2022-01-17T12:33:08-06:00 2021-02-28 560747981 DIXON HUGHES GOODMAN LLP 525 EAST BAY STREET STE 100 CHARLESTON SC 29403 990 2020-03-01 570136200 CAROLINA YACHT CLUB CARO 8437220209 50 EAST BAY STREET CHARLESTON SC 29401 DUNN D HOLLINGSWORTH COMMODORE 8437220209 2022-01-17 1 DUNN HOLLINGSWORTH 999009999 LAKRISHA J WATSON P01677333 8437226443 2022-01-17 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z X DUNN D HOLLINGSWORTH 50 EAST BAY STREET CHARLESTON SC 29401 7125593 0 X WWW.CAROLINAYACHTCLUB.COM X 1888 SC SOCIAL CLUB ORGANIZED FOR PLEASURE,RECREATION AND OTHER NON-PROFITABLE PURPOSES OF MEMBERS. 16 16 175 60 77537 0 4000 38286 5187788 5146717 83292 9694 2120543 1047262 7395623 6241959 0 0 0 0 3551210 2785238 0 0 0 3367419 2719901 6918629 5505139 476994 736820 18215599 18869328 4662767 4529972 13552832 14339356 SOCIAL CLUB ORGANIZED FOR PLEASURE, RECREATION AND OTHER NON-PROFITABLE PURPOSES OF MEMBERS. 0 0 CLUBHOUSE & BOATHOUSE RESTAURANT OPERATION-ALL MEMBERS AND THEIR GUESTS CAN BENEFIT CLUBHOUSE & BOATHOUSE BANQUET OPERATIONS-ALL MEMBERS AND GUESTS CAN BENEFIT SAILING & SPECIAL EVENTS-ALL MEMBERS AND GUESTS CAN BENEFIT 0 0 0 0 0 0 1 0 1 1 0 0 0 0 1 0 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 8 0 1 175 1 1 1 0 0 0 0 500000 26768 0 0 0 X 16 16 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 1 0 0 SC X MAUREEN RICHARDSON 8439733586 50 EAST BAY STREET CHARLESTON SC 29401 DUNN D HOLLINGSWORTH COMMODORE 15.00 X X 0 0 0 ANDREW C HAGOOD VICE COMMODORE 10.00 X X 0 0 0 THOMAS G TROUCHE SECRETARY/TREASURER 1.00 X X 0 0 0 MORGAN STUART TEMPLETON SOLICITOR 1.00 X X 0 0 0 WALTER METZ PRAUSE JR MEASURER 1.00 X 0 0 0 ERNEST GLENN HORRES JR FLEET SURGEON 1.00 X 0 0 0 HARVEY WILSON MCCORMICK FLEET CAPTAIN 1.00 X 0 0 0 JOHN MCCALL THOMAS BOATMASTER 1.00 X 0 0 0 WILLIAM H BARNWELL III MEMBER 1.00 X 0 0 0 GAILLARD TOWNSEND DOTTERER JR MEMBER 1.00 X 0 0 0 ROBERT BEASLEY GAMBLE III MEMBER 1.00 X 0 0 0 FOREST D SUGGS III MEMBER 1.00 X 0 0 0 E DUBOSE BLAKENEY IV MEMBER 1.00 X 0 0 0 HUGH W BUYCK MEMBER 1.00 X 0 0 0 BURK YARBROUGH HERRIN JR MEMBER 1.00 X 0 0 0 HAROLD WAYNE JONES MEMBER 1.00 X 0 0 0 ZACHARY HAYLASH GENERAL MANAGER 40.00 X 200046 0 0 200046 0 0 1 0 1 0 0 38286 38286 MEMBERSHIP DUES & FEES 713990 3549035 3549035 ASSESSMENT FEES 713990 716882 716882 INITIATION FEES 713990 466621 466621 DOCKS & GROUNDS 713990 246342 246342 JR. SAILING 713990 100368 100368 67469 67469 5146717 9694 9694 1880999 883634 997365 929522 67843 LATE FEES 713990 33782 33782 MISCELLANEOUS 900099 16115 16115 49897 6241959 6076239 77537 49897 200046 2039476 263291 282425 26534 79213 56145 170282 29789 686898 1605 28593 153435 821983 300355 FACILITY OPERATIONS 320099 BAD DEBT 44970 5505139 459349 1107767 5214727 6150117 719266 603891 155861 151247 123714 128487 21146140 10418321 11542682 10727819 18215599 18869328 126874 311107 38362 56830 4497531 4162035 4662767 4529972 X 13552832 14339356 13552832 14339356 18215599 18869328 736820 49704 0 X X 1 X 0 1 0 190000 X X DISPLAYED TO CURRENT MEMBER 0 854775 14352 869127 836506 18269 854775 577549 258957 836506 573952 3597 577549 570888 3064 573952 1.00000 0 0 1138912 1138912 2790189 2423184 367005 15174656 6334272 8840384 1852383 1660865 191518 190000 190000 10727819 X 6251478 49704 49704 6201774 40185 40185 6241959 5464954 0 5464954 40185 40185 5505139 PART V, LINE 4: THE CLUB HAS BANK ACCOUNTS THAT ARE INTERNALLY RESTRICTED. THE CAROLINA FUND WAS ESTABLISHED IN FEBRUARY 1995 TO HONOR DECEASED MEMBERS OF THE CLUB. FUNDS CONTRIBUTED ARE USED TO PURCHASE, UPDATE AND MAINTAIN A MEMORIAL PLAQUE AND BOOK. REMAINING FUNDS MAY BE UTILIZED TO ENHANCE AND PROMOTE YACHTING AND AQUATIC ACTIVITIES. NO MORE THAN FIFTY PERCENT OF THE EXISTING FUND MAY BE EXPENDED IN ANY FISCAL YEAR. THE BALANCE OF THIS FUND WAS $23,301 AND $23,171 AS OF FEBRUARY 28, 2021 AND FEBRUARY 29, 2020, RESPECTIVELY. DURING THE YEAR ENDED FEBRUARY 28, 2006, THE CLUB ESTABLISHED THE DREDGING FUND FOR THE PURPOSE OF DREDGING THE YACHT BASIN. THE BALANCE OF THIS FUND WAS $794,860 AND $781,338 AS OF FEBRUARY 28, 2021 AND FEBRUARY 29, 2020, RESPECTIVELY. DURING THE YEAR ENDED FEBRUARY 28, 2007, THE CLUB ESTABLISHED THE 1883 FUND FOR THE PURPOSE OF PROVIDING A MEANS FOR MEMBERS TO GIFT TO THE CLUB AS A WAY OF EXPRESSING THEIR GRATITUDE TO THE CAROLINA YACHT CLUB. THE FUNDS DONATED MAY BE USED TO ENHANCE AND EMBRACE PROGRAMS OF THE CLUB, AND MAY NEVER BE USED FOR THE GENERAL OPERATIONS OF THE CLUB. THE BALANCE OF THIS FUND WAS $50,966 AND $50,266 AS OF FEBRUARY 28, 2021 AND FEBRUARY 29, 2020, RESPECTIVELY. PART X, LINE 2: THE CLUB IS A NOT-FOR-PROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(7) OF THE INTERNAL REVENUE CODE. THE EXEMPTION APPLIES TO ALL INCOME EXCEPT UNRELATED BUSINESS INCOME AS NOTED UNDER SECTION 511 OF THE INTERNAL REVENUE CODE. INTERNAL REVENUE CODE SECTION 513(A) DEFINES AN UNRELATED TRADE OR BUSINESS OF AN EXEMPT ORGANIZATION AS ANY TRADE OR BUSINESS WHICH IS NOT SUBSTANTIALLY RELATED TO THE EXERCISE OR PERFORMANCE OF ITS EXEMPT PURPOSE. CERTAIN OF THE CLUBS BANQUET AND EVENT ACTIVITIES ARE CONSIDERED UNRELATED BUSINESS INCOME. FOR PURPOSES OF UNRELATED BUSINESS INCOME, INCOME TAXES ARE PROVIDED FOR THE TAX EFFECTS OF TRANSACTION REPORTED IN THE 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 HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF FEBRUARY 28, 2021. PART XI, LINE 4B - OTHER ADJUSTMENTS: BAD DEBT 40,185. PART XII, LINE 4B - OTHER ADJUSTMENTS: BAD DEBT 40,185. X X X X 0 0 0 ZACHARY HAYLASH GENERAL MANAGER 186487 0 10000 0 3559 0 0 0 0 0 200046 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THIS ORGANIZATION HAS TWO TYPES OF MEMBERSHIPS AVAILABLE TO INCOMING MEMBERS: RESIDENT MEMBERSHIP AND NON-RESIDENT ASSOCIATE MEMBERSHIP. NON-RESIDENT ASSOCIATE MEMBERS DO NOT HAVE A VOTE. RESIDENT MEMBERS DO POSSESS VOTING RIGHTS AND ARE INVOLVED IN THE ELECTION OF THE GOVERNING BODY AND APPROVING SIGNIFICANT DECISIONS OF SAID GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7A THE ORGANIZATION'S MEMBERS MEET ANNUALLY FOR ELECTIONS. IN ORDER TO VOTE AT ANY MEETING, EACH MEMBER ENTITLED TO VOTE MUST BE ACTUALLY PRESENT AT THE MEETING. NO VOTING BY PROXY SHALL BE ALLOWED. NON-RESIDENT MEMBERS ARE NOT ENTITLED TO A VOTE. FORM 990, PART VI, SECTION A, LINE 7B ANY DECISIONS RELATED TO REAL ESTATE PURCHASES OR BORROWING OF MONEY PROPOSED BY THE GOVERNING BODY WOULD REQUIRE A 3/4 VOTE OF THE MEMBERSHIP. OTHERWISE, THE EXECUTIVE COMMITTEE HAS FULL MANAGEMENT AUTHORITY. FORM 990, PART VI, SECTION B, LINE 11B THE RETURN WAS PREPARED BY AN INDEPENDENT ACCOUNTANT WITH ASSISTANCE AND OVERSIGHT BY MANAGEMENT. THE BOARD OF DIRECTORS REVIEWED THE 990 DRAFT. REQUESTED CHANGES AND CORRECTIONS WERE ADDRESSED BY THE TAX PREPARER PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C A LETTER IS PREPARED AND SENT OUT TO THE GENERAL MANAGER AND BOARD OF DIRECTORS ANNUALLY REQUESTING ANY POTENTIAL CONFLICTS OF INTEREST BE DISCLOSED. SHOULD A CONFLICT ARISE, THE MEMBER IN QUESTION WILL ABSENT HIMSELF FROM COMMITTEE DISCUSSIONS OR CONVERSATIONS ABOUT ANY SUCH ISSUE. IF THE MEMBER IN QUESTION IS PRESENT WHEN A VOTE IS TAKEN, HE OR SHE WILL ABSTAIN FROM VOTING ON ANY SUCH ISSUE AND LEAVE THE MEETING WHILE THE MATTER IS DISCUSSED AND VOTED UPON. FORM 990, PART VI, SECTION B, LINE 15A A COMMITTEE OF INDEPENDENT PERSONS WAS FORMED TO MAKE THE DECISIONS INVOLVED WITH HIRING THE CURRENT GENERAL MANAGER. THE COMMITTEE USED SALARY COMPARISONS FROM OTHER ORGANIZATIONS IN THE CLUB INDUSTRY FOR THE SURROUNDING AREA. FORM 990, PART VI, SECTION C, LINE 19 CURRENTLY, THE ORGANIZATION DOES NOT MAKE THESE DOCUMENTS AVAILABLE TO THE PUBLIC. FORM 990; PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.