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    <Timestamp>2011-05-06T13:26:35-07:00</Timestamp>
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        <BusinessNameLine1>ROBERT B ROUNTREE CPA</BusinessNameLine1>
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        <City>ATLANTA</City>
        <State>GA</State>
        <ZIPCode>303452704</ZIPCode>
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        <BusinessNameLine1>DRUID HILLS GOLF CLUB INC</BusinessNameLine1>
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      <Phone>4043771766</Phone>
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        <AddressLine1>740 CLIFTON RD NE</AddressLine1>
        <City>ATLANTA</City>
        <State>GA</State>
        <ZIPCode>30307</ZIPCode>
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      <Title>GENERAL MANAGER</Title>
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      <DateSigned>2011-05-03</DateSigned>
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      <Expense>3175172</Expense>
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      </FeesForServicesAccounting>
      <Interest>
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      </Interest>
      <DepreciationDepletion>
        <Total>1494574</Total>
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      <OtherExpenses>
        <Description>SUPPLIES</Description>
        <Total>176987</Total>
      </OtherExpenses>
      <OtherExpenses>
        <Description>TELEPHONE</Description>
        <Total>16676</Total>
      </OtherExpenses>
      <OtherExpenses>
        <Description>POSTAGE</Description>
        <Total>25495</Total>
      </OtherExpenses>
      <OtherExpenses>
        <Description>EQUIP RENTAL/MAINT</Description>
        <Total>280402</Total>
      </OtherExpenses>
      <OtherExpenses>
        <Description>PRINTING &amp; PUBS</Description>
        <Total>60063</Total>
      </OtherExpenses>
      <AllOtherExpenses>
        <Total>1950839</Total>
      </AllOtherExpenses>
      <TotalFunctionalExpenses>
        <Total>7797223</Total>
      </TotalFunctionalExpenses>
      <CashNonInterestBearing>
        <BOY>7652</BOY>
        <EOY>13049</EOY>
      </CashNonInterestBearing>
      <AccountsReceivable>
        <BOY>928797</BOY>
        <EOY>878363</EOY>
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      <InventoriesForSaleOrUse>
        <BOY>96434</BOY>
        <EOY>104581</EOY>
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      <PrepaidExpensesDeferredCharges>
        <BOY>107644</BOY>
        <EOY>263341</EOY>
      </PrepaidExpensesDeferredCharges>
      <LandBuildingsEquipmentBasis>35889195</LandBuildingsEquipmentBasis>
      <LandBldgEquipmentAccumDeprec>11975660</LandBldgEquipmentAccumDeprec>
      <LandBuildingsEquipmentBasisNet>
        <BOY>25292740</BOY>
        <EOY>23913535</EOY>
      </LandBuildingsEquipmentBasisNet>
      <TotalAssets>
        <BOY>26433267</BOY>
        <EOY>25172869</EOY>
      </TotalAssets>
      <AccountsPayableAccruedExpenses>
        <BOY>693089</BOY>
        <EOY>658353</EOY>
      </AccountsPayableAccruedExpenses>
      <DeferredRevenue>
        <BOY>486212</BOY>
        <EOY>472884</EOY>
      </DeferredRevenue>
      <MortNotesPyblSecuredInvestProp>
        <BOY>10513500</BOY>
        <EOY>9290082</EOY>
      </MortNotesPyblSecuredInvestProp>
      <OtherLiabilities>
        <BOY>12250</BOY>
        <EOY>7050</EOY>
      </OtherLiabilities>
      <TotalLiabilities>
        <BOY>11705051</BOY>
        <EOY>10428369</EOY>
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      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
        <BOY>14728216</BOY>
        <EOY>14744500</EOY>
      </UnrestrictedNetAssets>
      <TotalNetAssetsFundBalances>
        <BOY>14728216</BOY>
        <EOY>14744500</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>26433267</BOY>
        <EOY>25172869</EOY>
      </TotalLiabNetAssetsFundBalances>
      <InfoInScheduleOPartXI>X</InfoInScheduleOPartXI>
      <ReconcilationRevenueExpenses>-179959</ReconcilationRevenueExpenses>
      <ReconcilationOtherChanges>196243</ReconcilationOtherChanges>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>false</AccountantCompileOrReview>
      <FSAudited>true</FSAudited>
      <AuditCommittee>true</AuditCommittee>
      <FinancialStatementSeparate>X</FinancialStatementSeparate>
      <FederalGrantAuditRequired>false</FederalGrantAuditRequired>
    </IRS990>
    <IRS990ScheduleD documentId="00000002" softwareId="10000104">
      <Land>
        <OtherCostOrOtherBasis>94837</OtherCostOrOtherBasis>
        <BookValue>94837</BookValue>
      </Land>
      <Buildings>
        <OtherCostOrOtherBasis>21880245</OtherCostOrOtherBasis>
        <Depreciation>7334713</Depreciation>
        <BookValue>14545532</BookValue>
      </Buildings>
      <LeaseholdImprovements>
        <OtherCostOrOtherBasis>9693071</OtherCostOrOtherBasis>
        <Depreciation>1503338</Depreciation>
        <BookValue>8189733</BookValue>
      </LeaseholdImprovements>
      <Equipment>
        <OtherCostOrOtherBasis>4181970</OtherCostOrOtherBasis>
        <Depreciation>3098537</Depreciation>
        <BookValue>1083433</BookValue>
      </Equipment>
      <OtherLandBuildings>
        <OtherCostOrOtherBasis>39072</OtherCostOrOtherBasis>
        <Depreciation>39072</Depreciation>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>23913535</TotalOfBookValueLandBuildings>
      <OtherLiabilities>
        <Description>Deferred Compensation</Description>
        <Amount>7050</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>7050</TotalOfAmounts>
      <TotalRevenue>7617264</TotalRevenue>
      <TotalExpenses>7797223</TotalExpenses>
      <ExcessOrDeficitForYear>-179959</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>196243</NetUnrealizedGLOnInvestments>
      <TotalAdjustments>196243</TotalAdjustments>
      <ExcessOrDeficitPerFS>16284</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>7813507</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>196243</NetUnrealizedGainsInvestments>
      <RevenueNotRptdF990>196243</RevenueNotRptdF990>
      <RevenueSubtotal>7617264</RevenueSubtotal>
      <TotalRevenuePerForm990>7617264</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>7797223</TotExpensesEtcAuditedFinclStmt>
      <ExpensesSubtotal>7797223</ExpensesSubtotal>
      <TotalExpensesPerForm990>7797223</TotalExpensesPerForm990>
    </IRS990ScheduleD>
    <IRS990ScheduleJ documentId="00000003">
      <CompensationCommittee>X</CompensationCommittee>
      <WrittenEmploymentContract>X</WrittenEmploymentContract>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>false</SeverancePayment>
      <SupplementalNonqualRetirePlan>false</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>false</EquityBasedCompArrangement>
      <Form990ScheduleJPartII>
        <NamePerson>JAMES STORY</NamePerson>
        <BaseCompensationFilingOrg>188969</BaseCompensationFilingOrg>
        <DeferredCompFilingOrg>5314</DeferredCompFilingOrg>
        <TotalCompensationFilingOrg>194283</TotalCompensationFilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>NEAL A WISDOM</NamePerson>
        <BaseCompensationFilingOrg>124200</BaseCompensationFilingOrg>
        <DeferredCompFilingOrg>5407</DeferredCompFilingOrg>
        <TotalCompensationFilingOrg>129607</TotalCompensationFilingOrg>
        <CompReportPrior990FilingOrg>122830</CompReportPrior990FilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>THOMAS COSTELLO</NamePerson>
        <BaseCompensationFilingOrg>90144</BaseCompensationFilingOrg>
        <DeferredCompFilingOrg>3673</DeferredCompFilingOrg>
        <TotalCompensationFilingOrg>93817</TotalCompensationFilingOrg>
        <CompReportPrior990FilingOrg>95271</CompReportPrior990FilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>LINDA COOK</NamePerson>
        <BaseCompensationFilingOrg>77970</BaseCompensationFilingOrg>
        <DeferredCompFilingOrg>1795</DeferredCompFilingOrg>
        <TotalCompensationFilingOrg>79765</TotalCompensationFilingOrg>
      </Form990ScheduleJPartII>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="00000004" softwareId="10000104">
      <GeneralExplanation>
        <Identifier>Pt VI-B, Line 11a</Identifier>
        <Explanation>Form 990 is reviewed by the independent CPA with the</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt VI-B, Line 11a</Identifier>
        <Explanation>controller and general manager before filing</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt VI-B, Line 12c</Identifier>
        <Explanation>Conflicts of interest are addressed at board meetings</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt VI-C, Line 19</Identifier>
        <Explanation>Documents available upon request in person or by mail</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt VI-A, Line 6</Identifier>
        <Explanation>Individuals become members by invitation and payment</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt VI-A, Line 6</Identifier>
        <Explanation>of initiation fees.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt VI-A, Line 7a</Identifier>
        <Explanation>Members elect officers and directors at annual meeting</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt VI-A, Line 7b</Identifier>
        <Explanation>Major improvements/decisions are voted on by members</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt XI</Identifier>
        <Explanation>Other changes - Increase on Line 5 of $196,243 is due</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Explanation>to change in hedged note fair value</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part III, Line 4d</Identifier>
        <Explanation>OTHER PROGRAM SERVICES INCLUDE SWIMMING AND</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part IX, Line 24f</Identifier>
        <Explanation>CHEMICALS &amp; FERTILIZERS 143177. SAND, SOIL, TESTING 58987. TREE SERVICE 46452. RANGE BALLS 16885. ELECTRIC, GAS, WATER 531028. GARBAGE PICKUP 23290. EXTERMINATING 5220. GOLF COURSE SUPPLIES 7678. TEE TIME RES EXPENSE 9000. PROP TAX, PERMITS 263796. INSURANCE 139999. DUES AND SUBSCRIPTION 2619. MGR &amp; SUPERVISOR EXP 45661. SERVICE CONTRACTS 166264. UNIFORMS AND LINENS 16373. CLEANING AND LAUNDRY 27367. ENTERTAINMENT,DECOR EXP 150728. GOLF COURSE REPAIRS 28881. BUILDING REPAIRS 15045. TOURNEY/HANDI</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>