FORM 990, PART VI, SECTION A, LINE 6 |
THE CLUB HAS TWO CATEGORIES OF VOTING EQUITY MEMBERS: EQUITY GOLF MEMBERS AND EQUITY CLUB MEMBERS. EQUITY GOLF MEMBERS HAVE ACCESS TO ALL FACILITIES INCLUDING UNLIMITED GOLF AND TENNIS AND HAVE EACH EQUITY GOLF MEMBER HAS TWO (2) VOTES, EACH. EQUITY CLUB MEMBERS HAVE ACCESS TO ALL FACILITIES INCLUDING A SPECIFIED NUMBER OF ROUNDS OF GOLF, UPON PAYMENT OF A GREENS FEE. EQUITY CLUB MEMBERS HAVE ONE (1) VOTE EACH. NON-EQUITY MEMBERSHIPS WERE ISSUED PRIOR TO DECEMBER 31, 2010. NO NEW NON-EQUITY MEMBERS ARE BEING ADMITTED. NON-EQUITY MEMBERS DO NOT VOTE ON GENERAL MATTERS; THEIR VOTING RIGHTS ARE FURTHER DESCRIBED ON LINE 7(B). |
FORM 990, PART VI, SECTION A, LINE 7A |
CERTAIN DIRECTORS ARE ELECTED ANNUALLY BY THE MEMBERS. |
FORM 990, PART VI, SECTION A, LINE 7B |
AT ANNUAL MEMBER MEETINGS EQUITY MEMBERS ENTITLED TO VOTE MAY VOTE ON "MAJOR DECISIONS". MAJOR DECISIONS ARE DEFINED AS: (A) A MAJOR CAPITAL EXPENDITURE FOR NEW CAPITAL IMPROVEMENTS AND EXPANDED FACILITIES OR AS MAY BE REQUIRED, AS DETERMINED BY THE BOARD, FOR IWDS WATER FACILITIES AND RELATED OBLIGATIONS THAT ARE NOT CAPITAL REPAIR AND REPLACEMENT ITEMS AND ARE IN EXCESS OF FIVE PERCENT (5%) OF THE THEN CURRENT CLUB ANNUAL GROSS REVENUE, INCLUDING TRANSFER FEES. (B) A SALE OF THE CLUB FACILITIES OR ANY INDIVIDUAL CLUB FACILITY, (C) A MATERIAL ADVERSE CHANGE TO THE MEMBERSHIP REFUND AMOUNT TO BE PAID TO EXISTING MEMBERS, (D) A CHANGE OR ADDITION TO THE MEMBERSHIP CATEGORIES OR CHANGES IN EXISTING MEMBERSHIP CATEGORIES THAT RESULT IN AN INCREASE IN THE MAXIMUM NUMBER OF EQUITY GOLF OR EQUITY CLUB MEMBERS ABOVE THE CAPS STATED IN THE BYLAWS, AND (E) AND AMENDMENT TO THE BYLAWS. ANY AMENDMENT TO THE BYLAWS THAT DISCRIMINATES OR IMPOSES GREATER OBLIGATIONS OR FEWER RIGHTS THAT APPLY SOLELY AGAINST THE DEVELOPER RETAINED MEMBERSHIPS COMPARED TO OTHER EQUITY GOLF MEMBERSHIPS IN THE CLUB, OR MODIFIES ANY OF THE RIGHTS AND PRIVILEGES OF THE NON-EQUITY MEMBERSHIPS IN THE CLUB NOT OTHERWISE AMENDABLE UNDER THE APPLICABLE TERMS AND PROVISIONS OF THE PRIOR CLUB OF THE PRIOR PLANS, OR REVISE ANY OF THE RIGHTS OF DESERT MOUNTAIN PROPERTIES LIMITED PARTNERSHIP ("DMP") GRANTED IN THE BYLAWS, REQUIRES PRIOR WRITTEN APPROVAL OF DMP. SUCH APPROVAL CANNOT BE UNREASONABLY WITHHELD. ANY ASSESSMENT OF THE NON-EQUITY MEMBERS IS SUBJECT TO OBTAINING THE REQUIRED AFFIRMATIVE VOTE OF THE NON-EQUITY MEMBERS. |
FORM 990, PART VI, SECTION B, LINE 11B |
THE RETURN IS REVIEWED BY THE CLUB'S CHIEF FINANCIAL OFFICER AND IS PROVIDED TO ALL BOARD MEMBERS. |
FORM 990, PART VI, SECTION B, LINE 12C |
THE BOARD OF DIRECTORS MEET MONTHLY TO DISCUSS ANY CONFLICTS |
FORM 990, PART VI, SECTION B, LINE 15 |
AS PART OF THEIR FIDUCIARY RESPONSIBILITY, THE BOARD OF DIRECTORS HAS A COMPENSATION COMMITTEE WHICH OBTAINS A COMPENSATION SURVEY BY AN INDEPENDENT THIRD PARTY. THE SURVEY IS ORDERED EVERY COUPLE OF YEARS TO EVALUATE COMPENSATION. THE COMPENSATION OF TOP-LEVEL EMPLOYEES IS EVALUATED ANNUALLY BY THE CEO AND THE COMPENSATION OF THE CEO IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS' COMPENSATION COMMITTEE. |
FORM 990, PART VI, SECTION C, LINE 19 |
ALL INFORMATION IS KEPT READILY AVAILABLE IN THE MAIN OFFICE OF THE CLUB. |