2011-04-15T16:00:29-05:00 2010-11-30 Eide Bailly LLP 5601 Green Valley Drive Ste 700 Minneapolis MN 554371145 990 2009-12-01 410778776 Wayzata Country Club WAYZ 6124759753 200 Wayzata Blvd West Wayzata MN 55391 Chris Gerardi 6124759753 2011-04-12 1 Kim Hunwardsen CPA 9529446166 2011-04-14 2009 2016-02-24 21:20:13Z Chris Gerardi 200 Wayzata Blvd West Wayzata MN 55391 7669454 0 X www.wayzatacc.com X 1956 MN Country Club 15 15 282 15 425133 0 0 4792086 4555356 2736 1470 1893348 1881940 6688170 6438766 0 0 3558826 3582082 0 0 3145145 3436127 6703971 7018209 -15801 -579443 19710527 19028378 7744425 7309993 11966102 11718385 Wayzata Country Club shall be a premier, family-oriented private country club providing the Members and their guests with championship golf, excellent dining, a variety of year-round recreational activities and opportunities for quality social interaction. 1 0 Wayzata Country Club is a private, member owned club located in picturesque Wayzata, Minnesota. Rich in tradition, Wayzata CC is more than a country club, it's a home where families come together. The Tudor style clubhouse sits among beautiful greens, flower gardens, and aged oaks; an inviting, relaxing environment away from the metropolitan bustle. In addition to 18-holes of championship golf, our new 6-hole short course hosts the area's premier Junior Golf Academy. Our clubhouse features casual and formal dining with a beautiful atmosphere, exquisite service and the highest quality cuisine. Come enjoy a rejuvenating massage in our European Spa, or take personal golf or tennis lessons from our professional staff. Our tennis facility features superiorly conditioned clay courts, hard courts, and heated year-round platform courts. The pool area, with our newly remodeled zero entry kiddie pool boasts playful water features. Our large pool is a place of relaxation for members in the hot Minnesota summer months, and a host to a competitive aquatics program. In the winter, members stay active with platform tennis, our trap & skeet range, and Winter Wonderland which includes ice skating, hockey, sledding, cross-country skiing, and snowshoeing. Skiers can leave the rolling fairways to follow the trails on the groomed Luce Line, extending miles to the west. 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 19 0 1 282 1 1 1 0 0 0 0 806109 587678 15 15 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 0 0 0 MN X Lee Walters 9524759755 200 Wayzata Blvd West Wayzata MN 55391 Peter E Eckerline 1.00 X X 0 0 0 Benjamin B Smith 1.00 X X 0 0 0 Joesph Kinning 1.00 X X 0 0 0 Brent Blackey 1.00 X X 0 0 0 Timothy Alber 1.00 X 0 0 0 Michael G Maglich 1.00 X 0 0 0 Jill J Nystedt 1.00 X 0 0 0 Janice Korstange 1.00 X 0 0 0 Amy A Sherek 1.00 X 0 0 0 Katherine Moore-Lilly 1.00 X 0 0 0 Robert Griffin 1.00 X 0 0 0 James Gelder 1.00 X 0 0 0 Neal Vill 1.00 X 0 0 0 Holly Pihl 1.00 X 0 0 0 Jim Freytag 1.00 X 0 0 0 Lee Walters 40.00 X 81804 0 11110 Chris Gerardi 60.00 X 198289 0 12556 Richard Walters 50.00 X 155494 0 10815 Robert Distel 50.00 X 134553 0 22930 Jay Fritzke 50.00 X 111703 0 11409 681843 0 68820 4 0 1 0 0 Membership dues & asse 713910 3772605 3772605 Greens fees, tennis an 713910 782751 782751 4555356 1470 1470 3112628 1230688 1881940 1458277 423663 6438766 6013633 425133 0 288987 2735924 557171 26580 242564 472691 1197603 99230 Grounds 503569 Food & Beverage 274952 General & Administrativ 221997 Clubhouse 216834 Swimming 78559 101548 7018209 857818 846429 644696 634777 50000 40000 246997 281489 62299 62264 26292108 9128689 17848717 17163419 19710527 19028378 854061 916460 261254 273468 6629110 6120065 7744425 7309993 X 11966102 11718385 11966102 11718385 19710527 19028378 X 0 1 1 X 0 130913 130913 14082319 4428063 9654256 4559803 3312128 1247675 7519073 1388498 6130575 17163419 6438766 7018209 -579443 331726 331726 -247717 4650706 -1788060 -1788060 6438766 0 6438766 5230149 -1788060 -1788060 7018209 0 7018209 Part X: Description of Uncertain Tax Positions Under FIN 48: Part X: The Club has been classified by the Internal Revenue Service as a tax-exempt organization under Section 501(c)(7) of the Internal Revenue Code. As such, the Club is subject to taxes on investment income and unrelated business income from the sale of food and beverages to non-members. The Club's exempt status and the amount of the Club's unrelated business taxable income or loss is subject to examination by the IRS. The Club has adopted the provisions of FASB Accounting Standards Codification Topic ASC 740-10 (previously Financial Interpretation No. 48, Accounting for Uncertainty in Income Taxes) on December 1, 2008. The implementation of this standard had no impact on the financial statements. As of both the date of adoption, and as of November 30, 2010, the unrecognized tax benefit accrual was zero. The Club will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. The Club is no longer subject to Federal or state tax examinations by tax authorities for years before 2005. Part XI, Line 8 - Other Adjustments: member capital assessments: 331726. Part XII, Line 2d - Other Adjustments: Food and beverage costs shown as revenue offset on financial statements: -1672215. Pro shop payroll & commissions shown as revenue offset on financials: -115845. Part XIII, Line 2d - Other Adjustments: Food and beverage costs shown as revenue offset on financial statements: -1672215. Pro shop payroll & commissions shown as revenue offset on financials: -115845. X 1 1 X 0 0 0 Chris Gerardi 167729 0 30560 0 0 0 0 0 12858 0 211147 0 0 0 Richard Walters 144000 0 11494 0 0 0 0 0 10815 0 166309 0 0 0 Robert Distel 134553 0 0 0 0 0 0 0 22930 0 157483 0 0 0 Part I, Line 1a Wayzata Country Club has an apartment onsite in an attached building that is offered to the Grounds Superintendent. The Club requires the Superintendent to live on the course in order to be available 24/7 to respond to ground issues. CHRIS GERARDI MOVING EXPENSES X 50000 40000 0 1 1 40000 Form 990, Part III, line 2 New Program Services Expanded services to provide a winter family program that includes hockey, skiing, snowshoeing and open-skating. Form 990, Part VI, Section A, line 6 Golf Membership - various categories; may be held by any member, privileges include all golf services, practice facility, pool, tennis and all social privileges. An initiation fee, monthly dues and a bi-monthly food purchase minimum are required. Pool & Tennis Membership - privileges include use of dining areas, lounge areas and meeting rooms of the Clubhouse, along with participation in all of the Club social functions. Members have full privileges to the pools, tennis facility and trap & skeet. An initiation fee, monthly dues and bi-monthly food purchase minimum are required. Social Membership - privileges include use of the restaurant, lounge areas and meeting rooms of the Clubhouse, along with participation in all of the Club social functions. An initiation fee and monthly dues are required. Widow Membership - must be a widow to a spouse that was a member for over 20 years. Honorary membership - bestowed by the board to long-term former employees. Form 990, Part VI, Section A, line 7a All classes of membership vote on the board of directors at the annual meeting. Form 990, Part VI, Section A, line 7b Members must approve any long-term debt in excess of $500,000 that is proposed by the board. Form 990, Part VI, Section B, line 11 The General Manager does a detailed review of the draft 990 prior to filing. Form 990, Part VI, Section B, line 12c All members, board members and executive management are covered under the policy. The Executive Committee of the board reviews all potential conflicts. Any board member with a conflict is required to abstain from voting. Form 990, Part VI, Section B, Line 15: The General Manager was brought in at the same rate as the predecessor. The hiring committee for the General Manager position considers CMAA statistics for industry standards and adjusts for the local market. The Controller's compensation is determined by the General Manager, who consults local market standards via a variety of published surveys. Form 990, Part VI, Section C, line 19 THESE DOCUMENTS ARE AVAILABLE UPON REQUEST.