2023-07-27T15:12:54-05:00 2022-09-30 882730877 CHERRY BEKAERT ADVISORY LLC 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2021-10-01 561377052 FIGURE EIGHT ISLAND YACHT CLUB INC FIGU 9106860631 15 BRIDGE ROAD WILMINGTON NC 284119253 PETER GUSHANAS GENERAL MANAGER 9106860631 2023-07-25 1 PETER GUSHANAS 999009999 AMANDA ADAMS P00748038 7043771678 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z DEBORAH LONG 15 BRIDGE ROAD WILMINGTON NC 284119253 4949520 0 X WWW.F8IYC.COM X 1983 NC PRIVATE SOCIAL CLUB OPERATING FOR THE RECREATIONAL AND SOCIAL PURPOSES OF ITS MEMBERS 9 9 110 0 906310 640757 273500 0 3818380 4045675 1298 1852 918045 799453 5011223 4846980 0 0 0 0 2070684 2369829 0 0 0 2308803 2887661 4379487 5257490 631736 -410510 8213562 7801731 908924 907603 7304638 6894128 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 54 0 1 110 1 1 1 0 0 0 0 401987 183025 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 PHILLIP WAUGH VP/TREASURER 1.00 X X 0 0 0 JOHN RUFFIN TREASURER (THRU 6/18/22) 1.00 X X 0 0 0 ABNEY BOXLEY SECRETARY/VP 1.00 X X 0 0 0 JAMES DOUGLAS DIRECTOR 1.00 X 0 0 0 STEVE WILLIAMS DIRECTOR 1.00 X 0 0 0 KAREN PIGMAN DIRECTOR 1.00 X 0 0 0 VALERIE GAMMAGE DIRECTOR 1.00 X 0 0 0 PAM EDMONDS SECRETARY (FROM 6/18/22) 1.00 X X 0 0 0 AUSTIN STEPHENS DIRECTOR 1.00 X 0 0 0 PETER GUSHANAS GENERAL MANAGER 50.00 X 179933 0 33492 PAULA DURANT ACCOUNTING MANAGER 50.00 X 102537 0 18028 CRAIG LABRECHE EXECUTIVE CHEF 50.00 X 122307 0 5463 404777 0 56983 3 0 1 0 0 FOOD AND BEVERAGE 713990 1854390 1681114 173276 DUES AND ASSESSMENTS 713990 1698835 1698835 MARINA 713990 423366 423366 ACTIVITIES/PROGRAMS/SP 713990 66522 56773 9749 2562 2562 4045675 9588 9588 713697 0 713697 713697 713697 7736 -7736 -7736 -7736 175456 94804 80652 80652 5104 5104 5104 4846980 3943302 906310 -2632 344182 1640103 26205 172477 186862 11589 29375 78963 14905 33463 33347 187468 230084 264495 FOOD AND BEVERAGE 982158 LANDSCAPING, SUPPLIES, 419169 MEMBER RELATIONS 218186 UBI TAX EXPENSE 155706 228753 5257490 59113 63586 4735474 4364063 563042 622777 120325 163067 239570 220120 7016660 4648542 2496038 2368118 8213562 7801731 352956 343835 555968 563768 908924 907603 X 7304638 6894128 7304638 6894128 8213562 7801731 -410510 0 X 0 1 X 1 0 10000 10000 3836575 2492393 1344182 441622 365210 76412 2728463 1790939 937524 2368118 X 4941784 94804 94804 4846980 0 4846980 5352294 94804 94804 5257490 0 5257490 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 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD NETTED AGAINST SALES 94,804. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD NETTED AGAINST SALES 94,804. X 0 0 0 PETER GUSHANAS GENERAL MANAGER 152985 0 26948 0 0 0 4655 0 28837 0 213425 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 499 MEMBERS. THE NON-VOTING, OR SENIOR MEMBERSHIP, HAS 43 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 ACCOUNTING MANAGER AND GENERAL MANAGER REVIEWED THE 990 WITH THE PAID PREPARER. A COPY OF THE 990 WAS PROVIDED TO THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION IMPLEMENTED A CONFLICT OF INTEREST POLICY IN JUNE 2016. ANY NEW BOARD MEMBERS ARE REQUIRED TO SIGN THE POLICY AND HAVE A DUTY TO DISCLOSE ANY KNOWN CONFLICTS. IN THE EVENT OF A CONFLICT, THE BOARD MEMBER IS REQUIRED TO NOTIFY THE BOARD AND RECUSE THEMSELVES FROM VOTING ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 AN INDEPENDENT COMMITTEE REVIEWED AND APPROVED THE COMPENSATION OF THE GENERAL MANAGER. THE COMMITTEE USED COMPARABILITY DATA TO SET THE COMPENSATION OF THE GENERAL MANAGER. ALL DELIBERATION AND DECISIONS WERE DOCUMENTED BY THE COMMITTEE. THE GENERAL MANAGER IS THE ONLY KEY EMPLOYEE AND IS CONSIDERED AN OFFICER. THE GENERAL MANAGER SIGNED AN EMPLOYMENT CONTRACT WITH THE CLUB. 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.