Callawassie Island Members Club Inc in Okatie, South Carolina (SC)

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Callawassie Island Members Club Inc
Employer Identification Number (EIN)571088078
Name of OrganizationCallawassie Island Members Club Inc
In Care of NameWilliam F Hawkins
Address22 Callawassie Club Dr, Okatie, SC 29909-4233
SubsectionPleasure, Recreational, or Social Club
Ruling Date04/2001
FoundationAll organizations except 501(c)(3)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2011
Assets$10,000,000 to $49,999,999
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$17,524,802
Amount of Income$6,848,899
Form 990 Revenue Amount$5,157,560
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building:


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Amount of income in 2011: $6,848,899
This organization: 

 $6,848,899
Other organizations performing similar types of work: 

 $6,848,899

Assets in 2011: $17,524,802
Callawassie Island Members Club Inc: 

 $17,524,802
Other organizations performing similar types of work: 

 $17,524,802

Expenses in 2007: $4,400,873
Callawassie Island Members Club Inc: 

 $4,400,873
Other organizations performing similar types of work: 

 $4,400,873

Income to expenses ratio in 2007: 1.0
Callawassie Island Members Club Inc: 

 1.0
Other organizations performing similar types of work: 

 1.0

Number of employees in 2007: 77
This organization: 

 77
Other organizations performing similar types of work: 

 77

Employees paid over $50,000 in 2007: 1.3%
This organization: 

 1.3%
Other organizations performing similar types of work: 

 1.3%

Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2001200220032004200520062007
Total revenue$1,453,702$3,508,712$6,080,083$3,691,164$3,889,854$4,135,094$4,263,760
Contributions, gifts, grants, and similar amounts received$0$0$0$0$0$0$0
Contributions to donor advised funds$0$0
Direct public support$0$0$0$0$0$0$0
Indirect public support$0$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0$0
Program service revenue including government fees and contracts$0$0$0$0$0$0$0
Membership dues and assessments$1,411,855$3,100,891$5,606,828$3,188,449$3,178,264$3,434,241$3,792,814
Interest on savings and temporary cash investments$568$2,242$12,777$1,505$3,662$7,687$13,484
Dividends and interest from securities$0$0$0$0$0$0$0
Net rental income or (loss)$0$0$0$0$0$0$0
Gross rents$0$0$0$0$0$0$0
Less: rental expenses$0$0$0$0$0$0$0
Other investment income$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$0$0$0$0$0$1,000$0
Gross amount from sales of assets other than inventory$0$0$0$0$0$1,000$0
Less: cost or other basis and sales expenses$0$0$0$0$0$0$0
Net income or (loss) from special events and activities$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$-35,788$-173,454$-205,290$-122,562$-142,331$-188,643$-201,137
Gross sales of inventory, less returns and allowances$554,319$641,963$821,805$870,366$891,339$902,267$907,904
Less: cost of goods sold$590,107$815,417$1,027,095$992,928$1,033,670$1,090,910$1,109,041
Other revenue$77,067$579,033$665,768$623,772$850,259$880,809$658,599
Total expenses$1,534,040$3,350,043$3,927,284$4,033,210$4,100,000$4,356,384$4,400,873
Program services$0$0$0$0$0$0$0
Management and general$0$0$0$0$0$0$0
Fundraising$0$0$0$0$0$0$0
Payments to affiliates$0$0$0$0$0$0$0
Net assets or fund balances at end of year$9,784,694$9,943,363$12,096,162$11,754,116$11,543,970$11,471,302$11,351,774
Excess or (deficit) for the year$-80,338$158,669$2,152,799$-342,046$-210,146$-221,290$-137,113
Net assets or fund balances at beginning of year$43,970$9,784,694$9,943,363$12,096,162$11,754,116$11,543,970$11,471,302
Other changes in net assets or fund balances$9,821,062$0$0$0$0$148,622$17,585
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$4,400,873$0$0$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$87,750$0$0$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$0$0$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$0$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$0$0$0$0
Legal fees$0$0$0$0
Supplies$0$0$0$0
Telephone$0$0$0$0
Postage and shipping$0$0$0$0
Occupancy$2,724,758$0$0$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$0$0$0$0
Travel$0$0$0$0
Conferences, conventions, and meetings$0$0$0$0
Interest$189,410$0$0$0
Depreciation, depletion, etc.$603,436$0$0$0
Other expenses not covered above$795,519$0$0$0
Balance Sheets
2001200220032004200520062007
Total assets$13,600,952$15,851,365$16,103,879$15,561,325$15,420,278$15,280,752$15,048,916
Cash - non-interest-bearing$80,068$46,276$126,653$110,668$218,686$295,784$125,378
Savings and temporary cash investments$152,457$481,905$477,791$113,017$171,429$266,968$345,210
Accounts receivable less allowance for doubtful accounts$617,468$639,005$642,402$629,193$649,118$648,544$851,791
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0$0$0
Grants receivable$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$0$0$0$0
Inventories for sale or use$60,495$65,601$71,948$85,798$85,395$99,278$108,020
Prepaid expenses and deferred charges$25,051$32,952$19,307$22,987$80,949$46,556$41,586
Investments - publicly-traded securities$0$0
Investments - other securities$0$0$0$0$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0
Investments - other$0$0$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$12,665,413$14,585,626$14,765,778$14,599,662$14,214,701$13,923,622$13,576,931
Other assets, including program-related investments$0$0$0$0$0$0$0
Total liabilities$3,816,258$5,908,002$4,007,717$3,807,209$3,876,308$3,809,450$3,697,142
Accounts payable and accrued expenses$294,682$427,965$253,835$295,181$310,428$400,002$366,006
Grants payable$0$0$0$0$0$0$0
Deferred revenue$255,591$266,415$266,348$276,396$291,053$311,197$332,321
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0$0
Mortgages and other notes payable$3,003,473$5,012,130$3,356,300$3,123,417$2,993,506$2,881,329$2,728,035
Other liabilities$262,512$201,492$131,234$112,215$281,321$216,922$270,780
Total liabilities and net assets/fund balances$13,600,952$15,851,365$16,103,879$15,561,325$15,420,278$15,280,752$15,048,916
Total net assets or fund balances$9,784,694$9,943,363$12,096,162$11,754,116$11,543,970$11,471,302$11,351,774
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2001200220032004200520062007
Total revenue$1,453,702$3,508,712$6,080,083$3,691,164$3,889,854$4,135,094$4,263,760
Total revenue, gains, and other support per audited financial statements$2,043,810$4,324,129$7,107,178$4,684,092$4,923,524$5,226,005$5,386,337
Other expenses$0$0$0$0$0$0$17,585
Net unrealized gains on investments$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$17,585
Other revenue$-590,108$-815,417$-1,027,095$-992,928$-1,033,670$-1,090,911$-1,104,992
Investment expenses$0$0$0$0$0$0$0
Other$-590,108$-815,417$-1,027,095$-992,928$-1,033,670$-1,090,911$-1,104,992
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2001200220032004200520062007
Total expenses$1,534,040$3,350,043$3,927,284$4,033,210$4,100,000$4,356,384$4,400,873
Total expenses and losses per audited financial statements$2,124,148$4,165,460$4,954,379$5,026,138$5,133,670$5,447,295$5,505,865
Other revenue$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Other expenses$-590,108$-815,417$-1,027,095$-992,928$-1,033,670$-1,090,911$-1,104,992
Investment expenses$0$0$0$0$0$0$0
Other$-590,108$-815,417$-1,027,095$-992,928$-1,033,670$-1,090,911$-1,104,992
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
40$87,750$0$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings10
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?No
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?Yes
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 200677
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$184,844$0$4,078,916
Program service revenue
Program service revenue 1000000$000$0$0
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$3,792,814
Interest on savings and temporary cash investmentsInvestment activities of section 501(c)(7), (9), or (17) organizations$13,48400$0$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory999999$74,14300$0$-275,280
Other revenue999999$97,21700$0$561,382
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
Enter the total number of donor advised funds owned at the end of the tax year$0
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
2000200120022003200420052006
Total$0$0$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?Yes
Initiation fees and capital contributions$96,550
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$5,157,560
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$4,607,564
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$2,192
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$10,331
Gross rents (Real / Personal)$176,061 / $0
Less: rental expenses (Real / Personal)$165,730 / $0
Rental income or (loss) (Real / Personal)$10,331 / $0
Net gain from sales of assets other than inventory$0
Net income from fundraising events$0
Net income from gaming activities$0
Net loss from sales of inventory$-234,894
Gross sales of inventory, less returns and allowances$1,290,715
Less: cost of goods sold$1,525,609
Miscellaneous Revenue$772,367
Statement of Functional Expenses (for 2011)
Total functional expenses$5,743,760
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$1,468,872
Payroll taxes$126,551
Professional fundraising services$0
Other$4,148,337
Balance Sheet (for 2011)
Total assets$17,524,802
Total liabilities$7,205,717
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$6,117,859
Unsecured notes and loans payable to unrelated third parties$0
Other$1,087,858
Total net assets or fund balances$10,319,085
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:Not provided
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