2024-07-12T11:32:59-05:00 2023-12-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2023-01-01 730762818 The Summit Corporation SUMM 9185825243 15 West 6th 2000 Tulsa OK 741195426 Anne Adams President 9185825243 2024-07-09 1 Anne Adams 999009999 1 Kim Hunwardsen CPA P00484560 6122536500 2024-06-27 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z X Anne Adams 15 West 6th 2000 Tulsa OK 741195426 9340375 0 X www.summittulsa.com X 1967 OK Private Dining Club 16 15 155 17 647390 50792 0 0 3478129 3589334 13844 -254533 3654321 4019692 7146294 7354493 0 5341 0 0 4598507 4792172 0 0 0 3221668 3453526 7820175 8251039 -673881 -896546 18798853 16026605 17691648 15796014 1107205 230591 N/A 0 0 The Summit is a noncommercial private dining club in Tulsa, Oklahoma and has the most breathtaking views overlooking the Tulsa skyline. The club is atop the Bank of America Building on the 30th, 31st and 32nd Floors. The majority of the revenue comes from food and beverage sales and dues and fees from members and non-members. 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 45 0 1 155 1 1 1 0 0 0 0 208281 831172 0 0 0 X 16 15 0 0 1 0 1 1 1 1 0 0 0 1 0 0 0 1 0 0 OK X April Stanton 9185825243 15 W 6th Street Suite 2000 Tulsa OK 74119 Hillary Sutton-1st VP thru Mar President as of Apr 2023 2.00 X X 0 0 0 Anne Adams-2nd VP thru Mar 1st VP as of Apr 2023 2.00 X X 0 0 0 Mark Phillips-Treasurer thru Mar 2nd VP as of Apr 2023 2.00 X X 0 0 0 Jeromie Tucker-Secr until Mar Treasurer as of Apr 2023 2.00 X X 0 0 0 Mary Beth Nesser Secretary 2.00 X X 0 0 0 Marc Maun-Pres thru Mar Ex-Officio as of Apr 2023 2.00 X X 0 0 0 Siegmund Brown Director 1.00 X 0 0 0 Russ Farthing Director 1.00 X 0 0 0 Stuart Hawley Director until Apr 2023 1.00 X 0 0 0 Jacqueline Price Director 1.00 X 0 0 0 Gregory Oliphant Director 1.00 X 0 0 0 Michael Oonk Director 1.00 X 0 0 0 Russ Peevy Director 1.00 X 0 0 0 Bruce Roach Director 1.00 X 0 0 0 Heather Duncan Director 1.00 X 0 0 0 Amy Brown Director as of Apr 2023 1.00 X 0 0 0 Bob Bush Director as of Apr 2023 1.00 X 0 0 0 R Jared Jordan CEO 40.00 X 228756 0 23841 William Lyle Executive Chef 40.00 X 163177 0 47588 391933 0 71429 2 0 1 0 Juan Prado Ortega 15002 E 87th Place North Owasso OK 74055 Temporary staffing 160328 American Auto Parks LLC 410 S Main Ste A Tulsa OK 74103 Shuttle service and parking space rental 118850 2 Membership Dues 900099 2710784 2710784 Capital Improvement Dues 900099 592567 592567 Membership Sales 900099 208281 208281 77702 72861 4841 3589334 58490 58490 1367 0 1367 1367 1168 199 2350 315373 -313023 -313023 -313023 5688834 1670509 4018325 3434465 583860 7354493 7020126 647390 -313023 5341 464285 3483513 63149 438641 342584 21860 1054 84958 163401 40420 58153 979228 260229 794178 128265 Cleaning and Supplies 301890 Meals & Entertainment 181365 Property and Sales Tax 120383 UBTI federal and state 14353 303789 8251039 168092 222673 1487192 85865 1273002 1237409 347400 363504 71398 101579 8321079 2959648 6289992 5361431 662806 1808810 8498971 6845334 18798853 16026605 694746 636903 1439051 1555508 6536012 6059895 9021839 7543708 17691648 15796014 X 1107205 230591 1107205 230591 18798853 16026605 -896546 19932 0 X 0 1 X 1 0 5565725 1762030 3803695 1401013 839307 561706 1354341 358311 996030 5361431 Operating right of use asset 6845334 6845334 Deferred Compensation 272477 Operating Lease Liability 7271231 7543708 X 9044934 19932 19932 9025002 -1670509 -1670509 7354493 9921548 1670509 1670509 8251039 0 8251039 Part X, Line 2: Management believes that the Club has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The Club would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Part XI, Line 4b - Other Adjustments: Cost of Goods reported with Expenses on Financial Statements -1,670,509. Part XII, Line 2d - Other Adjustments: Cost of Goods reported with Expenses on Financial Statements 1,670,509. X 0 1 0 R Jared Jordan CEO 151635 0 71942 0 5179 0 8441 0 15862 0 253059 0 0 0 William Lyle Executive Chef 134264 0 28913 0 0 0 39894 0 8155 0 211226 0 0 0 Part I, Line 4b The Club established a non-qualified deferred compensation plan, 457(f) Plan, for R. Jared Jordan, CEO, and William Lyle, Executive Chef. R. Jared Jordan had a contribution liability of $183,640 with a vesting date of December 31, 2027 and William Lyle had a contribution liability of $88,837 with a vesting date of September 2028. Contribution for R. Jared Jordan in 2023 was $0 and William Lyle $33,333. BOA Building LLC 100% owned by Director's family 810215 Building rent 0 Form 990, Part VI, Section A, line 1a The Executive Committee shall be composed of the President, First Vice President, Second Vice President, Treasurer and, Secretary, and the Immediate Past President as an Ex-officio member and with the President serving as its Chairman. The Executive Committee shall act for and on behalf of the Board of Governors in the administration of the affairs of the Club during the period between regular meetings of the Board of Governors. The Executive Committee may also promulgate from time to time and enforce house rules and such other rules as may be necessary from time to time in the enjoyment and administration of the Club. Three members of the Executive Committee shall constitute a quorum. Form 990, Part VI, Section A, line 4 The Bylaws were amended to added a new class of membership - Vendor Membership. Form 990, Part VI, Section A, line 6 Individuals of the age of twenty-one years or more and who are of good moral character are eligible for all classes of membership in the Club. A membership in whatever class entitles the immediate family of the member to the use of Club facilities. Classes of Membership 1. Proprietary Membership: An individual who is otherwise qualified and who is the owner of one share of stock in the Corporation. 2. Junior Membership: Issued to an individual otherwise qualified for membership who has not attained the age 38 years. A junior member is required to convert to a full proprietary membership or terminate membership in the Club upon attaining the age of 38. If there are proprietary memberships available, a junior member may convert his or her junior membership to a full proprietary membership at any time prior to attaining the age of 38 by paying the membership fee. If any junior member having attained the age of 38 years has not converted his or her junior membership to a full proprietary membership within sixty (60) days after being notified by the President that a full proprietary membership is available, the junior member will lose his or her right to priority and his or her membership in the Club and all the attendant Club privileges are terminated. No junior member has the privilege of voting on any matter submitted for a vote by the members of the Club. The Board of Governors is authorized to make such equitable adjustments to the payment of monthly dues as it deems appropriate in connection with the transition from junior membership to proprietary membership, such as, situations whereby a junior member has converted to proprietary membership prior to the age of 38. 3. Non-Resident Membership: This class of membership is open to individuals qualified for membership in the club but who do not reside or have a primary business location within fifty miles of the Club's facilities. Persons living in the cities of Bartlesville, Claremore, Muskogee, Henryetta, Okmulgee, Stillwater, Tahlequah, and Vinita are considered non-residents, and persons living in the cities of Tulsa, Broken Arrow, Bixby, Jenks, Owasso, Skiatook, Collinsville, Coweta, Sand Springs and Sapulpa, are considered residents. A non-resident membership shall entitle such member to the use of the facilities of the Club. Such membership does not include the right to serve on the Board of Governors, any committee, or to vote on the administration of the Club or to share in any assets of the Club. Upon establishing a residence or business in Tulsa, a non-resident member in good standing may apply for membership in a membership category then available for residents and pay the then current costs for such membership without credit for any amount previously paid for a non-resident membership. If no resident membership is available, priority is accorded such applicant on the same basis as provided for children or surviving spouses of proprietary members, provided the applicant has been a non-resident member in good standing for a period of at least three years. 4. Surviving Spouse Membership: Surviving spouse membership shall not be limited in number and shall be accorded to the surviving spouse of a proprietary member, and entitle such member to the use of all the facilities of the Club for themselves and eligible children. 5. Honorary Membership: The Board of Governors may issue honorary Club memberships under such circumstances, upon such conditions and with such privileges as the Board may determine from time to time. 6. Vendor Membership: This class of membership is open to those persons otherwise qualified for membership in the Club but whose employer serves as one of the primary vendors of food and beverage to the Club. Vendor Members shall be charged such membership fee as determined by the Board of Governors may from time to time provide. Persons providing food and beverage sales to the club in excess of $25,000 per year shall be considered vendors eligible for this class of membership. A Vendor Membership shall entitle such member to the use of the facilities of the Club. Such membership shall not include the right to serve on the Board of Governors or to vote on the administration of the Club or to share in any assets of the Club. If a vendor ceases to meet this threshold, a Vendor Member in good standing shall apply for membership in a membership category then available for residents and shall pay the then-current costs for such membership without credit for any amount previously paid for a Vendor Membership. If no resident membership is available, priority shall be accorded such applicant on the same basis as provided for children or surviving spouses of propriety members, provided the applicant has been a Vendor Member in good standing for a period of at least three years. Form 990, Part VI, Section A, line 7a The Nominating Committee selects a slate of four members to stand for election to the Board of Governors at the next annual meeting of proprietary members to each serve for a term of three years. The Nominating Committee also submits a slate of candidates for the office of President, First Vice President, Second Vice President, Secretary and Treasurer. Absent the resignation of the First Vice President or Second Vice President, the First Vice President is nominated as President and the Second Vice President is nominated as First Vice President. The Second Vice President, Secretary and Treasurer are nominated from qualified members of the Board of Governors without regard to succession. Twenty-five (25) proprietary members of the Club in good standing and who are not members of the Nominating Committee may also nominate candidates for vacancies on the Board of Governors. Form 990, Part VI, Section A, line 7b Each shareholder has one vote in electing the Organization's Board of Governors. The Board of Governors approve items according to the Bylaws. Form 990, Part VI, Section A, line 8b The Executive Committee has authority to act on behalf of the Board of Directors however, formal minutes are not taken at committee meetings. Form 990, Part VI, Section B, line 11b The 990 is provided to the Board of Governors for their review before it is filed. The Form 990 is provided to an officer of the organization for signature and final approval before it is filed by the organization. Form 990, Part VI, Section B, line 15a The CEO's base compensation and review is set by the Board of Governors on an annual basis. The last review was conducted in early 2023. Goals for the CEO are set annually and reviewed quarterly by the Executive Committee for additional compensation through bonus incentives. The CEO determines compensation of all other employees. Form 990, Part VI, Section C, line 19 The governing documents and financial statements are available upon request.