoryAmt>4472323</GrossSalesOfInventoryAmt>
      <CostOfGoodsSoldAmt>1202707</CostOfGoodsSoldAmt>
      <NetIncomeOrLossGrp>
        <TotalRevenueColumnAmt>3269616</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>2994089</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>275527</UnrelatedBusinessRevenueAmt>
      </NetIncomeOrLossGrp>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>11246670</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>10854004</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>392666</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>0</ExclusionAmt>
      </TotalRevenueGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>517095</TotalAmt>
      </CompCurrentOfcrDirectorsGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>4435604</TotalAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
        <TotalAmt>82455</TotalAmt>
      </PensionPlanContributionsGrp>
      <OtherEmployeeBenefitsGrp>
        <TotalAmt>486214</TotalAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
        <TotalAmt>377579</TotalAmt>
      </PayrollTaxesGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>26493</TotalAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>34200</TotalAmt>
      </FeesForServicesAccountingGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>12292</TotalAmt>
      </FeesForServicesOtherGrp>
      <OfficeExpensesGrp>
        <TotalAmt>739338</TotalAmt>
      </OfficeExpensesGrp>
      <OccupancyGrp>
        <TotalAmt>334510</TotalAmt>
      </OccupancyGrp>
      <TravelGrp>
        <TotalAmt>1873</TotalAmt>
      </TravelGrp>
      <InterestGrp>
        <TotalAmt>245192</TotalAmt>
      </InterestGrp>
      <DepreciationDepletionGrp>
        <TotalAmt>1066030</TotalAmt>
      </DepreciationDepletionGrp>
      <InsuranceGrp>
        <TotalAmt>157948</TotalAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>UNRELATED BUS. INC. TAX</Desc>
        <TotalAmt>27983</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>GOLF COURSE OPERATIONS</Desc>
        <TotalAmt>982605</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>CLUBHOUSE OPERATIONS</Desc>
        <TotalAmt>336569</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>OTHER DEPT EXPENSES</Desc>
        <TotalAmt>322288</TotalAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>317555</TotalAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>10503823</TotalAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>1335308</BOYAmt>
        <EOYAmt>2030772</EOYAmt>
      </CashNonInterestBearingGrp>
      <AccountsReceivableGrp>
        <BOYAmt>1042665</BOYAmt>
        <EOYAmt>1019565</EOYAmt>
      </AccountsReceivableGrp>
      <OthNotesLoansReceivableNetGrp>
        <BOYAmt>329991</BOYAmt>
        <EOYAmt>385830</EOYAmt>
      </OthNotesLoansReceivableNetGrp>
      <InventoriesForSaleOrUseGrp>
        <BOYAmt>319315</BOYAmt>
        <EOYAmt>334970</EOYAmt>
      </InventoriesForSaleOrUseGrp>
      <PrepaidExpensesDefrdChargesGrp>
        <BOYAmt>22569</BOYAmt>
        <EOYAmt>34831</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>28941691</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>16373046</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>12761212</BOYAmt>
        <EOYAmt>12568645</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>797067</BOYAmt>
        <EOYAmt>607039</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>16608127</BOYAmt>
        <EOYAmt>16981652</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>369935</BOYAmt>
        <EOYAmt>609092</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <DeferredRevenueGrp>
        <BOYAmt>924516</BOYAmt>
        <EOYAmt>1003076</EOYAmt>
      </DeferredRevenueGrp>
      <MortgNotesPyblScrdInvstPropGrp>
        <BOYAmt>6389331</BOYAmt>
        <EOYAmt>5637079</EOYAmt>
      </MortgNotesPyblScrdInvstPropGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>7683782</BOYAmt>
        <EOYAmt>7249247</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
      <NoDonorRestrictionNetAssetsGrp>
        <BOYAmt>8924345</BOYAmt>
        <EOYAmt>9732405</EOYAmt>
      </NoDonorRestrictionNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>8924345</BOYAmt>
        <EOYAmt>9732405</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>16608127</BOYAmt>
        <EOYAmt>16981652</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <InfoInScheduleOPartXIInd>X</InfoInScheduleOPartXIInd>
      <ReconcilationRevenueExpnssAmt>742847</ReconcilationRevenueExpnssAmt>
      <OtherChangesInNetAssetsAmt>65213</OtherChangesInNetAssetsAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>1</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>1</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleD documentId="RetDoc1040000001">
      <BuildingsGrp>
        <OtherCostOrOtherBasisAmt>14932937</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>8447940</DepreciationAmt>
        <BookValueAmt>6484997</BookValueAmt>
      </BuildingsGrp>
      <LeaseholdImprovementsGrp>
        <OtherCostOrOtherBasisAmt>7865034</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>4449448</DepreciationAmt>
        <BookValueAmt>3415586</BookValueAmt>
      </LeaseholdImprovementsGrp>
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>6143720</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>3475658</DepreciationAmt>
        <BookValueAmt>2668062</BookValueAmt>
      </EquipmentGrp>
      <TotalBookValueLandBuildingsAmt>12568645</TotalBookValueLandBuildingsAmt>
      <TotalRevEtcAuditedFinclStmtAmt>12514590</TotalRevEtcAuditedFinclStmtAmt>
      <OtherRevenueAmt>1267920</OtherRevenueAmt>
      <RevenueNotReportedAmt>1267920</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>11246670</RevenueSubtotalAmt>
      <RevenueNotReportedFinclStmtAmt>0</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>11246670</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>11706530</TotExpnsEtcAuditedFinclStmtAmt>
      <OtherExpensesIncludedAmt>1202707</OtherExpensesIncludedAmt>
      <ExpensesNotReportedAmt>1202707</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>10503823</ExpensesSubtotalAmt>
      <ExpensesNotRptFinclStmtAmt>0</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>10503823</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XI, LINE 2D - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>COST OF GOODS SOLD 1,202,707. INTEREST RATE SWAP 65,213.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XII, LINE 2D - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>COST OF GOODS SOLD 1,202,707.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
      <CompensationCommitteeInd>X</CompensationCommitteeInd>
      <BoardOrCommitteeApprovalInd>X</BoardOrCommitteeApprovalInd>
      <SeverancePaymentInd>0</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>0</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>0</EquityBasedCompArrngmInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>MICHAEL BLAZER</PersonNm>
        <TitleTxt>GENERAL MANAGER</TitleTxt>
        <BaseCompensationFilingOrgAmt>296909</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>5000</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>6055</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>307964</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>14796</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>SCOTT TOMECEK</PersonNm>
        <TitleTxt>DIRECTOR OF AGRONOMY</TitleTxt>
        <BaseCompensationFilingOrgAmt>188855</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>7846</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>196701</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>19636</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>GREGORY JOHN</PersonNm>
        <TitleTxt>EXECUTIVE CHEF</TitleTxt>
        <BaseCompensationFilingOrgAmt>153436</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>10123</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>6521</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>6648</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>176728</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>19636</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>BERNADETTE DEGNAN</PersonNm>
        <TitleTxt>CHIEF FINANCIAL OFFICER</TitleTxt>
        <BaseCompensationFilingOrgAmt>139892</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>8572</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>1297</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>5939</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>155700</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>6692</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>THE CHAPEL HILL COUNTRY CLUB (THE "CLUB") WAS FORMED AS A MEMBERSHIP ORGANIZATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>EACH ELECTED DIRECTOR WILL SERVE A TERM OF THREE (3) YEARS AND MAY NOT SUCCEED HIMSELF IN OFFICE, EXCEPT FOR THE PRESIDENT WHEN THE SECOND (2ND) YEAR OF HIS TERM AS PRESIDENT EXTENDS BEYOND HIS ORIGINALLY ELECTED TERM ON THE BOARD. FOUR (4) DIRECTORS FOR THREE-YEAR TERMS WILL BE ELECTED EACH YEAR BY THE MEMBERS AT THE ANNUAL GENERAL MEMBERSHIP MEETING. A PERSON WHO WAS ELECTED BY THE BOARD TO FILL A VACANCY IS ELIGIBLE FOR A THREE-YEAR TERM OR FOR A SHORTER TERM IF THERE IS SUCH A TERM AVAILABLE THROUGH A VACANCY. A PERSON ELECTED TO THE BOARD BY THE MEMBERSHIP FOR A THREE-YEAR TERM MAY NOT SUCCEED HIMSELF IN OFFICE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD MAY AMEND THESE BY-LAWS AT A MEETING OF THE BOARD WITH A TWO-THIRDS (2/3) VOTE OF ITS MEMBERS AFTER THOROUGH REVIEW AND DISCUSSION OF THE AMENDMENTS PROPOSED BY THE BY-LAWS, POLICIES AND RULES COMMITTEE; -PROPOSED BY-LAW AMENDMENTS SHALL BE SUBMITTED IN WRITING, IN ACCORDANCE WITH PROCEDURES IN THE CLUB POLICY BOOK. -ALL PROPOSED AMENDMENTS, AFTER THE FIRST READING RS APPROVED BY THE BOARD, SHALL BE PUBLISHED AND MAILED FOR REVIEW BY THE GENERAL MEMBERSHIP. -FURTHER DISCUSSION AND A VOTE WILL BE TAKEN ON THE PROPOSED AMENDMENT AT THE NEXT BOARD MEETING. -EXCEPTIONS: ONLY THE CLUB MEMBERS MAY ALTER, AMEND, OR REPEAL THE FOLLOWING (I)-(V) BY A TWO-THIRD (2/3) VOTE OF THE MEMBERS CASTING THEIR VOTE AT AN ANNUAL OR SPECIAL MEETING OF THE MEMBERS, A QUORUM BEING PRESENT. (I) ARTICLE II, SECTIONS 2 AND 3. MEMBERSHIP CLASSES AND PRIVILEGES. SECTION 5. SUSPENSION/TERMINATION, AS THE SECTION PERTAINS TO TERMINATION RIGHTS. (II) ARTICLE III, SECTION 6. QUORUM. (III) ARTICLE IV, SECTION 1. COMPOSITION; SECTION 2. TERM; AND SECTION 3 REAL PROPERTY. (IV) ARTICLE SECTION 2. TERM. (V) ARTICLE IX, INDEMNIFICATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE CFO REVIEWS THE FORM 990 PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>THE CLUB REQUIRES KEY EMPLOYEES AND BOARD MEMBERS TO SIGN DISCLOSURE STATEMENTS ANNUALLY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD DETERMINES COMPENSATION. THE GENERAL MANAGER DETERMINES KEY EMPLOYEES COMPENSATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE CLUB DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9:</FormAndLineReferenceDesc>
        <ExplanationTxt>INTEREST RATE SWAP ADJUSTMENT 65,213.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>