2014-03-29T08:59:41-05:00 2013-10-31 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 1000 CHARLOTTE NC 28204 990 2012-11-01 560939382 ROARING GAP CLUB INC ROAR 3363632211 PO BOX 129 ROARING GAP NC 28668 STEVE PLUMMER 3363632211 2014-03-20 1 KELLIANNE F BENSON P01345659 7043771678 2012 2015-11-30 17:44:51Z STEVE PLUMMER PO BOX 129 ROARING GAP NC 28668 6210344 0 X WWW.ROARINGGAPCLUB.COM X 1969 NC PRIVATE SOCIAL CLUB PROVIDING SOCIAL AND RECREATIONAL ACTIVITIES TO ITS MEMBERS. 12 12 141 12 217108 0 0 0 5751670 5514584 -832 110330 195656 182089 5946494 5807003 0 0 0 0 2266051 2287705 0 0 0 2847694 3095224 5113745 5382929 832749 424074 11781097 12069772 943183 800503 10837914 11269269 THE CLUB PROVIDES ITS MEMBERS WITH CLUB FACILITIES AND ACTIVITIES, INCLUDING GOLF, TENNIS, SWIMMING, EXERCISE, HIKING, DINING AND SOCIAL EVENTS. APPROXIMATELY 265 MEMBERS BENEFITTED IN FISCAL YEAR 2013. 0 0 OPERATION OF A CLUBHOUSE, DINING ROOM, AND LOUNGE FOR THE BENEFIT OF ITS MEMBERS. APPROXIMATELY 265 MEMBERS BENEFITTED IN FISCAL YEAR 2013. OPERATION OF A GOLF COURSE FOR THE BENEFIT OF ITS MEMBERS. OPERATION OF TENNIS FACILITY AND POOL FOR THE BENEFIT OF ITS MEMBERS. 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 47 0 1 141 1 1 1 0 0 0 0 547248 77537 0 X 12 12 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 0 1 1 0 NC X EVELYN GREEN 3363635003 PO BOX 129 ROARING GAP NC 28668 VIRGINIA HAMLET 0.50 X 0 0 0 FRANK EDWARDS 0.50 X 0 0 0 CHUCK DUCKETT 0.50 X 0 0 0 DAVID HOWARD 0.50 X 0 0 0 ARTIE WILLIAMS 0.50 X 0 0 0 MARY BONEY 0.50 X 0 0 0 FRAN POOLE 0.50 X 0 0 0 LOUIS STEPHENS 0.50 X 0 0 0 WALTER MCDOWELL 0.50 X 0 0 0 BUNKY HENDERSON 0.50 X X 0 0 0 DAVID IRVIN 0.50 X X 0 0 0 ALBERT BUTLER III 0.50 X X 0 0 0 STEVE PLUMMER 55.00 X 185972 0 21063 EVELYN GREEN 55.00 X 73620 0 11500 259592 0 32563 1 0 1 0 JAMES LEE WOODRUFF 915 CAMP BUTLER ROAD GLADE VALLEY NC 28627 GRADING 224946 BILL GLENN 4504 FERN HAVEN DRIVE WINSTONSALEM NC 27104 GOLF-PRO 147223 2 MEMBERSHIP DUES 900099 3850462 3850462 FOOD AND BEVERAGE 722100 1196497 1132631 63866 GOLF REVENUE 900099 299486 299486 RECREATIONAL ACTIVITIE 900099 98323 98323 MISCELLANEOUS 900099 69816 51085 18731 5514584 13671 13671 71154 0 71154 71154 9905 61249 500000 403341 96659 96659 96659 REAL EST. TRANSFER FEE 531390 77065 77065 RENTAL COMMISSIONS 532000 28870 28870 WATER CONNECTION FEE 531390 5000 5000 110935 5807003 5431987 217108 157908 291975 1584405 10012 177354 223959 29033 192639 36270 454892 2878 14836 805586 183210 FOOD & BEVERAGE 617663 LANDSCAPING, SUPPLIES & 536396 GOLF & MEMBER EXPENSES 135530 MISCELLANEOUS 52719 33572 5382929 420070 466833 826225 983883 547937 696141 43013 27416 71105 76244 19225897 9406642 9872747 9819255 11781097 12069772 422431 523324 4938 7184 223687 0 292127 269995 943183 800503 X 10837914 11269269 10837914 11269269 11781097 12069772 424074 7281 0 X 0 1 X 1 0 1063295 1063295 7963843 956793 7007050 3775309 3374880 400429 6150534 5074969 1075565 272916 272916 9819255 POST-RETIREMENT BENEFIT OBLIGATION 269995 269995 X 5814284 7281 7281 5807003 0 5807003 5382929 0 5382929 0 5382929 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: 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 THAT THEY HAVE A GREATER THAN 50% LIKELIHOOD OF BEING SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE CLUB HAS EVALUATED ALL ITS TAX POSITIONS AND DETERMINED THAT IT HAD NO MATERIAL UNCERTAIN INCOME TAX POSITIONS AS OF OCTOBER 31, 2013 AND 2012. THE CLUB BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO OCTOBER 31, 2010. X X 1 1 X X X X X 0 0 0 STEVE PLUMMER 155207 0 30765 0 0 0 2317 0 18746 0 207035 0 0 0 PART I, LINE 1A THE GENERAL MANAGER'S SPOUSE IS PERMITTED TO ACCOMPANY HIM ON RECRUITING TRIPS DURING THE LAST FISCAL YEAR. HOWEVER, SHE DID NOT ATTEND FOR THE LAST FISCAL YEAR. EXPENDITURES ARE MADE AND APPROVED IN ACCORDANCE WITH THE CLUB'S DISBURSEMENT PROCEDURES. THE GENERAL MANAGER IS PROVIDED WITH A RESIDENCE FOR PERSONAL USE. THIS RESIDENCE IS PROVIDED FOR THE CONVENIENCE AND BENEFIT OF THE CLUB AND AS A CONDITION OF EMPLOYMENT AS GENERAL MANAGER OF THE CLUB. THE GENERAL MANAGER'S RESIDENCE SHALL BE AVAILABLE, AND SHALL BE USED, FOR CLUB-RELATED BUSINESS AND ENTERTAINMENT ON A REGULAR AND CONTINUING BASIS. FORM 990, PART VI, SECTION A, LINE 4 SUMMARY OF (IMPORTANT/SIGNIFICANT) CHANGES IN ROARING GAP BYLAWS: IN ADDITION TO MODERNIZING NOTICE AND VOTING PROCEDURES AND CONFORMING OUR BYLAWS TO CURRENT NORTH CAROLINA STATUTES, THE FOLLOWING CHANGES ARE SOME OF THE MORE (IMPORTANT/ SIGNIFICANT) ONES: 1. A SPOUSE OF A MEMBER IN GOOD STANDING HAS BEEN ADDED AS ONE WHO MAY BE A DIRECTOR. 2. A SENTENCE ADDED ENCOURAGING A BOARD REFLECTING THE COMPOSITION OF THE MEMBERSHIP. 3. ELIGIBILITY FOR MEMBERSHIP IN THE CLUB CHANGED FROM A PERSON OVER THE AGE OF 21 YEARS TO OVER THE AGE OF 20. 4. A REQUIREMENT THAT THERE MUST BE AT LEAST ONE RESIDENT MEMBER FROM HOMES WITH MULTIPLE OWNERS HAS BEEN ADDED. 5. THE BOARD IS GIVEN DISCRETION TO EASE THE FINANCIAL REQUIREMENTS FOR A RESIGNED APPLICANT SEEKING REINSTATEMENT TO THE CLUB BY WAIVING ALL OR A PORTION OF INTERVENING ANNUAL DUES. 6. QUORUM FOR BOARD ACTION INCREASED FROM ONE-HALF OF THE DIRECTORS TO TWO-THIRDS. 7. CONSISTENT WITH THE N.C. NON-PROFIT CORPORATION ACT, THE BOARD MAY DELEGATE (BY RESOLUTION) ITS POWERS (EXCEPT THE ONES LISTED) TO VARIOUS COMMITTEES. THE COMPOSITION AND A LISTING OF SOME OF THE STANDING COMMITTEES ARE STILL IN THE BYLAWS, BUT THE RESPONSIBILITIES WILL BE SET FORTH IN A BOARD RESOLUTION AND THE RESPONSIBILITIES AND NAMES OF COMMITTEE MEMBERS WILL BE LISTED IN THE CLUB'S POLICY BOOKLET AND WHITE BOOK. IN ADDITION, BOARD COMMITTEES WILL INCLUDE NON-DIRECTOR MEMBERS, WHETHER MEMBER OR SPOUSE, WHERE APPROPRIATE. 8. AN ARTICLE DETAILING THE FINANCIAL POWERS OF THE BOARD OF DIRECTORS, ART. VI, HAS REPLACED ART. IX OF THE CURRENT BYLAWS. THIS ARTICLE ATTEMPTS TO CLARIFY AND BALANCE THE BOARD'S ABILITY TO RAISE REVENUE TO OPERATE THE CLUB WITH THE RIGHTS OF THE MEMBERSHIP TO BE INFORMED AND APPROVE SUCH ACTIONS. FOR EXAMPLE, NEW LIMITATIONS ON THE BOARD'S ABILITY TO INCUR DEBT, CAPITAL LEASE EQUIPMENT, OR SELL CLUB ASSETS ARE ADDED IN THIS ARTICLE. FORM 990, PART VI, SECTION A, LINE 6 THERE ARE FOUR LEVELS OF MEMBERSHIP ISSUED: RESIDENT MEMBERS, NON-RESIDENT MEMBERS, YOUNG ADULT MEMBERS AND TEMPORARY MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EVERY MEMBER IS ENTITLED TO CAST ONE VOTE FOR AS MANY PERSONS AS THERE ARE DIRECTORS TO BE ELECTED. FORM 990, PART VI, SECTION A, LINE 7B ANY CHANGES TO THE BY-LAWS REQUIRE AN AFFIRMATIVE VOTE OF TWO-THIRDS OF ALL OF THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11 A COPY OF THE FORM 990 IS DISTRIBUTED TO THE BOARD PRIOR TO FILING. ADDITIONALLY, THE RETURN IS REVIEWED BY THE GENERAL MANAGER. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REQUIRES BOARD MEMBERS AND KEY EMPLOYEES TO ANNUALLY REVIEW THE CONFLICT OF INTEREST POLICY AND AGREE TO ABIDE BY IT. IN THE EVENT OF A CONFLICT, THE BOARD MEMBER WITH THE CONFLICT WILL RECUSE THEMSELVES FROM THE DISCUSSION AND VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE GENERAL MANAGER AND KEY EMPLOYEES IS DETERMINED BY AN INDEPENDENT COMPENSATION COMMITTEE THAT USES DATA FROM COMPENSATION STUDIES AND REQUIRES DOCUMENTED APPROVAL BY THE BOARD OF DIRECTORS. ALSO, THE BOARD AUTHORIZES A RAISE POOL AND THE GENERAL MANAGER DETERMINES ON HOW THE RAISES ARE DISTRIBUTED. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST.