PROGRAM SERVICE ACCOMPLISHMENTS |
FORM 990, PART III, LINE 4 TIGER WOODS INVITATIONAL PRESENTED BY USLI THE INVITATIONAL PRESENTED BY USLI FEATURES THREE DAYS OF UNPARALLELED GOLF ON THE MONTEREY PENINSULA. THIS UNIQUE EVENT RAISES FUNDS FOR THE TIGER WOODS FOUNDATION AND ITS FIRST-GENERATION SCHOLARS. THE 2015 TIGER WOODS INVITATIONAL WAS HELD OCT. 12-14 AND FEATURED 112 AMATEUR GOLFERS WHO COMPETED ON SPYGLASS HILL GOLF COURSE, MONTEREY PENINSULA COUNTRY CLUB AND PEBBLE BEACH GOLF LINKS. IN ADDITION TO THE GOLF, GUESTS WERE ALSO TREATED TO AN EVENING RECEPTION, WHICH FEATURED REMARKS FROM TIGER WOODS FOUNDATION PRESIDENT & CEO RICK SINGER AND EARL WOODS SCHOLAR KEVIN NGUYEN. PROCEEDS FROM THE EVENT SUPPORTED MORE THAN 130 FIRST-GENERATION EARL WOODS SCHOLARS ATTENDING PRESTIGIOUS UNIVERSITIES ACROSS THE COUNTRY. HERO WORLD CHALLENGE HELD DEC. 2-DEC. 6, 2015, THE HERO WORLD CHALLENGE TOOK PLACE AT ALBANY, BAHAMAS FOR THE FIRST TIME IN PARTNERSHIP WITH TAVISTOCK GROUP. THE TOURNAMENT FEATURED 18 OF THE WORLD'S TOP RANKED PGA TOUR GOLFERS. THE 2015 WORLD CHALLENGE LIVED UP TO THE BUILD-UP AND EXCITEMENT OF TOP PLAYERS, AS BUBBA WATSON BESTED PATRICK REED, RICKIE FOWLER AND JORDAN SPIETH. PROCEEDS FROM THE EVENT SUPPORTED TIGER WOODS FOUNDATIONS COLLEGE ACCESS PROGRAMS INCLUDING THE TIGER WOODS LEARNING CENTERS AND THE EARL WOODS SCHOLARHSIP PROGRAM. TIGER JAM THE 18TH ANNUAL, SOLD-OUT TIGER JAM ROCKED LAS VEGAS APRIL 29-30, 2016 AT THE MGM GRAND. THE EVENT BENEFITS THE TIGER WOODS FOUNDATION'S COLLEGE-ACCESS PROGRAMS. TIGER JAM BEGAN ON APRIL 29 WITH AN EXCLUSIVE GOLF CLINIC, HOSTED BY TIGER WOODS, FOR GUESTS AT BEAUTIFUL SHADOW CREEK. GUESTS HAD THE OPPORTUNITY TO KNOCK OUT THE WORLD'S TOP POKER PLAYERS FRIDAY NIGHT AT TIGER'S POKER NIGHT, PRESENTED BY THE WORLD POKER TOUR. POKER LEGEND PHIL HELLMUTH CO-HOSTED THIS EXCITING NIGHT WITH WOODS, WHICH INCLUDED CELEBRITY PARTICIPANT ANDY RODDICK, PROFESSIONAL POKER PLAYERS DAVID WILLIAMS AND MARIA HO, AND WPT COMMENTATORS LYNN GILMARTIN AND VINCE VAN PATTEN. EVENING FESTIVITIES ON APRIL 30 BEGAN WITH THE EARL WOODS SCHOLAR PROGRAMS FIRST DOCTOR, EVAN CHANG, ATTENDING UCLA FOR RESIDENCY TRAINING IN ANESTHESIOLOGY, SHARING HIS EXPERIENCE WITH THE TIGER WOODS FOUNDATION. A LIVE AUCTION WAS EMCEED BY CHRIS HARRISON (THE HOST OF "THE BACHELOR") AND ENDED WITH A PRIVATE CONCERT BY ARTIST JASON MRAZ FOLLOWED BY AN AFTERPARTY WITH DJ SUGA RAY. QUICKEN LOANS NATIONAL HELD AT CONGRESSIONAL COUNTRY CLUB IN BETHESDA, MD FROM JUNE 22-JUNE 26, 2016, THIS PREMIER PGA TOUR EVENT WELCOMED 120 PRO GOLFERS TO COMPETE FOR THE PRESTIGIOUS QUICKEN LOANS NATIONAL TROPHY. BILLY HURLEY III, A GRADUATE OF THE NAVAL ACADEMY AND MARYLAND RESIDENT, CAPTURED HIS FIRST PGA TOUR WIN FINISHING 17-UNDER AND THREE STROKES AGAINST THE GOLF LEGEND VIJAY SINGH. HURLEY, THE ONLY VETERAN ON THE PGA TOUR, IS THE FIRST CHAMPION OF THE NATIONAL TO WIN WHILE PLAYING IN THE TOURNAMENT AS A SPONSOR EXEMPTION. CONTINUING ITS HISTORY OF MILITARY RECOGNITION, THE NATIONAL HONORED OUR NATION'S MILITARY BY PROVIDING 30,000 FREE TICKETS, HOSPITALITY, AND THE "WE SALUTE OUR HEROES" TRIBUTE WALL. PROCEEDS FROM THE QUICKEN LOANS NATIONAL BENEFIT THE TIGER WOODS FOUNDATION AND ITS FIRST-GENERATION EARL WOODS SCHOLARS AND THREE TIGER WOODS LEARNING CENTER CAMPUSES IN WARDS 6 & 7 AND AT THE MARINE CORPS BASE AT QUANTICO. DEUTSCHE BANK CHAMPIONSHIP HELD ANNUALLY OVER LABOR DAY WEEKEND, THE DEUTSCHE BANK CHAMPIONSHIP, RETURNED AS THE SECOND STOP ON THE FEDEXCUP PLAYOFFS. RORY MCILROY CAPTURED HIS SECOND VICTORY AT TPC BOSTON IN THE 2016 CHAMPIONSHIP WITH A FINAL ROUND THAT HELD OFF PAUL CASEY. AS THE SECOND STOP ON THE PGA TOUR FEDEXCUP, THE DEUTSCHE BANK CHAMPIONSHIP WELCOMED THE TOP 100 PLAYERS IN PLAYOFFS TO BOSTON, AND WAS HELD AUGUST 31 THRU SEPTEMBER 5, 2016. THE WIN CATAPULTED MCILROY TO THE TOP OF THE FEDEXCUP RANKINGS. PROCEEDS FROM THE EVENT SUPPORTED THE COLLEGE ACCESS PROGRAMS OF THE TIGER WOODS FOUNDATION INCLUDING THE LOCAL BOSTON SCHOLARS SELECTED IN COLLABORATION WITH THE BOSTON RED SOX FOUNDATION. |
MEMBERS OF THE ORGANIZATION |
FORM 990, PART VI, LINE 7A THE ORGANIZATION HAS A SOLE MEMBER. THE MEMBER'S CLASS IS NONVOTING. THE MEMBER ELECTS AND DESIGNATES THE BOARD OF GOVERNORS. ALL CORPORATE POWERS ARE MANAGED UNDER THE DIRECTION OF THE BOARD OF governors. CONTRIBUTION OF CARS, BOATS, AIRPLANES OR OTHER VEHICLES FORM 990, PART V, LINE 7H THE ORGANIZATION RECEIVED CONTRIBUTIONS OF TWO AUTOMOBILES FROM DEALERS, THEREFORE THESE DONATIONS WERE NOT OF QUALIFIED VEHICLES AND 1098-C FORM REPORTING WAS NOT REQUIRED. |
PROCESS FOR REVIEW OF FORM 990 |
FORM 990, PART VI, LINE 11 The Board of governors has delegated the review of the Form 990 to the Audit Committee. The organization's Executive Staff works closely with the outside accounting firm it engages to review the return; and the final draft of Form 990 is also reviewed by the treasurer/CFO prior to providing the draft to the Audit Committee. In addition to consulting with the treasurer/CFO and Executive Staff, the Audit Committee also meets with the accounting firm hired to prepare the Form 990. Subsequent to its review, the Audit Committee reports back to the Board regarding its oversight of the Form 990 and the final draft is provided to the entire Board before the return is filed. |
CONFLICT OF INTEREST POLICY |
FORM 990, PART VI, LINE 12C Pursuant to the Conflict of Interest Policy, an annual conflict of interest questionnaire, aimed at determining any family and business relationship transactions or other transactions that may pose a potential conflict, is distributed to all covered persons (i.e., board members, officers and executive leadership or key employees). Covered persons are required to disclose real or potential conflicts at the time when such conflicts arise. When someone becomes a covered person and annually thereafter, each covered person is required to sign a statement affirming that he/she: (1) has received a copy of the Conflict of Interest Policy; (2) has read the Policy and understands said Policy; and (3) agrees to comply with all requirements of the Policy, including completing the conflict of interest questionnaire. The procedures for addressing any conflict of interest includes, but is not limited to, the following: (1) the conflicting interest is fully disclosed to the Board; (2) the interested person responds to factual questions related to the substance of the transaction or arrangement being considered, after which he/she shall leave the meeting; (3) the person with the conflict of interest is excluded from the discussion and approval of such transaction; (4) alternatives to the proposed transaction are investigated, competitive bids or comparable valuations are obtained; (5) any conflicting issues during the course of a Board meeting which cannot be resolved is referred to the Governance Committee; and (6) the transaction or action must be approved by a majority of disinterested persons. |
COMPENSATION DETERMINATION PROCESS |
FORM 990, PART VI, LINE 15A The Board appoints a COMPENSATION Committee, none of which have a conflict of interest with respect to the compensation arrangement, to be accountable for setting reasonable compensation packages for each officer or key employee, including the CEO. The COMPENSATION Committee develops, consistent with the organization's philosophy and principles, the annual performance goals and criteria to be used in determining merit increases and variable compensation criteria for officers and key employees. The COMPENSATION Committee also hires a qualified independent compensation and benefits specialist (independent expert) to review, analyze and provide benchmarking data for the total compensation and benefits packages of officers and key employees. Appropriate comparability data is obtained from the independent experts, (i.e., total economic benefits paid by similarly situated organizations, both taxable and tax-exempt) for similar job responsibilities. The Committee's written records include the (1) terms of the arrangement with the disqualified person (including the date the arrangement was approved); and (2) a description of the comparable data relied on by the Committee. Key deliberations of the Committee, including: (A) The terms of the transaction that was approved and the date it was approved; (B) The members of the authorized body who were present during debate on the transaction that was approved and those who voted on it; (C) The comparability data obtained and relied upon by the authorized body and how the data was obtained; and (D) Any actions taken with respect to consideration of the transaction by anyone who is otherwise a member of the authorized body but who had a conflict of interest with respect to the transaction are also documented in minutes, which are approved at the next Committee meeting. COMPENSATION DETERMINATION PROCESS (OTHER OFFICERS OR KEY EMPLOYEES) FORM 990, PART VI, LINE 15B THE COMPENSATION REVIEW AND APPROVAL PROCESS FOR OTHERS OFFICERS AND KEY EMPLOYEES IS THE SAME AS FOR THE CEO. |
AVAILABILITY OF DOCUMENTS |
FORM 990, PART VI, LINE 19 While federal tax laws do not mandate that the organization's governing documents, conflict of interest policy and financial statements be made available for public inspection, the organization makes its audited financial statements that were prepared in accordance with generally accepted accounting principles (GAAP) available upon request. |
Audit of Financial Statements by Independent Accountant |
FORM 990, PART XII, LINE 2C The Tiger Woods Charity Event Corporation's financial statements were included in the consolidated audited financial statements of The Tiger Woods Foundation Inc., and Affiliates. The consolidated audited financial statements were audited by KPMG, an independent accounting firm, and were prepared according to GAAP. |