Our Private Club Practice Team serves several Chicagoland country clubs and city clubs. We perform financial statement audits, reviews, and compilations; prepare forms 990 and 990-T returns; and provide various consulting services to these clubs. Examples of special projects or consulting services we provide clubs includes:
- Inventory controls and procedures analysis
- Accounting and tax treatment for PGA tournaments
- Board election and club by-law voting tabulation and reporting
- Analysis of tax-exempt versus taxable corporation status
- Benchmarking of clubs’ operations
- Financial forecasts, projections and budgeting assistance
- Profit improvement and statistical comparison analysis
- Cash flow projections for proposed expansion of facilities or major renovation projects
- IRS examinations
- Sales and turnover of golf facilities from the real estate developer to the membership
Our level of industry involvement has provided us with a thorough understanding of the issues clubs face and how these issues have been addressed by club boards. As a result of the Private Club Team’s deep understanding of club operations, as part of the financial statement audit we provide club clients a presentation of their key operating statistics against the backdrop of the industry benchmarks. This benchmarking among clubs provide the club a better understanding of its operations and how it compares to others.
Selden Fox draws upon its extensive audit experience across industries and its in-depth understanding of the club industry to develop an audit approach specifically tailored to clubs. This approach identifies the risks inherent in most club operations and addresses the unique aspects of clubs. The result is an effective, efficient audit. Selden Fox’s experience also extends to tax issues facing clubs. For example, Selden Fox has a thorough understanding of the unrelated business income rules that can threaten a club’s tax-exempt status.
Members of the Selden Fox Club Practice are active members of the Club Accountants Association of America (CAAA). The firm proudly supports the Greater Chicago Club Managers Association and the Greater Chicago Club Managers Scholarship Foundation.