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        <AddressUS>
          <AddressLine1>4004 BARRETT DR STE 206</AddressLine1>
          <City>RALEIGH</City>
          <State>NC</State>
          <ZIPCode>27609</ZIPCode>
        </AddressUS>
        <EINOfRecipient>590889518</EINOfRecipient>
        <IRCSection>501C3</IRCSection>
        <AmountOfCashGrant>25000</AmountOfCashGrant>
        <PurposeOfGrant>CHARITABLE</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>THE LPGA FOUNDATION</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>100 INTERNATIONAL GOLF DR</AddressLine1>
          <City>DAYTONA BEACH</City>
          <State>FL</State>
          <ZIPCode>321241082</ZIPCode>
        </AddressUS>
        <EINOfRecipient>593085528</EINOfRecipient>
        <IRCSection>501C3</IRCSection>
        <AmountOfCashGrant>25000</AmountOfCashGrant>
        <PurposeOfGrant>GROWTH OF GOLF</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>UNITED WAY OF PALM BEACH CNTY</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>2600 QUANTUM BLVD</AddressLine1>
          <City>BOYNTON BEACH</City>
          <State>FL</State>
          <ZIPCode>334268627</ZIPCode>
        </AddressUS>
        <EINOfRecipient>590683258</EINOfRecipient>
        <IRCSection>501C3</IRCSection>
        <AmountOfCashGrant>13995</AmountOfCashGrant>
        <PurposeOfGrant>CHARITABLE</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>WORLD GOLF FOUNDATION</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>ONE WORLD GOLF PLACE</AddressLine1>
          <City>ST AUGUSTINE</City>
          <State>FL</State>
          <ZIPCode>32092</ZIPCode>
        </AddressUS>
        <EINOfRecipient>592998925</EINOfRecipient>
        <IRCSection>501C3</IRCSection>
        <AmountOfCashGrant>200000</AmountOfCashGrant>
        <PurposeOfGrant>GROWTH OF GOLF</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>ALL OTHERS NOT MORE THAN 5000</BusinessNameLine1>
        </RecipientNameBusiness>
        <AmountOfCashGrant>84710</AmountOfCashGrant>
        <PurposeOfGrant>VARIOUS</PurposeOfGrant>
      </RecipientTable>
      <TotalNbrOf501C3AndGovtGrants>9</TotalNbrOf501C3AndGovtGrants>
      <TotalNbrOfOtherOrganizations>1</TotalNbrOfOtherOrganizations>
      <Form990ScheduleIPartIV>
        <Identifier>ADDITIONAL INFORMATION</Identifier>
        <ReturnReference>SCHEDULE I, PAGE 4, PART IV</ReturnReference>
        <Explanation>THE RECIPIENT MUST SUBMIT A REQUEST FOR THE GRANT/CONTRIBUTION AND THE THE ORGANIZATION ESTABLISHES THAT THE RECIPIENT IS A QUALIFIED CHARITABLE ORGANIZATION PRIOR TO DISBURSING THE GRANTS AND CONTRIBUTIONS.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc6">
      <FirstClassOrCharterTravel>X</FirstClassOrCharterTravel>
      <TravelForCompanions>X</TravelForCompanions>
      <IdemnificationGrossUpPayments>X</IdemnificationGrossUpPayments>
      <WrittenPolicyReTAndEExpenses>true</WrittenPolicyReTAndEExpenses>
      <SubstantiationRequired>true</SubstantiationRequired>
      <CompensationCommittee>X</CompensationCommittee>
      <IndependentConsultant>X</IndependentConsultant>
      <WrittenEmploymentContract>X</WrittenEmploymentContract>
      <CompensationSurvey>X</CompensationSurvey>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>true</SeverancePayment>
      <SupplementalNonqualRetirePlan>true</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>false</EquityBasedCompArrangement>
      <Form990ScheduleJPartII>
        <NamePerson>DARRELL CRALL</NamePerson>
        <Title>COO</Title>
        <CompBasedOnRelatedOrgs>396570</CompBasedOnRelatedOrgs>
        <BonusRelatedOrgs>90680</BonusRelatedOrgs>
        <OtherCompensationRelatedOrgs>13290</OtherCompensationRelatedOrgs>
        <DeferredCompRelatedOrgs>23609</DeferredCompRelatedOrgs>
        <NontaxableBenefitsRelatedOrgs>19476</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationRelatedOrgs>543625</TotalCompensationRelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>KERRY HAIGH</NamePerson>
        <Title>CCO</Title>
        <CompBasedOnRelatedOrgs>350486</CompBasedOnRelatedOrgs>
        <BonusRelatedOrgs>95680</BonusRelatedOrgs>
        <OtherCompensationRelatedOrgs>8503</OtherCompensationRelatedOrgs>
        <DeferredCompRelatedOrgs>62456</DeferredCompRelatedOrgs>
        <NontaxableBenefitsRelatedOrgs>22126</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationRelatedOrgs>539251</TotalCompensationRelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>CHRISTINE GARRITY</NamePerson>
        <Title>ASST SEC</Title>
        <CompBasedOnRelatedOrgs>278481</CompBasedOnRelatedOrgs>
        <BonusRelatedOrgs>74680</BonusRelatedOrgs>
        <OtherCompensationRelatedOrgs>10800</OtherCompensationRelatedOrgs>
        <DeferredCompRelatedOrgs>42950</DeferredCompRelatedOrgs>
        <NontaxableBenefitsRelatedOrgs>5870</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationRelatedOrgs>412781</TotalCompensationRelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>KEVIN CARTER</NamePerson>
        <Title>CBO</Title>
        <CompBasedOnRelatedOrgs>250099</CompBasedOnRelatedOrgs>
        <BonusRelatedOrgs>77270</BonusRelatedOrgs>
        <OtherCompensationRelatedOrgs>12958</OtherCompensationRelatedOrgs>
        <DeferredCompRelatedOrgs>41838</DeferredCompRelatedOrgs>
        <NontaxableBenefitsRelatedOrgs>23410</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationRelatedOrgs>405575</TotalCompensationRelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>KIRK POTTINGER</NamePerson>
        <Title>TAX OFFICER</Title>
        <CompBasedOnRelatedOrgs>237029</CompBasedOnRelatedOrgs>
        <BonusRelatedOrgs>57680</BonusRelatedOrgs>
        <OtherCompensationRelatedOrgs>10800</OtherCompensationRelatedOrgs>
        <DeferredCompRelatedOrgs>40262</DeferredCompRelatedOrgs>
        <NontaxableBenefitsRelatedOrgs>16552</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationRelatedOrgs>362323</TotalCompensationRelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>PAUL METZLER</NamePerson>
        <Title>SR DIR MKTG &amp; IND</Title>
        <CompBasedOnRelatedOrgs>163139</CompBasedOnRelatedOrgs>
        <BonusRelatedOrgs>41680</BonusRelatedOrgs>
        <OtherCompensationRelatedOrgs>10800</OtherCompensationRelatedOrgs>
        <DeferredCompRelatedOrgs>22418</DeferredCompRelatedOrgs>
        <NontaxableBenefitsRelatedOrgs>23643</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationRelatedOrgs>261680</TotalCompensationRelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>CASEY MORTON</NamePerson>
        <Title>DIR BROADCAST</Title>
        <CompBasedOnRelatedOrgs>176548</CompBasedOnRelatedOrgs>
        <BonusRelatedOrgs>38680</BonusRelatedOrgs>
        <DeferredCompRelatedOrgs>22309</DeferredCompRelatedOrgs>
        <NontaxableBenefitsRelatedOrgs>22732</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationRelatedOrgs>260269</TotalCompensationRelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>LOUIS MANZ</NamePerson>
        <Title>DIR INFO TECH</Title>
        <CompBasedOnRelatedOrgs>155888</CompBasedOnRelatedOrgs>
        <BonusRelatedOrgs>25680</BonusRelatedOrgs>
        <DeferredCompRelatedOrgs>11464</DeferredCompRelatedOrgs>
        <NontaxableBenefitsRelatedOrgs>18768</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationRelatedOrgs>211800</TotalCompensationRelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>JULIUS MASON</NamePerson>
        <Title>SR DIR COMM &amp; MED</Title>
        <CompBasedOnRelatedOrgs>206635</CompBasedOnRelatedOrgs>
        <BonusRelatedOrgs>50680</BonusRelatedOrgs>
        <OtherCompensationRelatedOrgs>10966</OtherCompensationRelatedOrgs>
        <DeferredCompRelatedOrgs>37134</DeferredCompRelatedOrgs>
        <NontaxableBenefitsRelatedOrgs>20201</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationRelatedOrgs>325616</TotalCompensationRelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>ROSEMARIE BARR</NamePerson>
        <Title>SR DIR CONTROLLER</Title>
        <CompBasedOnRelatedOrgs>178427</CompBasedOnRelatedOrgs>
        <BonusRelatedOrgs>43680</BonusRelatedOrgs>
        <OtherCompensationRelatedOrgs>10800</OtherCompensationRelatedOrgs>
        <DeferredCompRelatedOrgs>23790</DeferredCompRelatedOrgs>
        <NontaxableBenefitsRelatedOrgs>18876</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationRelatedOrgs>275573</TotalCompensationRelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>JOE STERANKA</NamePerson>
        <Title>FORMER CEO</Title>
        <CompBasedOnRelatedOrgs>895017</CompBasedOnRelatedOrgs>
        <BonusRelatedOrgs>13730</BonusRelatedOrgs>
        <OtherCompensationRelatedOrgs>1075821</OtherCompensationRelatedOrgs>
        <DeferredCompRelatedOrgs>585986</DeferredCompRelatedOrgs>
        <NontaxableBenefitsRelatedOrgs>19410</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationRelatedOrgs>2589964</TotalCompensationRelatedOrgs>
        <CompReportPrior990RelatedOrgs>1389801</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>TIM SHANK</NamePerson>
        <Title>FORMER TREASURER</Title>
        <CompBasedOnRelatedOrgs>290778</CompBasedOnRelatedOrgs>
        <BonusRelatedOrgs>80680</BonusRelatedOrgs>
        <OtherCompensationRelatedOrgs>7303</OtherCompensationRelatedOrgs>
        <DeferredCompRelatedOrgs>24750</DeferredCompRelatedOrgs>
        <NontaxableBenefitsRelatedOrgs>26160</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationRelatedOrgs>429671</TotalCompensationRelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>BRADLEY SULLIVAN</NamePerson>
        <Title>FORMER SR DIRECTOR</Title>
        <CompBasedOnRelatedOrgs>164426</CompBasedOnRelatedOrgs>
        <BonusRelatedOrgs>41680</BonusRelatedOrgs>
        <OtherCompensationRelatedOrgs>10800</OtherCompensationRelatedOrgs>
        <DeferredCompRelatedOrgs>17846</DeferredCompRelatedOrgs>
        <NontaxableBenefitsRelatedOrgs>23410</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationRelatedOrgs>258162</TotalCompensationRelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <Identifier>SEVERANCE, NONQUALIFIED, AND EQUITY-BASED PAYMENTS</Identifier>
        <ReturnReference>SCHEDULE J, PAGE 1, PART I, LINE 4</ReturnReference>
        <Explanation>KERRY HAIGH 0 37,706 0 CHRISTINE GARRITY 0 18,200 0 KEVIN CARTER 0 17,088 0 KIRK POTTINGER 0 15,512 0 JULIUS MASON 0 13,189 0 JOE STERANKA 10,000 21,875 0</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="RetDoc7">
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S MISSION</Identifier>
        <ReturnReference>FORM 990 - ORGANIZATION'S MISSION</ReturnReference>
        <Explanation>TO PROMOTE THE ENJOYMENT &amp; INVOLVEMENT IN THE GAME AND TO CONTRIBUTE TO THE GROWTH OF THE GOLF PROFESSIONAL AND THE GOLF INDUSTRY. THE PGA WILL ACCOMPLISH THIS MISSION BY ENHANCING THE SKILLS OF GOLF PROFESSIONALS AND THE OPPORTUNITIES FOR AMATEURS, MANUFACTURERS, AND THE GENERAL PUBLIC. AS A RESULT, THE PGA WILL ELEVATE THE STANDARDS OF THE PROFESSIONAL GOLFERS' VOCATION, STIMULATE INTEREST IN THE GAME OF GOLF, AND PROMOTE THE OVERALL VITALITY OF THE GAME.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CLASSES OF MEMBERS OR STOCKHOLDERS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 6</ReturnReference>
        <Explanation>THE ENTITY IS ORGANIZED WITH BASIC AND APPRENTICE MEMBERS WHO ARE QUALIFIED GOLF PROFESSIONALS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ELECTION OF MEMBERS AND THEIR RIGHTS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 7A</ReturnReference>
        <Explanation>MEMBERS RATIFY AND ELECT THE MEMBERS OF THE GOVERNING BOARD.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>DECISIONS SUBJECT TO APPROVAL OF MEMBERS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 7B</ReturnReference>
        <Explanation>CERTAIN DECISIONS OF THE GOVERNING BOARD REQUIRE APPROVAL BY THE MEMBERS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S PROCESS USED TO REVIEW FORM 990</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 11B</ReturnReference>
        <Explanation>FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM AND THEN REVIEWED BY THE TAX OFFICER PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ENFORCEMENT OF CONFLICTS POLICY</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 12C</ReturnReference>
        <Explanation>ALL MEMBERS OF THE BOARD OF DIRECTORS RECEIVE A CONFLICT OF INTEREST POLICY AT THE TIME THEY ARE ELECTED TO THE BOARD. THE CONFLICT OF INTEREST POLICY REQUIRES DIRECTORS TO AVOID CONFLICT SITUATIONS. IN THE EVENT A CONFLICT ARISES, THEY ARE REQUIRED TO DISCLOSE THE CONFLICT TO THE OTHER DIRECTORS SO THEY CAN TAKE APPROPRIATE ACTION.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR TOP OFFICIAL</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15A</ReturnReference>
        <Explanation>THE ORGANIZATION HAS NO EMPLOYEES. THE TOP MANAGEMENT OFFICIALS ARE PAID BY A RELATED COMPANY. FOR THIS RELATED COMPANY, ALL EMPLOYEE COMPENSATION IS DETERMINED BASED ON COMPARABILITY DATA AND PERFORMANCE EVALUATIONS AND THE DELIBERATION AND DECISION PROCESS IS CONTEMPORANEOUSLY SUBSTANTIATED. CERTAIN PROVISIONS MAY ALSO BE SUBJECT TO REVIEW AND APPROVAL BY THE BOARD OF DIRECTORS WITH THE ASSISTANCE OF INDEPENDENT CONSULTANTS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR OFFICERS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15B</ReturnReference>
        <Explanation>THE ORGANIZATION HAS NO EMPLOYEES OF ITS OWN. THE OTHER OFFICERS ARE PAID BY A RELATED COMPANY. FOR THIS RELATED COMPANY, ALL EMPLOYEE COMPENSATION IS DETERMINED BASED ON COMPARABILITY DATA AND PERFORMANCE EVALUATIONS AND THE DELIBERATION AND DECISION PROCESS IS CONTEMPORANEOUSLY SUBSTANTIATED. CERTAIN PROVISIONS MAY ALSO BE SUBJECT TO REVIEW AND APPROVAL BY THE BOARD OF DIRECTORS WITH THE ASSISTANCE OF INDEPENDENT CONSULTANTS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS DISCLOSURE EXPLANATION</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 19</ReturnReference>
        <Explanation>THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER FEES FOR SERVICES</Identifier>
        <ReturnReference>FORM 990, PART IX, LINE 11G</ReturnReference>
        <Explanation>COMMISSIONS 7,256,087 0 0 HONORARIUMS 745,707 0 0 INTERNAL SERVICE CHARGE 20,656,437 0 0 OTHER PROFESSIONAL SERVICES 7,534,638 0 0 PROCESSING FEES 490,576 0 0 TEMPORARY LABOR 264,480 0 0</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc8">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>PGA FOUNDATION INC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>PO BOX 109601</AddressLine1>
          <City>PALM BEACH GARDENS</City>
          <State>FL</State>
          <ZIPCode>334109601</ZIPCode>
        </AddressUS>
        <EIN>591809626</EIN>
        <PrimaryActivities>GROW GOLF</PrimaryActivities>
        <LegalDomicileState>FL</LegalDomicileState>
        <ExemptCodeSection>501C3</ExemptCodeSection>
        <PublicCharityStatus>7</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>PGA FINANCIAL ASSISTANCE FUND INC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>PO BOX 109601</AddressLine1>
          <City>PALM BEACH GARDENS</City>
          <State>FL</State>
          <ZIPCode>334109601</ZIPCode>
        </AddressUS>
        <EIN>650443262</EIN>
        <PrimaryActivities>FINC'L AID</PrimaryActivities>
        <LegalDomicileState>FL</LegalDomicileState>
        <ExemptCodeSection>501C3</ExemptCodeSection>
        <PublicCharityStatus>7</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartIII>
        <NameOfRelatedOrg>
          <BusinessNameLine1>VALHALLA GOLF CLUB LTD</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>PO BOX 109601</AddressLine1>
          <City>PALM BEACH GARDENS</City>
          <State>FL</State>
          <ZIPCode>334109601</ZIPCode>
        </AddressUS>
        <EIN>611252109</EIN>
        <PrimaryActivity>GOLF RLTD</PrimaryActivity>
        <LegalDomicileState>KY</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>PGA VALHAL</BusinessNameLine1>
          <BusinessNameLine2>PGA VALHALLA INC</BusinessNameLine2>
        </DirectControllingEntityName>
        <PredominantIncomeType>RELATED</PredominantIncomeType>
        <DisproportionateAllocations>false</DisproportionateAllocations>
        <GeneralOrManagingPartner>false</GeneralOrManagingPartner>
      </Form990ScheduleRPartIII>
      <Form990ScheduleRPartIII>
        <NameOfRelatedOrg>
          <BusinessNameLine1>VALHALLA GOLF CLUB LTD</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>PO BOX 109601</AddressLine1>
          <City>PALM BEACH GARDENS</City>
          <State>FL</State>
          <ZIPCode>334109601</ZIPCode>
        </AddressUS>
        <EIN>611252109</EIN>
        <PrimaryActivity>GOLF RLTD</PrimaryActivity>
        <LegalDomicileState>KY</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>PGA VALHAL</BusinessNameLine1>
          <BusinessNameLine2>PGA VALHALLA INC</BusinessNameLine2>
        </DirectControllingEntityName>
        <PredominantIncomeType>RELATED</PredominantIncomeType>
        <DisproportionateAllocations>false</DisproportionateAllocations>
        <GeneralOrManagingPartner>false</GeneralOrManagingPartner>
      </Form990ScheduleRPartIII>
      <Form990ScheduleRPartIII>
        <NameOfRelatedOrg>
          <BusinessNameLine1>VALHALLA GOLF CLUB LTD</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>PO BOX 109601</AddressLine1>
          <City>PALM BEACH GARDENS</City>
          <State>FL</State>
          <ZIPCode>334109601</ZIPCode>
        </AddressUS>
        <EIN>611252109</EIN>
        <PrimaryActivity>GOLF RLTD</PrimaryActivity>
        <LegalDomicileState>KY</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>PGA VALHAL</BusinessNameLine1>
          <BusinessNameLine2>PGA VALHALLA INC</BusinessNameLine2>
        </DirectControllingEntityName>
        <PredominantIncomeType>RELATED</PredominantIncomeType>
        <DisproportionateAllocations>false</DisproportionateAllocations>
        <GeneralOrManagingPartner>false</GeneralOrManagingPartner>
      </Form990ScheduleRPartIII>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>PGA CORPORATION</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>PO BOX 109601</AddressLine1>
          <City>PALM BEACH GARDENS</City>
          <State>FL</State>
          <ZIPCode>334109601</ZIPCode>
        </AddressUS>
        <EIN>591101063</EIN>
        <PrimaryActivity>GOLF RLTD.</PrimaryActivity>
        <LegalDomicileState>FL</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>PGA OF AM</BusinessNameLine1>
          <BusinessNameLine2>PGA OF AMERICA</BusinessNameLine2>
        </DirectControllingEntityName>
        <TypeOfEntity>C CORP</TypeOfEntity>
        <ControlledOrg>true</ControlledOrg>
      </Form990ScheduleRPartIV>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>PGA GOLF DEVELOPMENT INC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>PO BOX 109601</AddressLine1>
          <City>PALM BEACH GARDENS</City>
          <State>FL</State>
          <ZIPCode>334109601</ZIPCode>
        </AddressUS>
        <EIN>650775946</EIN>
        <PrimaryActivity>GOLF RLTD.</PrimaryActivity>
        <LegalDomicileState>FL</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>PGA GLF PR</BusinessNameLine1>
          <BusinessNameLine2>PGA GOLF PROPERTIES INC</BusinessNameLine2>
        </DirectControllingEntityName>
        <TypeOfEntity>C CORP</TypeOfEntity>
        <ControlledOrg>true</ControlledOrg>
      </Form990ScheduleRPartIV>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>PGA GOLF ENTERPRISES INC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>PO BOX 109601</AddressLine1>
          <City>PALM BEACH GARDENS</City>
          <State>FL</State>
          <ZIPCode>334109601</ZIPCode>
        </AddressUS>
        <EIN>650397758</EIN>
        <PrimaryActivity>GOLF RLTD.</PrimaryActivity>
        <LegalDomicileState>FL</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>PGA CORP</BusinessNameLine1>
          <BusinessNameLine2>PGA CORPORATION</BusinessNameLine2>
        </DirectControllingEntityName>
        <TypeOfEntity>C CORP</TypeOfEntity>
        <ControlledOrg>true</ControlledOrg>
      </Form990ScheduleRPartIV>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>PGA GOLF PROPERTIES INC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>PO BOX 109601</AddressLine1>
          <City>PALM BEACH GARDENS</City>
          <State>FL</State>
          <ZIPCode>334109601</ZIPCode>
        </AddressUS>
        <EIN>592763185</EIN>
        <PrimaryActivity>GOLF RLTD.</PrimaryActivity>
        <LegalDomicileState>FL</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>PGA CORP</BusinessNameLine1>
          <BusinessNameLine2>PGA CORPORATION</BusinessNameLine2>
        </DirectControllingEntityName>
        <TypeOfEntity>C CORP</TypeOfEntity>
        <ControlledOrg>true</ControlledOrg>
      </Form990ScheduleRPartIV>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>PGA GOLF PARTNERS INC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>PO BOX 109601</AddressLine1>
          <City>PALM BEACH GARDENS</City>
          <State>FL</State>
          <ZIPCode>334109601</ZIPCode>
        </AddressUS>
        <EIN>650394728</EIN>
        <PrimaryActivity>GOLF RLTD.</PrimaryActivity>
        <LegalDomicileState>FL</LegalDomicileState>
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          <BusinessNameLine1>VARIOUS RELATED ENTITIES</BusinessNameLine1>
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        <TransactionType>P</TransactionType>
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      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>VARIOUS RELATED ENTITIES</BusinessNameLine1>
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        <TransactionType>Q</TransactionType>
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      <TransactionsRelatedOrgsTable>
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          <BusinessNameLine1>VARIOUS RELATED ENTITIES</BusinessNameLine1>
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        <TransactionType>R</TransactionType>
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      <TransactionsRelatedOrgsTable>
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          <BusinessNameLine1>PGA GOLF PROPERTIES INC (INTEREST)</BusinessNameLine1>
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      <TransactionsRelatedOrgsTable>
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          <BusinessNameLine1>PGA CORPORATION (RENT)</BusinessNameLine1>
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      <TransactionsRelatedOrgsTable>
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      <TransactionsRelatedOrgsTable>
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      <TransactionsRelatedOrgsTable>
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          <BusinessNameLine1>VARIOUS RELATED ENTITIES</BusinessNameLine1>
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      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>VARIOUS RELATED ENTITIES</BusinessNameLine1>
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      <TransactionsRelatedOrgsTable>
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      <TransactionsRelatedOrgsTable>
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          <BusinessNameLine1>VARIOUS RELATED ENTITIES</BusinessNameLine1>
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      <TransactionsRelatedOrgsTable>
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          <BusinessNameLine1>VARIOUS RELATED ENTITIES</BusinessNameLine1>
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      <TransactionsRelatedOrgsTable>
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          <BusinessNameLine1>VARIOUS RELATED ENTITIES</BusinessNameLine1>
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      <Form990ScheduleRPartVII>
        <Identifier>ADDITIONAL INFORMATION</Identifier>
        <ReturnReference>SCHEDULE R</ReturnReference>
        <Explanation>THE ORGANIZATION SHARES CERTAIN FACILITIES AND EQUIPMENT WITH ITS RELATED ENTITIES PGA CORPORATION IS THE DIRECT EMPLOYER FOR MOST OF THE RELATED ORGANIZATIONS AND THE ORGANIZATION SHARES A NUMBER OF THESE EMPLOYEES THE ORGANIZATION HOLDS THE GENERAL DISBURSEMENT ACCOUNT FOR MOST OF THE RELATED ORGANIZATIONS THIS GENERAL DISBURSEMENT ACCOUNT IS USED FOR COST SAVINGS AND EFFICIENCIES THE ORGANIZATION DISBURSES FUNDS FOR EXPENSES OF MANY OF THE RELATED ORGANIZATIONS THE RELATED ORGANIZATIONS REIMBURSE PGA OF AMERICA FOR THESE DISBURSEMENTS ON A PERIODIC BASIS</Explanation>
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</Return>