KEY BISCAYNE YACHT CLUB INC: Form 990, tax year 2011

View the entire original 990 at ProPublica ↗

Organization
KEY BISCAYNE YACHT CLUB INC (EIN 59-0798689)
Tax period
2011-04-01 to 2012-03-31
Filed
2013-02-13
IRS object ID
201310449349301201
Schema version
2011v1.5
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Timestamp2013-02-13T13:25:07-06:00Timestamp
Tax Period End Date2012-03-31TaxPeriodEndDate

Preparer Firm PreparerFirm

FieldValueIRS element (for citing)
EIN420714325EIN

Preparer Firm Business Name PreparerFirmBusinessName

FieldValueIRS element (for citing)
Business Name Line1MCGLADREY LLPBusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

FieldValueIRS element (for citing)
Address Line11555 PALM BEACH LAKES BLVD STE 700AddressLine1
CityWEST PALM BEACHCity
StateFLState
ZIP Code33401ZIPCode
FieldValueIRS element (for citing)
Return Type990ReturnType
Tax Period Begin Date2011-04-01TaxPeriodBeginDate

Filer Filer

FieldValueIRS element (for citing)
EIN590798689EIN

Name Name

FieldValueIRS element (for citing)
Business Name Line1KEY BISCAYNE YACHT CLUB INCBusinessNameLine1
FieldValueIRS element (for citing)
Name ControlKEYBNameControl
Phone3053619171Phone

US Address USAddress

FieldValueIRS element (for citing)
Address Line1180 HARBOR DRIVEAddressLine1
CityKEY BISCAYNECity
StateFLState
ZIP Code33149ZIPCode

Officer Officer

FieldValueIRS element (for citing)
NameHORTENSIA HACKERName
TitleCOMMODORETitle
Phone3053619171Phone
Date Signed2013-02-13DateSigned
Authorize Third Party1AuthorizeThirdParty

Preparer Preparer

FieldValueIRS element (for citing)
NameFRANK LUCASName
PTINP00995244PTIN
Phone5616971785Phone
FieldValueIRS element (for citing)
Tax Year2011TaxYear
Build TS2016-02-25 16:41:14ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Name Of Principal Officer PersonMARK FRIEDNameOfPrincipalOfficerPerson

Address Principal Officer US AddressPrincipalOfficerUS

FieldValueIRS element (for citing)
Address Line1180 HARBOR DRIVEAddressLine1
CityKEY BISCAYNECity
StateFLState
ZIP Code33149ZIPCode
FieldValueIRS element (for citing)
Gross Receipts4970637GrossReceipts
Group Return For Affiliates0GroupReturnForAffiliates
Organization501cXOrganization501c
Web SiteKBYC.ORGWebSite
Type Of Organization CorporationXTypeOfOrganizationCorporation
Year Formation1955YearFormation
State Legal DomicileFLStateLegalDomicile
Activity Or Mission DescriptionTO BIND ITS MEMBERS TOGETHER BY A COMMON OBJECTIVE DIRECTED AT PLEASURE AND RECREATION.ActivityOrMissionDescription
Nbr Voting Members Governing Body18NbrVotingMembersGoverningBody
Nbr Independent Voting Members18NbrIndependentVotingMembers
Total Nbr Employees73TotalNbrEmployees
Total Nbr Volunteers18TotalNbrVolunteers
Total Gross UBI268475TotalGrossUBI
Net Unrelated Business Txbl Income6583NetUnrelatedBusinessTxblIncome
Contributions Grants Prior Year0ContributionsGrantsPriorYear
Contributions Grants Current Year0ContributionsGrantsCurrentYear
Program Service Revenue Prior Year1988852ProgramServiceRevenuePriorYear
Program Service Revenue CY2049141ProgramServiceRevenueCY
Investment Income Prior Year-18661InvestmentIncomePriorYear
Investment Income Current Year-11715InvestmentIncomeCurrentYear
Other Revenue Prior Year1488595OtherRevenuePriorYear
Other Revenue Current Year1511370OtherRevenueCurrentYear
Total Revenue Prior Year3458786TotalRevenuePriorYear
Total Revenue Current Year3548796TotalRevenueCurrentYear
Grants And Similar Amnts Prior Year0GrantsAndSimilarAmntsPriorYear
Grants And Similar Amnts CY0GrantsAndSimilarAmntsCY
Benefits Paid To Members Prior Year0BenefitsPaidToMembersPriorYear
Benefits Paid To Members CY0BenefitsPaidToMembersCY
Salaries Etc Prior Year1598537SalariesEtcPriorYear
Salaries Etc Current Year1543057SalariesEtcCurrentYear
Total Prof Fundrsng Exp Prior Year0TotalProfFundrsngExpPriorYear
Total Prof Fundrsng Exp CY0TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year0TotalFundrsngExpCurrentYear
Other Expense Prior Year1787588OtherExpensePriorYear
Other Expenses Current Year1829774OtherExpensesCurrentYear
Total Expenses Prior Year3386125TotalExpensesPriorYear
Total Expenses Current Year3372831TotalExpensesCurrentYear
Revenues Less Expenses Prior Year72661RevenuesLessExpensesPriorYear
Revenues Less Expenses CY175965RevenuesLessExpensesCY
Total Assets BOY7443450TotalAssetsBOY
Total Assets EOY7635378TotalAssetsEOY
Total Liabilities BOY359995TotalLiabilitiesBOY
Total Liabilities EOY375958TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY7083455NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY7259420NetAssetsOrFundBalancesEOY
Mission DescriptionKEY BISCAYNE YACHT CLUB, INC. IS A SOCIAL CLUB WHOSE EXEMPT PURPOSE IS TO PROMOTE SOCIAL INTERACTION OF CLUB MEMBERS BY PROVIDING DINING AND RECREATIONAL ACTIVITIES.MissionDescription
Significant New Program Services0SignificantNewProgramServices
Significant Change0SignificantChange
DescriptionTHE CLUB PROVIDES RESTAURANT AND DOCK FACILITIES FOR ITS MEMBERS AND THEIR GUESTS.Description
Described In501 C30DescribedIn501C3
Schedule B Required0ScheduleBRequired
Political Activities0PoliticalActivities
Subject To Proxy Tax0SubjectToProxyTax
Donor Advised Funds0DonorAdvisedFunds
Conservation Easements0ConservationEasements
Collections Of Art0CollectionsOfArt
Credit Counseling0CreditCounseling
Term Or Permanent Endowments0TermOrPermanentEndowments
Report Land Bldg Equip1ReportLandBldgEquip
Report Invest Oth Securities0ReportInvestOthSecurities
Report Prog Rel Invest0ReportProgRelInvest
Report Other Assets0ReportOtherAssets
Report Other Liabilities0ReportOtherLiabilities
Report Fin48 Footnote1ReportFin48Footnote
Independent Audit Financial Stmt1IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt0ConsolidatedAuditFinancialStmt
School0School
Foreign Office0ForeignOffice
Foreign Activities0ForeignActivities
More Than5000 K To Organizations0MoreThan5000KToOrganizations
More Than5000 K To Individuals0MoreThan5000KToIndividuals
Professional Fundraising0ProfessionalFundraising
Fundraising Activities0FundraisingActivities
Gaming0Gaming
Hospital0Hospital
Grants To Organizations0GrantsToOrganizations
Grants To Individuals0GrantsToIndividuals
Schedule J Required0ScheduleJRequired
Tax Exempt Bonds0TaxExemptBonds
Loan To Officer Or DQP0LoanToOfficerOrDQP
Grant To Related Person0GrantToRelatedPerson
Bsnss Rltnshp With Organization0BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member0BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp0OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions0DeductibleNonCashContributions
Deductible Contributions Of Art0DeductibleContributionsOfArt
Terminated0Terminated
Partial Liquidation0PartialLiquidation
Disregarded Entity0DisregardedEntity
Related Entity0RelatedEntity
Related Org Controlled Entity0RelatedOrgControlledEntity
Transaction Related Entity0TransactionRelatedEntity
Activities Conducted Partnership0ActivitiesConductedPartnership
Schedule O Required1ScheduleORequired
Number Forms Transmitted With109622NumberFormsTransmittedWith1096
Number W2 G Included0NumberW2GIncluded
Compliance With Backup Witholding1ComplianceWithBackupWitholding
Number Of Employees73NumberOfEmployees
Employment Tax Returns Filed1EmploymentTaxReturnsFiled
Unrelated Business Income1UnrelatedBusinessIncome
Form990-T Filed1Form990-TFiled
Foreign Financial Account0ForeignFinancialAccount
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTrans
Taxable Party Notification0TaxablePartyNotification
Non Deductible Contributions1NonDeductibleContributions
Non Deductible Disclosure1NonDeductibleDisclosure
Initiation Fees$310,325InitiationFeesAmount
Gross Receipts$450,575GrossReceiptsAmount
Indoor Tanning Services0IndoorTanningServices
Info In Schedule O Part VIXInfoInScheduleOPartVI
Nbr Voting Governing Body Members18NbrVotingGoverningBodyMembers
Number Independent Voting Members18NumberIndependentVotingMembers
Family Or Business Relationship0FamilyOrBusinessRelationship
Delegation Of Management Duties0DelegationOfManagementDuties
Changes To Organizing Docs0ChangesToOrganizingDocs
Material Diversion Or Misuse0MaterialDiversionOrMisuse
Members Or Stockholders1MembersOrStockholders
Election Of Board Members1ElectionOfBoardMembers
Decisions Subject To Approval1DecisionsSubjectToApproval
Minutes Of Governing Body1MinutesOfGoverningBody
Minutes Of Committees1MinutesOfCommittees
Officer Mailing Address0OfficerMailingAddress
Local Chapters0LocalChapters
Form990 Provided To Governing Body0Form990ProvidedToGoverningBody
Conflict Of Interest Policy1ConflictOfInterestPolicy
Annual Disclosure Covered Persons1AnnualDisclosureCoveredPersons
Regular Monitoring Enforcement1RegularMonitoringEnforcement
Whistleblower Policy0WhistleblowerPolicy
Document Retention Policy1DocumentRetentionPolicy
Compensation Process CEO1CompensationProcessCEO
Compensation Process Other1CompensationProcessOther
Investment In Joint Venture0InvestmentInJointVenture
Upon RequestXUponRequest

The Books Are In Care Of TheBooksAreInCareOf

Name Business NameBusiness

FieldValueIRS element (for citing)
Business Name Line1PAULA LOBUGLIO CONTROLLERBusinessNameLine1
FieldValueIRS element (for citing)
Telephone Number3053619171TelephoneNumber

Address US AddressUS

FieldValueIRS element (for citing)
Address Line1180 HARBOR DRIVEAddressLine1
CityKEY BISCAYNECity
StateFLState
ZIP Code331491394ZIPCode

Form990 Part VII Section A Form990PartVIISectionA (20 entries)

TitleTitleAverage Hours Per WeekAverageHoursPerWeekIndividual Trustee Or DirectorIndividualTrusteeOrDirectorOfficerOfficerReportable Comp From OrganizationReportableCompFromOrganizationReportable Comp From Related OrgsReportableCompFromRelatedOrgsOther CompensationOtherCompensation
MARK FRIED
COMMODORE1.00XX000
HORTENSIA S HACKER
VICE COMMODORE1.00XX000
DWIGHT C HEWETT
REAR COMMODORE1.00XX000
ANA ROSEMARY SALA RIFKIN
SECRETARY1.00XX000
LARRY DEITCH
TREASURER1.00XX000
MICHAEL BRACKEN
GOVERNOR1.00X000
STEPHEN H CARTER
GOVERNOR1.00X000
YORK FLIK
GOVERNOR1.00X000
JACQUIE GREENE
GOVERNOR1.00X000
JOSEPH W GRIFFITHS
GOVERNOR1.00X000
PETER R HARRISON
GOVERNOR1.00X000
EDUARDO HARNANDEZ
GOVERNOR1.00X000
LUIS LAMAR
GOVERNOR1.00X000
ROBIN MACKLIN
GOVERNOR1.00X000
RICHARD H NEVE
GOVERNOR1.00X000
MICHAEL RICE
GOVERNOR/REAR COMMODORE1.00X000
JOHN R SOUTHAM
GOVERNOR1.00X000
NANCY TELLAM
GOVERNOR1.00X000
JERRY CLEMENS
GENERAL MANAGER40.00X13128100
PAULA LOBUGLIO
CONTROLLER40.00X7345800
FieldValueIRS element (for citing)
Total Reportable Comp From Org204739TotalReportableCompFromOrg
Total Reportable Comp Frm Rltd Orgs0TotalReportableCompFrmRltdOrgs
Total Other Compensation0TotalOtherCompensation
Number Individuals GT100 K1NumberIndividualsGT100K
Formers Listed0FormersListed
Total Comp GT150 K0TotalCompGT150K
Compensation From Other Sources0CompensationFromOtherSources

Contractor Compensation ContractorCompensation (2 entries)

Address Line1AddressOfContractor/AddressUS/AddressLine1CityAddressOfContractor/AddressUS/CityStateAddressOfContractor/AddressUS/StateZIP CodeAddressOfContractor/AddressUS/ZIPCodeDescription Of ServicesDescriptionOfServicesCompensationCompensation
CAS CONTRACTORS
3155 NW 82ND AVENUE SUITE 102MIAMIFL33122GENERAL CONTRACTOR1017469
CURRIE SOWARDS AGUILA ARCHITECTS
134 NE 1ST AVENUEDELRAY BEACHFL33444ARCHITECT109015
FieldValueIRS element (for citing)
Number Of Contractors GT100 K2NumberOfContractorsGT100K

Program Service Revenue ProgramServiceRevenue (5 entries)

DescriptionDescriptionBusiness CodeBusinessCodeTotal Revenue ColumnTotalRevenueColumnRelated Or Exempt Function IncomeRelatedOrExemptFunctionIncomeUnrelated Business RevenueUnrelatedBusinessRevenue
MEMBERSHIP DUES71391017948521794852
SAILING PROGRAM7139101432417541667825
UNUSED SPENDING REQUIR7139106370063700
MARINE7139104229342293
TENNIS71391046524652

Total Oth Program Service Revenue TotalOthProgramServiceRevenue

FieldValueIRS element (for citing)
Total Revenue Column403TotalRevenueColumn
Related Or Exempt Function Income403RelatedOrExemptFunctionIncome
FieldValueIRS element (for citing)
Total Program Service Revenue2049141TotalProgramServiceRevenue

Investment Income InvestmentIncome

FieldValueIRS element (for citing)
Total Revenue Column24792TotalRevenueColumn
Unrelated Business Revenue24792UnrelatedBusinessRevenue

Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses

FieldValueIRS element (for citing)
Other36507Other

Gain Or Loss GainOrLoss

FieldValueIRS element (for citing)
Other-36507Other

Net Gain Or Loss Investments NetGainOrLossInvestments

FieldValueIRS element (for citing)
Total Revenue Column-36507TotalRevenueColumn
Exclusion-$36,507ExclusionAmount
FieldValueIRS element (for citing)
Gross Sales Of Inventory2841787GrossSalesOfInventory
Cost Of Goods Sold1385334CostOfGoodsSold

Net Income Or Loss NetIncomeOrLoss

FieldValueIRS element (for citing)
Total Revenue Column1456453TotalRevenueColumn
Related Or Exempt Function Income1280595RelatedOrExemptFunctionIncome
Unrelated Business Revenue175858UnrelatedBusinessRevenue

Other Revenue Misc OtherRevenueMisc

FieldValueIRS element (for citing)
DescriptionMISCELLANEOUSDescription
Business Code713910BusinessCode
Total Revenue Column54917TotalRevenueColumn
Related Or Exempt Function Income54917RelatedOrExemptFunctionIncome
FieldValueIRS element (for citing)
Total Other Revenue54917TotalOtherRevenue

Total Revenue TotalRevenue

FieldValueIRS element (for citing)
Total Revenue Column3548796TotalRevenueColumn
Related Or Exempt Function Income3316828RelatedOrExemptFunctionIncome
Unrelated Business Revenue268475UnrelatedBusinessRevenue
Exclusion-$36,507ExclusionAmount

Other Salaries And Wages OtherSalariesAndWages

FieldValueIRS element (for citing)
Total1225433Total

Payroll Taxes PayrollTaxes

FieldValueIRS element (for citing)
Total317624Total

Depreciation Depletion DepreciationDepletion

FieldValueIRS element (for citing)
Total320360Total

Other Expenses OtherExpenses (4 entries)

DescriptionDescriptionTotalTotal
CLUB453987
PROPERTY TAXES394890
ADMINISTRATIVE & GENERA186426
FOOD & BEVERAGE167812

All Other Expenses AllOtherExpenses

FieldValueIRS element (for citing)
Total306299Total

Total Functional Expenses TotalFunctionalExpenses

FieldValueIRS element (for citing)
Total3372831Total

Cash Non Interest Bearing CashNonInterestBearing

FieldValueIRS element (for citing)
BOY3373634BOY
EOY2616272EOY

Accounts Receivable AccountsReceivable

FieldValueIRS element (for citing)
BOY415789BOY
EOY460177EOY

Inventories For Sale Or Use InventoriesForSaleOrUse

FieldValueIRS element (for citing)
BOY92710BOY
EOY86925EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

FieldValueIRS element (for citing)
BOY129984BOY
EOY118441EOY
FieldValueIRS element (for citing)
Land Buildings Equipment Basis7475814LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec3123256LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

FieldValueIRS element (for citing)
BOY3430328BOY
EOY4352558EOY

Other Assets Total OtherAssetsTotal

FieldValueIRS element (for citing)
BOY1005BOY
EOY1005EOY

Total Assets TotalAssets

FieldValueIRS element (for citing)
BOY7443450BOY
EOY7635378EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

FieldValueIRS element (for citing)
BOY325420BOY
EOY330208EOY

Deferred Revenue DeferredRevenue

FieldValueIRS element (for citing)
BOY34575BOY
EOY45750EOY

Total Liabilities TotalLiabilities

FieldValueIRS element (for citing)
BOY359995BOY
EOY375958EOY
FieldValueIRS element (for citing)
Follow SFAS117XFollowSFAS117

Unrestricted Net Assets UnrestrictedNetAssets

FieldValueIRS element (for citing)
BOY7083455BOY
EOY7259420EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY7083455BOY
EOY7259420EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY7443450BOY
EOY7635378EOY
FieldValueIRS element (for citing)
Info In Schedule O Part XIXInfoInScheduleOPartXI
Reconcilation Revenue Expenses175965ReconcilationRevenueExpenses
Reconcilation Other Changes0ReconcilationOtherChanges
Info In Schedule O Part XIIXInfoInScheduleOPartXII
Method Of Accounting AccrualXMethodOfAccountingAccrual
Accountant Compile Or Review0AccountantCompileOrReview
FS Audited1FSAudited
Audit Committee1AuditCommittee
Financial Statement SeparateXFinancialStatementSeparate
Federal Grant Audit Required0FederalGrantAuditRequired

Schedule D IRS990ScheduleD

Land Land

FieldValueIRS element (for citing)
Other Cost Or Other Basis586085OtherCostOrOtherBasis
Book Value586085BookValue

Buildings Buildings

FieldValueIRS element (for citing)
Other Cost Or Other Basis2195058OtherCostOrOtherBasis
Depreciation1018188Depreciation
Book Value1176870BookValue

Equipment Equipment

FieldValueIRS element (for citing)
Other Cost Or Other Basis4538208OtherCostOrOtherBasis
Depreciation2105068Depreciation
Book Value2433140BookValue

Other Land Buildings OtherLandBuildings

FieldValueIRS element (for citing)
Other Cost Or Other Basis156463OtherCostOrOtherBasis
Book Value156463BookValue
FieldValueIRS element (for citing)
Total Of Book Value Land Buildings4352558TotalOfBookValueLandBuildings
Total Revenue3548796TotalRevenue
Total Expenses3372831TotalExpenses
Excess Or Deficit For Year175965ExcessOrDeficitForYear
Excess Or Deficit Per FS175965ExcessOrDeficitPerFS
Tot Revenue Etc Audited Fincl Stmt4934130TotRevenueEtcAuditedFinclStmt
Other Revenues1385334OtherRevenues
Revenue Not Rptd F9901385334RevenueNotRptdF990
Revenue Subtotal3548796RevenueSubtotal
Revenue Not Rptd On Fin Stmt0RevenueNotRptdOnFinStmt
Total Revenue Per Form9903548796TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt4758165TotExpensesEtcAuditedFinclStmt
Other Expenses Included1385334OtherExpensesIncluded
Expenses Not Rptd F9901385334ExpensesNotRptdF990
Expenses Subtotal3372831ExpensesSubtotal
Expenses Not Rptd On Fin Stmt0ExpensesNotRptdOnFinStmt
Total Expenses Per Form9903372831TotalExpensesPerForm990

Form990 Schedule D Part XIV Form990ScheduleDPartXIV (3 entries)

IdentifierIdentifierReturn ReferenceReturnReferenceExplanationExplanation
DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:PART X:THE CLUB HAS EVALUATED ITS TAX POSITIONS AND CONCLUDED THAT THE CLUB HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THE ACCOUNTING GUIDANCE FOR UNCERTAINTY IN INCOME TAXES WITHIN THE INCOME TAXES TOPIC OF THE FASB ACCOUNTING STANDARDS CODIFICATION.
PART XII, LINE 2D - OTHER ADJUSTMENTS:COST OF SALES 1,385,334.
PART XIII, LINE 2D - OTHER ADJUSTMENTS:COST OF GOODS SOLD 1,385,334.

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (9 entries)

Return ReferenceReturnReferenceExplanationExplanation
FORM 990, PART VI, SECTION A, LINE 6THE ORGANIZATION IS A PRIVATE MEMBER-OWNED CLUB THAT IS OWNED AND OPERATED FOR THE PLEASURE AND RECREATION OF ITS MEMBERS.
FORM 990, PART VI, SECTION A, LINE 7ATHERE ARE TWO MEMBERSHIP CATEGORIES: REGULAR MEMBERSHIP AND EQUITY MEMBERSHIP.
FORM 990, PART VI, SECTION A, LINE 7BALL BY-LAW CHANGES, DUES INCREASES AND ASSESSMENTS ARE SUBJECT TO APPROVAL BY MEMBERS.
FORM 990, PART VI, SECTION B, LINE 11THE ORGANIZATION DOES NOT BELIEVE IT IS EFFECTIVE NOR EFFICIENT FOR THE ENTIRE GOVERNING BOARD TO REVIEW FORM 990 BEFORE FILING. THUS, THE GOVERNING BOARD DELEGATES THE REVIEW OF FORM 990 AND THE RELATED SCHEDULES TO THE FLAG (COMMODORE, VICE COMMODORE, REAR COMMODORE, SECRETARY AND TREASURER). THE FLAG REVIEWS FORM 990 WITH ITS OUTSIDE CPA PREPARERS PRIOR TO THE FILING OF THE FORM.
FORM 990, PART VI, SECTION B, LINE 12CTHE CONFLICT OF INTEREST POLICY OF THE KEY BISCAYNE YACHT CLUB IS DESIGNED TO ASSURE APPROPRIATE DISCLOSURE AND APPROVAL FOR TRANSACTIONS IN WHICH A GOVERNOR, FLAG OFFICER OR KEY EMPLOYEE (THOSE EMPLOYEES THAT HAVE OR SHARE ORGANIZATION-WIDE CONTROL OR INFLUENCE SIMILAR TO THAT OF A FLAG OFFICER OR GOVERNOR) MAY HAVE AN APPARENT OR POTENTIAL CONFLICT OF INTEREST. THE POLICY IS INTENDED TO PROVIDE A PROCEDURE FOR THE DISCLOSURE OF ANY CONFLICTS OF INTEREST THAT MAY ARISE AS A RESULT OF SUCH ACTIVITIES AND TO PROVIDE AN APPROPRIATE MEANS OF ADDRESSING THEM.
FORM 990, PART VI, SECTION B, LINE 15THE FLAG (COMMODORE, VICE COMMODORE, REAR COMMODORE, SECRETARY, AND TREASURER) AND BOARD OF GOVERNORS MEETS TO DISCUSS AND APPROVE COMPENSATION FOR THE CEO. THE CEO THEN DETERMINES COMPENSATION FOR ALL OTHER POSITIONS. THIS PROCESS INCLUDES THE USE OF COMPARABILITY DATA FOR SIMILAR QUALIFIED PERSONS IN COMPARABLE POSITIONS AT SIMILAR CLUBS. THE DELIBERATIONS AND DECISIONS REGARDING THE COMPENSATION ARRANGEMENTS ARE DOCUMENTED AS WELL.
FORM 990, PART VI, SECTION C, LINE 18THE CLUB PROVIDES COPIES OF FORM 990 AND FORM 1024 UPON REQUEST.
FORM 990, PART VI, SECTION C, LINE 19GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT AVAILABLE TO THE GENERAL PUBLIC.
FORM 990, PART XII, LINE 2CNO CHANGE FROM PRIOR YEAR

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