Highlands Falls Country Club Inc
- Assets
- $22.2m
- Revenue
- $8.2m
- Investments
- $0.0
- Employees
- 82
- Location
- Highlands, NC
- Founding
- 08/2008
- Data as of
- 10/2023
- EIN
- 56-1184946
Organization Overview
Highlands Falls Country Club Inc is located in Highlands, NC. The organization was established in 2008. According to its NTEE Classification (N6A) the organization is classified as: Golf, under the broad grouping of Recreation & Sports and related organizations. As of 10/2023, Highlands Falls Country Club Inc employed 82 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Highlands Falls Country Club Inc is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 10/2023, Highlands Falls Country Club Inc generated $8.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $7.1m during the year ending 10/2023. While expenses have increased by 7.5% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SOCIAL ACTIVITIES FOR MEMBERS THROUGH GOLF AND DINING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTAINED AND OPERATED AN 18-HOLE GOLF COURSE, DINING FACILITIES, FITNESS CENTER, CLUBHOUSE, SWIMMING POOL, TENNIS COURTS, AND GOLF PRO SHOP FOR CLUB MEMBERS AND THEIR GUESTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chuck Carver President | OfficerTrustee | 5 | $0 |
Mark Pagano Vp/treasurer | OfficerTrustee | 5 | $0 |
Peter Portley Secretary | OfficerTrustee | 5 | $0 |
Karl Beier Board Member | Trustee | 2 | $0 |
Greg Copeland Board Member | Trustee | 5 | $0 |
Craig Fravert Board Member | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Southeastern Golf Inc Golf Course Renovation | 10/30/22 | $1,204,230 |
Superior Golf Maintainance Leased Labor | 10/30/22 | $210,008 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $62,870 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $62,870 |
| Total Program Service Revenue | $6,993,610 |
| Investment income | $154,353 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $79,538 |
| Net Gain/Loss on Asset Sales | -$255 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $894,887 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,219,292 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,750 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $365,104 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,546,728 |
| Pension plan accruals and contributions | $51,666 |
| Other employee benefits | $136,722 |
| Payroll taxes | $320,703 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $493,626 |
| Advertising and promotion | $57,845 |
| Office expenses | $1,174,186 |
| Information technology | $46,504 |
| Royalties | $0 |
| Occupancy | $461,382 |
| Travel | $20,393 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,286 |
| Interest | $286,747 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $969,210 |
| Insurance | $79,469 |
| All other expenses | $0 |
| Total functional expenses | $7,082,795 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $768,574 |
| Savings and temporary cash investments | $3,440,366 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $140,327 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $137,445 |
| Prepaid expenses and deferred charges | $140,052 |
| Net Land, buildings, and equipment | $16,892,851 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $703,644 |
| Total assets | $22,223,259 |
| Accounts payable and accrued expenses | $452,265 |
| Grants payable | $0 |
| Deferred revenue | $4,864,724 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $6,493,072 |
| Other liabilities | $703,644 |
| Total liabilities | $12,513,705 |
| Net assets without donor restrictions | $9,709,554 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $22,223,259 |