Skip links

Tag: Condon-O’Meara-McGinty-Donnelly

Financing Capital Expenditures

Q: How should a club structure financing of capital expenditures so that the long-term financial health is not threatened? A: Clubs strive to have their operations at least break even each year, before depreciation, thus eliminating the necessity of end of year assessments to cover operating deficits.

Board Transparency with Members

Q:  How much of the board’s work should be shared with the membership?  A: In an era of transparency, the question of how much of the board’s work should be shared with the membership becomes increasingly important.  The board must carefully weigh the quest for transparency, the need for confidentiality and

Internal Controls & Fiduciary Responsibilities

Q How important are separation of duties and strong internal controls in a club environment that does not handle cash and runs on a limited budget? A Occasionally you may hear about fraud at another club. You may even hear a remark that fraud cannot happen at

The Top Ten Things That Every Well-Run Club Should Have

Clubs strive to be the best that they can be in providing services to their members. In this pursuit of perfection, club leadership is generally interested in not only what other well-run clubs do, but also in what would be described as “best practices.” Best

Six Social Clubs Lose Tax-Exemption: The IRS Strikes

Not surprisingly, the Internal Revenue Service (IRS) expects a tax-exempt club to remain in compliance with the requirements of Section 501(c)(7) of the Internal Revenue Code (IRC). But, surprisingly, certain clubs that secure tax-exempt status still operate in a manner inconsistent with the IRS’ requirements.