2026-09-15T06:41:34+00:00 2025-10-31 440160260 FORVIS MAZARS LLP ONE OAK ST SUITE 300 ASHEVILLE NC 28801 990 2024-11-01 561184946 HIGHLANDS FALLS COUNTRY CLUB INC HIGH 8285264118 ONE CLUB DRIVE HIGHLANDS NC 28741 CHUCK CARVER PRESIDENT 2026-09-15 true true AMY BIBBY P00445891 8282542254 2026-09-15 2024 JASON MACAULAY ONE CLUB DRIVE HIGHLANDS NC 28741 9887899 false X WWW.CLUBHFCC.COM X 1977 NC TO PROVIDE SOCIAL ACTIVITIES FOR MEMBERS THROUGH GOLF AND DINING. 7 7 79 30 490091 192799 0 0 7858057 8024344 251844 -64326 994840 1026914 9104741 8986932 2000 0 0 0 3857989 3869030 0 0 0 3993731 4287202 7853720 8156232 1251021 830700 23721646 30783487 12754071 19000212 10967575 11783275 TO PROVIDE SOCIAL ACTIVITIES FOR MEMBERS THROUGH GOLF AND DINING. false false MAINTAINED AND OPERATED AN 18-HOLE GOLF COURSE, DINING FACILITIES, FITNESS CENTER, CLUBHOUSE, SWIMMING POOL, TENNIS COURTS, AND GOLF PRO SHOP FOR CLUB MEMBERS AND THEIR GUESTS. 0 false false false false false false false false false false true false false false true true false true false false false false false false false false false false false true false false false false false false false false false false false false false false true false false false false false true 17 0 true 79 true true true false false false false 900520 297642 false false false X 7 7 false false false false true true true true true false false false false true true true true true true true false false NC X X DEE ANNA CLARKE 7044918018 ONE CLUB DRIVE HIGHLANDS NC 28741 CRAIG FRAVERT PRESIDENT 5.0 X X 0 0 0 JIM TURNER TREASURER / FINANCE CHAIR 5.0 X X 0 0 0 PETER PORTLEY SECRETARY 5.0 X X 0 0 0 TERRI HARRINGTON VICE PRESIDENT 5.0 X X 0 0 0 DAVID GREEN BOARD MEMBER 5.0 X 0 0 0 DAVID MURRAY BOARD MEMBER 5.0 X 0 0 0 MARY WATTS BOARD MEMBER 5.0 X 0 0 0 DEE ANNA CLARKE CFO 40.0 X 173523 0 24144 FRED GEHRISCH GM/COO 40.0 X 315370 0 40461 JESSICA EMERY MEMBERSHIP DIRECTOR 40.0 X 192600 0 7372 JOSH CANTRELL GOLF COURSE SUPER 40.0 X 149065 0 9470 SHAWN OLAH EXECUTIVE CHEF 40.0 X 182102 0 9757 1012660 0 91204 5 false true false 0 0 MBRSHP DUES & ASSESSMENTS 713910 7315306 7315306 GOLF & PRO SHOP 713910 591237 485863 105374 FITNESS CENTER 713940 95934 95934 CROQUET 713940 12850 12850 TENNIS 713940 9017 9017 0 0 0 0 8024344 257153 257153 116607 116607 0 116607 116607 321479 -321479 0 -321479 -321479 1473653 579488 894165 883208 10957 LATE CHARGES 713910 13528 13528 MISCELLANEOUS REVENUE 713910 2614 2614 0 0 0 0 16142 8986932 8802178 490091 -305337 488893 2833234 67781 143098 336024 240 3 599543 69419 1538553 27284 558264 16081 4906 265971 1041531 125091 INCOME TAX EXPENSE 39411 BAD DEBT EXPENSE 905 0 8156232 250514 1026329 4803091 8933578 291399 98452 0 0 0 0 132017 128705 107008 122953 31284633 11361316 17626491 19923317 0 0 511126 550153 23721646 30783487 516859 936753 5416866 10269053 0 0 6156220 7244253 664126 550153 12754071 19000212 X 10967575 11783275 10967575 11783275 23721646 30783487 X 830700 -15000 X X false true true false 2249061 2249061 13845343 5615999 8229344 3581668 1452809 2128859 11608561 4292508 7316053 19923317 FEDERAL INCOME TAXES OPERATING LEASE LIABILITY 550153 SETTLEMENT LIABILITY 0 550153 X 9870899 930967 930967 8939932 47000 47000 8986932 9055199 900967 900967 8154232 2000 2000 8156232 SCHEDULE D, PART X, LINE 2 FIN 48 (ASC 740) FOOTNOTE THE CLUB IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER THE INTERNAL REVENUE CODE, SECTION 501(C)(7), EXCEPT FOR UNRELATED BUSINESS INCOME SUBJECT TO FEDERAL AND STATE INCOME TAX. THE CLUB'S BY-LAWS CONTAIN SPECIFIC PROVISION FOR THE REPURCHASE OF EQUITY CERTIFICATES FROM A RETIRING OR EXPELLED EQUITY MEMBER OR THE ESTATE OF A DECEASED EQUITY MEMBER. INCOME TAXES ARE PROVIDED FOR THE TAX EFFECTS OF TRANSACTIONS REPORTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. DEFERRED INCOME TAXES ARE PROVIDED FOR THE ESTIMATED TAX EFFECTS OF DIFFERENCES BETWEEN THE FINANCIAL STATEMENT CARRYING AMOUNTS AND THE TAX BASES OF RECOGNIZED ASSETS AND LIABILITIES. DEFERRED TAX ASSETS ARE REDUCED BY A VALUATION ALLOWANCE WHEN, IN THE OPINION OF MANAGEMENT, IT IS MORE LIKELY THAN NOT THAT SOME PORTION OR ALL OF THE DEFERRED TAX ASSETS WILL NOT BE REALIZED. THE CLUB ACCOUNTS FOR UNCERTAIN TAX POSITIONS IN ACCORDANCE WITH THE ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA, UNDER WHICH LIABILITIES FOR UNCERTAIN TAX POSITIONS ARE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS WHEN IT BECOMES PROBABLE A LIABILITY HAS BEEN INCURRED AND THE AMOUNT CAN BE REASONABLY ESTIMATED. THE CLUB HAD NO MATERIAL TAX LIABILITY FOR FEDERAL AND STATE INCOME TAXES FOR THE YEARS ENDED OCTOBER 31, 2025 AND 2024. SCHEDULE D, PART XI, LINE 2(D) OTHER REVENUES IN AUDITED FINANCIAL STATEMENTS NOT IN FORM 990 COST OF GOODS SOLD - 579488 SALE OF EQUITY CERTIFICATES - 30000 SALE OF ASSETS LOSS IN EXPENSE - 321479 SCHEDULE D, PART XI, LINE 4(B) OTHER REVENUES IN FORM 990 NOT IN AUDITED FINANCIAL STATEMENTS REDEMPTION OF EQUITY CERTIFICATES - 34500 EQUITY APPLIED TO SPECIAL ASSESSMENT - 10500 EXPENSE IN REVENUE - 2000 SCHEDULE D, PART XII, LINE 2(D) OTHER EXPENSES IN AUDITED FINANCIAL STATEMENTS NOT IN FORM 990 COST OF GOODS SOLD INCLUDED IN EXPENSES - 579488 SALE OF ASSETS LOSS IN EXPENSE - 321479 SCHEDULE D, PART XII, LINE 4(B) OTHER EXPENSES IN FORM 990 NOT IN AUDITED FINANCIAL STATEMENTS EXPENSE IN REVENUE - 2000 X X X X false false false FRED GEHRISCH GM/COO 262995 0 43975 0 8400 0 30000 0 10461 0 355831 0 0 0 DEE ANNA CLARKE CFO 149999 0 2885 0 20639 0 23500 0 644 0 197667 0 0 0 SHAWN OLAH EXECUTIVE CHEF 148720 0 9382 0 24000 0 5949 0 3808 0 191859 0 0 0 JESSICA EMERY MEMBERSHIP DIRECTOR 75000 0 117600 0 0 0 3564 0 3808 0 199972 0 0 0 JOSH CANTRELL GOLF COURSE SUPER 141548 0 2722 0 4795 0 5662 0 3808 0 158535 0 0 0 FORM 990, PART VI, LINE 15 THE GM/COO'S COMPENSATION IS COMPARED TO SIMILAR POSITIONS WITH CLUBS OF SIMILAR REVENUE AND GEOGRAPHICAL LOCATION AS BENCHMARKS. THE BOARD AND EXECUTIVE COMMITTEE REVIEW THE PERFORMANCE OF THE POSITION AND DETERMINE COMPENSATION APPROPRIATELY. FORM 990, PART VI, LINE 6 CLASSES OF MEMBERS OR STOCKHOLDERS THE ORGANIZATION IS A COUNTRY CLUB WHICH HAS SEVERAL CLASSES ON MEMBERS: OWNERS OF EQUITY, FOUNDERS, SOCIAL, SOCIAL A, YOUNG EXECUTIVE, AND EMERITUS EQUITY MEMBERS. FORM 990, PART VI, LINE 7A MEMBERS OR STOCKHOLDERS ELECTING MEMBERS OF GOVERNING BODY EQUITY AND FOUNDER MEMBERS SHALL BE ENTITLED TO VOTE AT ALL MEETINGS OF THE MEMBERS, AND THERE SHALL BE ONE VOTE PER MEMBERSHIP. THESE MEMBERS MAY VOTE ON ELECTING MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, LINE 7B DECISIONS REQUIRING APPROVAL BY MEMBERS OR STOCKHOLDERS OWNERS OF EQUITY AND FOUNDER MEMBERSHIPS ARE ENTITLED TO VOTE ON ALL MATTERS THAT COME BEFORE THE MEETINGS OF THE MEMBERS. THE RIGHTS OF SOCIAL, SOCIAL A, YOUNG EXECUTIVE AND EMERITUS EQUITY MEMBERS TO VOTE ARE LIMITED TO A ONE-THIRD VOTE ON PROPOSED ASSESSMENTS ONLY AND MAY NOT VOTE ON OTHER MATTERS. ONLY MEMBERS IN GOOD STANDING MAY VOTE. FORM 990, PART VI, LINE 11B REVIEW OF FORM 990 BY GOVERNING BODY THE FINANCE COMMITTEE AND BOARD REVIEWED THE 990 PRIOR TO FILING THE RETURN WITH THE IRS. FORM 990, PART VI, LINE 12C CONFLICT OF INTEREST POLICY THE CLUB HAS A CONFLICT OF INTEREST POLICY WHICH IT ENFORCES ON A CASE BY CASE BASIS. BOARD MEMBERS ARE RESPONSIBLE FOR ADDRESSING ANY POTENTIAL CONFLICT AND EXCUSING THEMSELVES FROM VOTING ON MATTERS WHERE A POTENTIAL CONFLICT MAY EXIST. EMPLOYEES MUST DISCLOSE ANY POTENTIAL CONFLICTS TO THE GENERAL MANAGER. FORM 990, PART VI, LINE 18 HOW FORMS ARE MADE AVAILABLE TO THE PUBLIC THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC UPON REQUEST, ON ITS WEBSITE, AND ON WWW.GUIDESTAR.ORG. FORM 990, PART VI, LINE 19 REQUIRED DOCUMENTS AVAILABLE TO THE PUBLIC THE FINANCIAL STATEMENTS ARE ONLY MADE AVAILABLE TO MEMBERS UPON REQUEST. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE FOR PUBLIC INSPECTION. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCES SALE OF EQUITY CERTIFICATES - 30000; REDEMPTION OF EQUITY CERTIFICATES - -34500; EQUITY APPLIED TO SPECIAL ASSESSMENT - -10500; TOTAL - -15000; FORM 990, PART XII, LINE 2C CHANGE OF OVERSIGHT PROCESS OR SELECTION PROCESS THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. HIGHLAND FALLS EMPLOYEE HOUSING LLC ONE CLUB DRIVE HIGHLANDS NC 28741 EMPLOYEE HOUSING NC 116607 0 HIGHLANDS FALLS COUNTRY NORTH CAROLINA CLUB INC