2024-07-26T08:53:17-05:00 2023-09-30 882730877 CHERRY BEKAERT ADVISORY LLC 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2022-10-01 561377052 FIGURE EIGHT ISLAND YACHT CLUB INC FIGU 9106860631 15 BRIDGE ROAD WILMINGTON NC 284119253 PETER GUSHANAS GM/COO 9106860631 2024-07-25 1 1 ELEANOR A LIVINGSTON CPA MST P00226461 7043771678 2022 2024-08-08 14:25:15Z DEBORAH LONG 15 BRIDGE ROAD WILMINGTON NC 284119253 5492289 0 X WWW.F8IYC.COM X 1983 NC PRIVATE SOCIAL CLUB OPERATING FOR THE RECREATIONAL AND SOCIAL PURPOSES OF ITS MEMBERS 9 9 125 9 630324 455939 0 0 4045675 4799442 1852 54093 799453 553946 4846980 5407481 0 0 0 0 2369829 2623198 0 0 0 2887661 3213747 5257490 5836945 -410510 -429464 7801731 7512451 907603 1047787 6894128 6464664 SOCIAL CLUB PROVIDING RECREATIONAL FACILITIES FOR ITS MEMBERS INCLUDING SWIMMING, TENNIS, BOAT SLIP RENTALS, DINING AND SOCIAL ACTIVITIES. 0 0 FIGURE EIGHT ISLAND YACHT CLUB IS AN EXEMPT SOCIAL CLUB EXISTING SOLELY FOR THE BENEFIT OF ITS MEMBERS. ALL REVENUE AND EXPENSES ARE USED FOR THAT EXEMPT PURPOSE. 0 0 0 0 0 0 0 0 0 1 0 0 0 0 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 56 0 1 125 1 1 1 0 0 0 0 597504 94517 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 1 1 0 X PAULA DURANT 9106860631 15 BRIDGE ROAD WILMINGTON NC 28411 DEBORAH LONG PRESIDENT 4.00 X X 0 0 0 ABNEY BOXLEY VP 1.00 X X 0 0 0 PAM EDMONDS SECRETARY 1.00 X X 0 0 0 PHILLIP WAUGH TREASURER 1.00 X X 0 0 0 JAMES DOUGLAS DIRECTOR 1.00 X 0 0 0 VALERIE GAMMAGE DIRECTOR 1.00 X 0 0 0 KAREN PIGMAN DIRECTOR 1.00 X 0 0 0 JOHN RUFFIN DIRECTOR 1.00 X 0 0 0 AUSTIN STEPHENS DIRECTOR 1.00 X 0 0 0 PETER GUSHANAS GENERAL MANAGER 50.00 X 197495 0 18698 PAULA DURANT ACCOUNTING MANAGER 50.00 X 103010 0 18538 CRAIG LABRECHE CHEF/CHEF ASST. 40.00 X 123800 0 5538 424305 0 42774 3 0 1 0 0 FOOD AND BEVERAGE 713990 2213124 2132165 80959 DUES AND ASSESSMENTS 713990 2092942 2092942 MARINA 713990 406094 406094 ACTIVITIES/PROGRAMS/SP 713990 83647 70088 13559 FINANCE CHARGES & LATE 713990 3635 3635 4799442 54093 54093 481713 0 481713 481713 481713 156959 84808 72151 72151 MISCELLANEOUS INCOME 900099 82 82 82 5407481 4777075 630324 82 338061 1824164 30219 225975 204779 241 31226 50143 19050 297090 223467 298990 FOOD AND BEVERAGE 1182991 LANDSCAPING, SUPPLIES, 603141 MEMBER RELATIONS 277288 UBI TAX EXPENSE 140528 89592 5836945 63586 53202 4364063 3522407 622777 764524 163067 161869 220120 228788 7498579 4716918 2368118 2781661 7801731 7512451 343835 397844 563768 649943 907603 1047787 X 6894128 6464664 6894128 6464664 7801731 7512451 -429464 0 X 0 1 X 1 0 10000 10000 3766842 2506597 1260245 441340 379943 61397 3280397 1830378 1450019 2781661 X 5492289 0 5492289 -84808 -84808 5407481 5921753 84808 84808 5836945 0 5836945 PART X, LINE 2: THE CLUB IS EXEMPT FROM INCOME TAX UNDER SECTION 501(C)(7) OF THE INTERNAL REVENUE CODE ("IRC"). IN ACCORDANCE WITH IRC REGULATIONS, THE CLUB IS TAXED ON UNRELATED BUSINESS INCOME, WHICH CONSISTS PRINCIPALLY OF INVESTMENT INCOME, NON-MEMBER REVENUE, AND OFFICE RENTALS, WHICH ARE ACTIVITIES THAT ARE NOT RELATED TO THE EXEMPT PURPOSE OF THE CLUB. THE CLUB ACCOUNTS FOR TAX UNCERTAINTIES BASED ON A MORE LIKELY THAN NOT RECOGNITION THRESHOLD WHEREBY TAX BENEFITS ARE ONLY RECOGNIZED WHEN THE CLUB BELIEVES THEY HAVE A GREATER THAN 50% LIKELIHOOD OF BEING SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD NETTED AGAINST SALES -84,808. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD NETTED AGAINST SALES 84,808. X 0 0 0 PETER GUSHANAS GENERAL MANAGER 160760 0 36735 0 0 0 4888 0 13810 0 216193 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION IS A RECREATIONAL SOCIAL CLUB WHICH ISSUES VARIOUS LEVELS OF MEMBERSHIP TO ITS MEMBERS. EACH LEVEL OF MEMBERSHIP COMES WITH CERTAIN RIGHTS AND OBLIGATIONS AS TO THE USE OF THE ORGANIZATION'S FACILITIES. THE VARIOUS LEVELS OF MEMBERSHIP INCLUDE CHARTER, REGULAR, ASSOCIATE, AND SENIOR. THE CLASS OF SENIOR MEMBER DOES NOT HAVE VOTING RIGHTS AND IS NOT SUBJECT TO ANY ASSESSMENTS. ALL OTHER CLASSES (CHARTER, REGULAR, AND ASSOCIATE) DO HAVE VOTING RIGHTS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED AT THE ANNUAL MEETING OF THE MEMBERS. THE BOARD IS ELECTED BY THE CHARTER, REGULAR, AND ASSOCIATE MEMBERSHIP CLASSES. THE VOTING CLASSES OF MEMBERSHIP HAVE 519 MEMBERS. THE NON-VOTING, OR SENIOR MEMBERSHIP, HAS 40 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B A VOTE OF THE MEMBERSHIP IS REQUIRED FOR THE FOLLOWING: FOR APPROVAL OF ANY SINGLE CAPITAL UNDERTAKING, OR GROUP OF RELATED UNDERTAKINGS WHOSE COST IS EXPECTED TO BE IN EXCESS OF $275,000; FOR APPROVAL OF ANY CHANGES TO BE MADE TO THE CLUB BY-LAWS; TO APPROVE THE LEVYING OF ANY FINANCIAL ASSESSMENTS TO THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS EMAILED TO ALL BOARD MEMBERS FOR THEIR REVIEW PRIOR TO FILING SOLICITING ANY COMMENTARY, QUESTIONS OR CORRECTIONS BEFORE THE FILING DEADLINE. FORM 990, PART VI, SECTION B, LINE 12C TO THE EXTENT POSSIBLE THE ACCOUNTING MANAGER AND GENERAL MANAGER ARE ATTUNED TO ALL BUSINESS RELATIONSHIPS AND ARE CAREFUL TO KEEP ANY CONFLICTS OF INTEREST IN MIND WHEN CONDUCTING THE BUSINESS OF THE YACHT CLUB. FORM 990, PART VI, SECTION B, LINE 15 MEMBERS OF THE GOVERNING BODY ARE AWARE AND PRIVY (AND MANY TIMES SERVE ON OTHER SIMILAR CLUB BOARDS) AND COLLECT DATA AND HISTORY AND APPLY THAT TO THE COMPENSATION OF TOP MANAGEMENT. IN THE CASE OF GENERAL MANAGER COMPENSATION FOR INSTANCE, A SPECIAL CLOSED SESSION IS HELD BY THE GOVERNING BODY WITH ANY INPUT THEY DEEM APPROPRIATE AND THEY SET THE GM'S COMPENSATION FROM YEAR TO YEAR. FOR ALL OTHER OFFICERS AND KEY EMPLOYEES, THE SAME PROCESS IS FOLLOWED, ONLY IT IS CONDUCTED BY THE GENERAL MANAGER. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.