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Tag: Condon-O’Meara-McGinty-Donnelly

Initiation Fees and Revenue Recognition

Membership in a club is comprised of a series of separate and distinct transactions between the club and the member during the time the individual is a member. These transactions include initiation fees, annual dues, assessments and charges for usage. The Financial Accounting Standards Board

Nontraditional Activities: New IRS Analysis of Problematic Activities

The Internal Revenue Service (IRS) recently provided clubs with insight to the IRS’s analysis regarding whether an activity is the active conduct of business not traditionally carried by tax-exempt clubs. A club must be vigilant regarding the identification of nontraditional business activities because such activities do not

What are the Key Financial Issues for Reopening the Club?

As coronavirus radically disrupted club operations, the first reactions from clubs were the health and safety of its staff and members. Based on state and federal orders, clubs closed their doors and have been working resiliently behind the scenes to prepare for reopening. Unfortunately, the

How does a club find the best board candidates?

Q  How does a club find the best board candidates? Are there best practices for board succession planning? A  Most public companies and many large nonprofit organizations have an almost unlimited pool of potential candidates to fill open board positions. However, private clubs by their very nature

Meal and Entertainment Expenses under the Tax Cuts and Jobs Act

The Internal Revenue Service (IRS) has released Interim Guidance with respect to the business expense deduction for meals and entertainment in the aftermath of the Tax Cuts and Jobs Act (the Act), an Act which significantly reduced deductions for expenses related to entertainment, amusement and

How has the Tax Cuts and Jobs Act affected tax-exempt clubs?

COMPUTING the unrelated business income tax of tax-exempt organizations, including social clubs, has become increasingly complex. Simply stated, among other things, the recently enacted Tax Cuts and Jobs Act (Public Law 115-97) (the Act) provides that losses from one unrelated trade or business may not be