We can support private clubs with audited financial statements, income tax preparation, sales and use taxes, protection of tax-exempt status, internal control enhancement, plus much more.  Clubs operate in an unique business environment and need specific guidance with changing rules and regulations, tax laws, and membership needs.  Stroemer & Company understands these challenges and provides tailored services focused on your individual club.

While we concentrate on the accounting, management can focus on their members, customers, employees, and running a successful club.  Stroemer & Company is dedicated to providing clients with the vision and financial strength necessary for continued growth in trying economic conditions.

Professional Services Provided:

• Ensure compliance with ever-changing governmental tax and non-taxable requirements and issues
• Provide well-planned, timely audit or review
• Classify and separate member vs. non-member income
• Advise on new 1099-B filing requirements
• Clarify privacy issues
• Comply with sales and use tax regulations
• Enhance internal controls
• Provide turnover audits
• Define Rev. Proc. 71-17 record-keeping requirements for taxable and non-taxable clubs
• Prevent IRS "red flags"
• Improve strategies to bring in new members and revenue streams
• Keep you up-to-date on current regulations and new requirements
• Determine compensation packages for management
• Identify industry trends
• Assist with club management succession and transitioning
• Provide training in many financial areas unique to golf clubs
• Analyze public-to-private and private-to-public conversions

The basic day to day operations and issues running a master association/bundled community versus a private club are essentially similar except for the following significant issues:

Master Associations/Bundled Communities

• Bundled community - No sales tax of membership
• Revenue subsidized by public (golf, proshop, restaurant, etc.)
• Real Estate Taxes – Inconsistent treatment (need to discuss), need to contest valuation issues
• Collect Sales Tax: non-resident assessments/dues, golf cart, trail, and green fees, golf membership dues (if not bundled), golf pro shop sales
• File under section 277 of IRC: Member vs. Non-member, and use revenue ruling 70-604
• File 1120 – regular corporation
• No restrictions
• Not private (deal with the public) – non-resident equity memberships
• More crowding (busier restaurants and golf course)

Private Club

• Pay sales tax on dues (6%), if equity membership or various classes of membership        
• Revenue is not subsidized by public- will have to increase assessments
• Real Estate Taxes - Inconsistent treatment (need to discuss), need to contest valuation issues
• Usually file 990, also may file a 990T
• Restrictions of revenue sources
• Private (control environment/quality of members)
• Less crowding

If you need assistance, please contact us at 1-855-STROEMER or JamieR@StroemerCPA.com, se habla espanol.