2025-02-26T12:59:55-06:00 2024-11-30 561719839 EARNEY Accountants & Advisors PLLC 700 Military Cutoff Road Suite 250 Wilmington NC 28405 990 2023-12-01 560421616 The Surf Club Incorporated SURF 9102562496 1 Mallard Street Wrightsville Beach NC 28480 Keith Logar General Manager 9102562496 2025-02-26 1 0 Eric Bregman CPA P02478458 9102569995 2025-02-26 2023 2025-03-06 01:10:19Z Christopher N Reid 1 Mallard Street Wrightsville Beach NC 28480 4170798 0 X www.surfclubnc.com X 1941 NC SOCIAL CLUB 10 10 78 10 328466 185175 0 0 1544974 1666149 -47995 328466 1356554 1592450 2853533 3587065 0 0 0 0 1725413 1902601 0 0 0 1158766 1274970 2884179 3177571 -30646 409494 10873699 12218669 297787 427040 10575912 11791629 TO PROVIDE SOCIAL, DINING, AND ENTERTAINMENT ACTIVITIES FOR ITS MEMBERSHIP. 0 0 3134475 THE CLUB PROVIDES MEALS AND DINING FACILITIES FOR MEMBERS AND THEIR GUESTS. THE CLUB OPERATES ON A SEASONAL BASIS FROM MARCH THROUGH DECEMBER ANNUALLY. 3134475 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 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 2 0 1 78 1 1 1 0 0 0 0 0 0 0 0 315700 373818 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 0 1 1 0 X Keith Logar 9102562496 PO Box 438 Wrightsville Beach NC 284800438 Christopher N Reid President 1.00 X X 0 0 0 William W Stanfield III Vice President 1.00 X X 0 0 0 Jerry A Mannen Jr Secretary/Treasurer 1.00 X X 0 0 0 John M Tetterton Jr Immediate Past President 1.00 X 0 0 0 Howard A Penton III Director 1.00 X 0 0 0 Raiford Trask III Director 1.00 X 0 0 0 Dr W Chris Ward Director 1.00 X 0 0 0 D Clinton North III Director 1.00 X 0 0 0 David Sprunt Director 1.00 X 0 0 0 Gerald D Hardison Jr Director 1.00 X 0 0 0 Keith Logar General Manager 50.00 X 278602 0 19000 Hiroshi Osono Former Executive Chef 50.00 X 132086 0 5200 410688 0 24200 2 1 1 0 0 Membership Dues 900099 1496925 1496925 Miscellaneous Income 900099 169224 169224 1666149 190245 190245 163222 23616 24422 24195 138800 -579 138221 138221 1811866 535116 1276750 1276750 Initation Fees 900099 315700 315700 315700 3587065 3258599 328466 0 1795251 107350 65532 1016 36268 2468 35822 421953 223117 UBTI Income Tax 43096 Repairs and Maintenance 112440 Utilities 74545 Supplies and Laundry 59738 198975 3177571 88012 44710 2277440 2531774 120129 123228 174707 198429 78862 114681 8732995 5205731 3470722 3527264 4663827 5678583 10873699 12218669 297787 383944 0 43096 297787 427040 X 10575912 11791629 10575912 11791629 10873699 12218669 X 409494 805644 579 X 0 1 X 1 0 8770 8770 5227418 2824485 2402933 2660605 2015877 644728 836202 365369 470833 3527264 39025 State Income Tax 4071 43096 X 4927824 805643 805643 4122181 -535116 -535116 3587065 3669011 -580 535116 534536 3134475 43096 43096 3177571 Part X, Line 2: THE CLUB IS EXEMPT FROM FEDERAL INCOME TAXES UNDER 501(C)(7) OF THE INTERNAL REVENUE CODE (THE CODE). BUT IS SUBJECT TO TAX ON UNRELATED BUSINESS INCOME AS DEFINED BY THE CODE, PRIMARILY INVESTMENT INCOME. THE CLUB HAS EVALUATED 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 UNCERTAINITY IN INCOME TAXES WITHIN THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARD BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC). Part XI, Line 4b - Other Adjustments: COGS Part XII, Line 2d - Other Adjustments: COGS Part XII, Line 4b - Other Adjustments: UBI Tax Part X, Line 2: The Club is exempt from federal income taxes under section 501 (C)(7) of the Internal Revenue Code (The Code). But is subject to tax on unrelated business income as defined by The Code, primarily investment income. The Club has analyzed its tax positions taken and has concluded that as of November 30, 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Club is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Club believes it is no longer subject to income tax examinations for years prior to 2021. X 1 1 X 0 0 0 Keith Logar General Manager 192450 0 86152 0 0 0 19000 0 0 0 297602 0 0 0 Hiroshi Osono Former Executive Chef 109886 0 22200 0 0 0 5200 0 0 0 137286 0 0 0 Form 990, Part VI, Section A, line 6 THE ORGANIZATION 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 THE FOLLOWING MEMBER CATEGORIES HAVE VOTING PRIVILEGES: FULL MEMBERS, JUNIOR MEMBERS, AND SENIOR MEMBERS. Form 990, Part VI, Section A, line 7b THE MEMBERSHIP MUST APPROVE CONSTITUTIONAL CHANGES AND THE BOARD MUST APPROVE BY-LAW CHANGES. Form 990, Part VI, Section B, line 11b THE 990 FORM IS REVIEWED BY THE CLUB MANAGER AND THE CLUB SECRETARY/TREASURER BEFORE FILING. Form 990, Part VI, Section B, line 12c EACH DIRECTOR LISTS BUSINESS INTERESTS TO DETERMINE IF THERE IS ANY CONFLICT. Form 990, Part VI, Section B, line 15 THE CLUB PRESIDENT REVIEWS AND EVALUATES THE PERFORMANCE OF THE GENERAL MANAGER, IN CONJUNCTION WITH OTHER BOARD MEMBERS, AND MAKES THE DETERMINATION OF ANY WAGE INCREASE AND/OR OTHER BONUSES, BASED UPON SPECIFIED CRITERIA. Form 990, Part VI, Section C, line 19 DOCUMENTS ARE AVAILABLE, UPON REQUEST, IN THE CLUB'S OFFICE. Form 990, Part XI, line 9: Gain on sale of Fixed assets 579.