2024-07-29T14:35:10-05:00 2024-03-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2023-04-01 410328845 Interlachen Country Club INTE 9529247404 6200 Interlachen Blvd Edina MN 55436 Sean Lawler CFO 9529247404 2024-07-29 1 1 Deb Nelson CPA P01264758 6122536500 2024-07-29 2023 2024-08-08 14:25:15Z Sean Lawler 6200 Interlachen Blvd Edina MN 55436 25023811 0 X WWW.INTERLACHENCC.ORG X 1909 MN A country club providing social and recreational facilities for its members. 9 9 424 34 562958 0 0 78376 16457426 17507572 -750736 -647811 4253209 3961669 19959899 20899806 0 0 0 0 9866695 10835742 0 0 0 6347677 6713393 16214372 17549135 3745527 3350671 48359231 60852438 17336461 26490437 31022770 34362001 The mission of Interlachen Country Club is to enrich the lives of our members by providing outstanding championship golf and family experiences. 0 0 Interlachen Country Club is a not-for-profit club providing social and recreational facilities for its members and includes, but not limited to, golf, tennis, pool, dining, and catered events. The membership at the club totaled 865 members at the end of the fiscal year. Included in the member totals are 377 voting stockholders. 0 0 0 0 0 0 0 0 0 1 0 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 69 0 1 424 1 1 1 0 0 0 1 1 7511164 562437 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 0 1 1 0 MN X Sean Lawler 9529247404 6200 Interlachen Blvd Edina MN 55436 David Oxford President 4.00 X X 0 0 0 John Strickler Vice President 1.00 X X 0 0 0 Brett Habstritt Treasurer 2.00 X X 0 0 0 Eva May Secretary 1.00 X X 0 0 0 Robert Perry Director 1.00 X 0 0 0 Colby Lund Director 1.00 X 0 0 0 Robert Sheehy Director 1.00 X 0 0 0 Theresa Ward Director 1.00 X 0 0 0 Jim Hicks Director 1.00 X 0 0 0 Joel Livingood General Manager/CEO 40.00 X 564098 0 66950 Sean Lawler CFO 40.00 X 205476 0 33442 Nathan Ollhoff Director of Golf 40.00 X 310021 0 65682 Carrie Eyler Assistant General Manager 40.00 X 219787 0 33134 Brian Boll- Director of Golf Course and Grounds 40.00 X 203860 0 32372 Aaron Anderson Executive Chef 40.00 X 165185 0 29846 Luke Benoit Director of Golf Instruction 40.00 X 101459 0 7533 Shawn Bamhart IT Manager 40.00 X 115319 0 0 Jeff Keiser - Director of Marketing and Communicatio 40.00 X 114118 0 20975 Ryan Sullivan Locker Room Manager 40.00 X 108449 0 25062 2107772 0 314996 10 0 1 0 0 78376 78376 Membership dues 713910 8816633 8816633 Assessment fees 713910 6042675 6042675 Initiation fees 713910 1468489 1468489 Club member services 713910 1179775 1136936 42839 17507572 194707 194707 48200 59349 -11149 -11149 -11149 842518 -842518 -842518 -842518 7060691 3222138 3838553 3513141 325412 Insurance proceeds 900099 118861 118861 Late fee income 900099 15404 15404 134265 20899806 21112139 562958 -853667 1789146 7236772 161068 863767 784989 17472 44000 1098034 309634 1259889 19148 144824 412535 2295117 200952 Supplies 848404 UBI Taxes 31767 31617 17549135 8243236 1249387 2061638 1852831 1436854 1847731 609963 611558 471455 193447 76253177 21403897 35311639 54849280 224446 248204 48359231 60852438 3228063 2416385 794370 892008 13119469 22961952 194559 220092 17336461 26490437 X 31022770 34283625 78376 31022770 34362001 48359231 60852438 X 3350671 -11440 X 0 1 X 1 0 4813978 4813978 48918182 15309282 33608900 9117107 4509879 4607228 13403910 1584736 11819174 54849280 Operating Lease Liability 153118 Financing Lease Liability 66974 220092 X 24027822 -43207 -43207 24071029 -3171223 -3171223 20899806 20766967 3249599 3249599 17517368 31767 31767 17549135 Part X, Line 2: The Club believes that there is appropriate support for tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the overall financial statements. The Club would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such penalties and interest are incurred. Part XI, Line 2d - Other Adjustments: Membership Equity Refunds Reported as a Net Assets Adj for Tax Purposes -11,440. Tax Expense Reported in Expenses for Tax Purposes -31,767. Part XI, Line 4b - Other Adjustments: Cost of Goods Sold Reported in Revenue for Tax Purposes -3,222,138. Rental Depreciation Reported in Revenue for Tax Purposes -27,461. Contributions Reported in Change in Assets 78,376. Part XII, Line 2d - Other Adjustments: Cost of Goods Sold Reported in Revenue for Tax Purposes 3,222,138. Rental Depreciation Reported in Revenue for Tax Purposes 27,461. Part XII, Line 4b - Other Adjustments: Tax Expense Reported in Expenses for Tax Purposes 31,767. X 0 1 X X X 0 1 0 Joel Livingood General Manager/CEO 464098 0 100000 0 0 0 45975 0 21324 0 631397 0 0 0 Nathan Ollhoff Director of Golf 285021 0 25000 0 0 0 44707 0 21225 0 375953 0 0 0 Carrie Eyler Assistant General Manager 199787 0 20000 0 0 0 12159 0 21143 0 253089 0 0 0 Sean Lawler CFO 205476 0 0 0 0 0 12467 0 21415 0 239358 0 0 0 Brian Boll- Director of Golf Course and Grounds 193860 0 10000 0 0 0 11397 0 21254 0 236511 0 0 0 Aaron Anderson Executive Chef 155185 0 10000 0 0 0 8871 0 21117 0 195173 0 0 0 Part I, Line 1a Housing allowance was provided to Nathan Ollhoff, Head Golf Professional, and was treated as taxable compensation. Part I, Line 1b The Housing allowance was approved by the Board of Directors. Part I, Line 4b The Club has a non-qualified retirement plan. The plan is intended to provide deferred compensation for eligible employees of the Club, which is a tax-exempt entity. As such, the plan is intended to constitute a deferred compensation plan that complies with the requirement of Code Sections 457(f) and 409(a) and their corresponding regulations. The plan is also intended to be an unfunded plan within the meaning of the Employee Retirement Income Security Act of 1974 (ERISA). The plan is intended for a select group of management or highly compensated employees. Joel Livingood and Nathan Ollhoff participate in the non-qualified retirement plan. During the fiscal year ending March 31, 2024, a payment of $25,000 was made to each individual. The payment is included in Schedule J, Part II, Column (C). Form 990, Part VI, Section A, line 1a The Executive Committee shall consist of the President, Vice President, Secretary and Treasurer. During the interim between Board meetings, the Executive Committee shall act for the Board to execute the Board's established policies and to address urgent matters and give counsel to the General Manager. In so acting, the Executive Committee shall have the same authority and power as the Board itself; provided that such actions shall be fully reported to the Board and ratified and confirmed by it at its next succeeding meeting. The Executive Committee may initiate and recommend to the Board major policies and projects and shall, when so directed by the Board, act with the same authority as is possessed by the Board on all matters referred to it. The Executive Committee shall act as the Compensation Committee, and shall approve any written employment contract between the Club and General Manager after presenting it to the Board. Form 990, Part VI, Section A, line 6 The membership of the Club shall consist of Golf Members, Senior Golf Members, Legacy Golf Members, National Golf Members, Athletic Members, Social Members, and Honarary Members. Golf Members require ownership of a share of stock in the Club. Form 990, Part VI, Section A, line 7a The board shall be elected at the annual meeting by the voting stockholders. Form 990, Part VI, Section A, line 7b Any capital assessments or capital surcharges exceeding $1200.00 per fiscal year or any amendment to the existing bylaws of Interlachen Country Club shall only be effective upon ratification by stockholders holding a majority of the total number of shares of stock of the club. All ratifications are by member vote at the annual meeting or at a special meeting of the stockholders called for the purpose of considering such matter. Form 990, Part VI, Section B, line 11b Form 990 is reviewed by the CFO, Finance Committee, and Treasurer. The Board of Directors will receive a copy of the Form 990 prior to filing with the IRS. Form 990, Part VI, Section B, line 12c Conflict of interests are discussed at both Board of Director meetings and department head meetings and are determined by the Board of Directors. The conflict of interest policy covers the Board of Directors and staff. Any individual with a conflict of interest must abstain from voting and if a conflict arose the Board of Directors would address appropriately. Form 990, Part VI, Section B, line 15 The Director of Golf's and General Manager/CEO's compensation is reviewed each year by the Finance Committee, consisting of the President, Vice President, Secretary, Treasurer, and member-at-large as selected by the President. The Finance Committee makes all recommendations in regard to compensation for these individuals. The Finance Committee uses comparability data gathered from other club managers during this process. The General Manager reviews the compensation for the CFO using comparability data and makes a recommendation to the Finance Committee. This process is completed annually. Form 990, Part VI, Section C, line 19 Financial statements, conflict of interest policy and governing documents are available upon request. Form 990, Part XI, line 9: Membership equity refunds -11,440.