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PART VI, LINE 7A | THE FOUNDATION'S BOARD IS COMPRISED OF EIGHT INDIVIDUALS; UNDER THE BYLAWS, SEVEN OF THE DIRECTORS ARE NAMED BY TITLE AND MUST BE ELECTED AS DIRECTORS BY VIRTUE OF THEIR OFFICIAL CAPACITY IN EACH OF THE FOLLOWING SEVEN MAJOR GOLF ORGANIZATIONS - THE PGA TOUR, UNITED STATES GOLF ASSOCIATION, PROFESSIONAL GOLF ASSOCIATION OF AMERICA, LADIES PROFESSIONAL GOLF ASSOCIATION OF AMERICA, THE MASTERS TOURNAMENT, THE R&A, AND THE PGA EUROPEAN TOUR. AS A RESULT, THESE SEVEN GOLF ORGANIZATIONS HAVE LIMITED DISCRETION TO ELECT SEVEN OF THE EIGHT DIRECTORS. UNDER THE BYLAWS, AN EIGHTH DIRECTOR CAN BE ELECTED BY THE EXISTING DIRECTORS AND IS NOT SELECTED BY ANY OTHER PERSONS OR ORGANIZATIONS. |
PART VI, LINE 11B | THE RETURN WAS REVIEWED IN DETAIL BY THE SENIOR VICE PRESIDENT OF FINANCE AND GRANT THORNTON. THE 990 RETURN AS FILED WITH THE IRS WAS ALSO MAILED/EMAILED TO THE BOARD OF DIRECTORS PRIOR TO THE FILING OF THE FORM WITH THE INTERNAL REVENUE SERVICE. |
PART VI, LINE 12C | THE EMPLOYEE HANDBOOK CONTAINS COMPREHENSIVE CONFLICTS OF INTEREST POLICIES AND REPORTING PROCEDURES THAT GOVERN ALL EMPLOYEES, INCLUDING KEY EMPLOYEES AND OFFICERS WHO ARE ALSO EMPLOYEES. EACH EMPLOYEE SIGNS A CERTIFICATION WHEN THEY REVIEW THE CONFLICTS OF INTEREST SECTION OF THE EMPLOYEE HANDBOOK, AND THE EMPLOYEE HANDBOOK IS POSTED AT ALL TIMES ON THE ORGANIZATION'S INTRANET WEB SITE. THERE IS NO ANNUAL WRITTEN DISCLOSURE FORM. EMPLOYEES ARE REQUIRED TO DISCLOSE ACTUAL OR POTENTIAL CONFLICTS OF INTEREST TO AN OFFICER OR THE DIRECTOR OF TALENT AND CULTURE PROMPTLY AS THEY ARISE MONITORING AND MANAGING ACTUAL OR POTENTIAL CONFLICTS OF INTEREST ON THE BOARD OF DIRECTORS AND AMONG EMPLOYEES IS THE RESPONSIBILITY OF THE CHIEF EXECUTIVE OFFICER, WITH ADVICE AND CONSULTATION FROM OTHER OFFICERS, DIRECTORS, SUPERVISORY STAFF AND THE DIRECTOR OF TALENT AND CULTURE. AS STATED IN THE EMPLOYEE HANDBOOK EMPLOYEES AND OFFICERS WHO ARE ALSO EMPLOYEES ARE REQUIRED TO REPORT ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST AND TO TAKE APPROPRIATE ACTION INCLUDING ADEQUATE DISCLOSURE AND NOT PARTICIPATING IN DECISIONS THAT INVOLVE THE CONFLICT OF INTEREST. |
PART VI, LINE 15A AND 15B | THE 2021 COMPENSATION WAS DECIDED BY THE COMPENSATION COMMITTEE COMPRISED OF INDEPENDENT DIRECTORS BASED ON SEVERAL CRITERIA INCLUDING A WRITTEN REPORT WITH COMPARABILITY DATA FROM THE GOLF INDUSTRY. A WRITTEN RECORD WAS MADE OF THE COMMITTEE'S COMPENSATION DECISIONS. THE COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES WAS DETERMINED BY THE COMPENSATION COMMITTEE, WITH ALL SUCH COMPENSATION REFLECTED IN THE BUDGET APPROVED BY THE DIRECTORS. |
PART VI, LINE 19 | THE ARTICLES OF INCORPORATION ARE AVAILABLE ANYTIME ONLINE FROM THE STATE OF FLORIDA, DIVISION OF CORPORATIONS. THE BYLAWS, THE CONFLICT OF INTEREST POLICY, AND THE AUDITED FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. |
COVID-19 IMPACT | IN MARCH 2020, THE WORLD HEALTH ORGANIZATION DECLARED THE OUTBREAK OF THE NOVEL CORONAVIRUS ("COVID-19") AS A PANDEMIC, WHICH HAS IMPACTED THE FOUNDATION'S OPERATIONS, SPECIFICALLY ADMISSIONS AND TICKET SALES, THROUGH THE DATE THE FINANCIAL STATEMENTS WERE AVAILABLE TO BE ISSUED. THE SPREAD OF COVID-19 HAS CAUSED SIGNIFICANT VOLATILITY IN THE U.S. AND INTERNATIONAL MARKETS. THERE IS SIGNIFICANT UNCERTAINTY AROUND THE BREADTH AND DURATION OF BUSINESS DISRUPTIONS RELATED TO COVID-19, AS WELL AS ITS IMPACT ON THE U.S. AND INTERNATIONAL ECONOMIES. THE FOUNDATION CANNOT REASONABLY ESTIMATE THE LENGTH OR SEVERITY OF THIS PANDEMIC, BUT IT CURRENTLY ANTICIPATES A CONTINUED ADVERSE IMPACT ON ITS OPERATIONS. |
PART VII, SECTION A | THE COMPENSATION REPORTED ON FORM 990, PART VII FOR, PRESIDENT/CEO, GREG MCLAUGHLIN REPRESENTS WAGES REPORTED TO MR. MCLAUGHLIN ON THE W-2 HE RECEIVED FROM WORLD GOLF FOUNDATION, INC. (WGF) MR. MCLAUGHLIN WAS COMPENSATED FOR SERVICES PROVIDED TO WGF AND TO AN UNRELATED THIRD PARTY CHARITY. WGF HAS DETERMINED THAT 75% OF MR. MCLAUGHLIN'S TIME WAS SPENT PROVIDING SERVICES TO AN UNRELATED THIRD PARTY CHARITY. |
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