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nOTeS TO fInanCIal STaTemenTS continued from page 23 the Club’s individual investments have and will fluctuate in response to changing market conditions, the amount of gains or losses that will be recognized in subsequent periods and the impact on the net assets of the Club, if any, cannot be determined. Property, plant and equipment Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets: Clubhouse 40 years Clubhouse and land improvements 7-10 years Equipment, furniture and fixtures 3-7 years Parking structure and athletic facilities 10-40 years Property, plant and equipment acquisitions, renewals, and improvements exceeding $2,500 are capitalized. Maintenance and repairs are expensed as incurred. Upon disposal of property subject to depreciation, the accounts are relieved of the related costs and accumulated depreciation and the resulting gains and losses are reflected in the statements of activities. membership dues and initiation fees Membership dues are recognized as revenue in the applicable membership period. The Club collects a portion of initiation fees from prospective members as they are placed on the waiting list and includes these amounts in deferred revenue. The Club also has had programs in place to promote prepayment of initiation fees for juniors and spouses. Initiation fees are recognized as revenue on acceptance to the membership. Membership dues and initiation fees are due primarily from Club members within the Portland metropolitan area. Taxes on unrelated business income The Club is a tax-exempt organization under section 501(c)(7) of the Internal Revenue Code and the Oregon Revised Statutes. It is, however, taxed on its unrelated business income. Use of estimates The preparation of financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. reclassification Certain prior year amounts have been reclassified to conform to the current year presentation. 2. PrOPerTy, PlanT anD eqUIPmenT Property, Plant and Equipment consist of the following: 2008 2007 Land and improvements $ 2,483,514 $ 2,483,514 Clubhouse and improvements 40,668,641 40,512,582 Equipment, furniture and fixtures 21,699,377 19,155,813 Parking structure and athletic facilities 7,981,131 7,990,596 Total property, plant and equipment 72,832,663 70,142,505 Less accumulated depreciation (40,918,085) (37,286,384) 31,914,578 32,856,121 Construction in progress Property, plant and equipment, 1,324,079 870,799 net of accumulated depreciation $ 33,238,657 $ 33,726,920 3. COmmITmenTS anD COnTIngenCIeS Operating leases – The Club leases certain office equipment under operating lease agreements. Future minimum payments under those leases are as follows: Years ending December 31, 2009 214,223 2010 211,190 2011 204,979 2012 1,253 $ 631,645 The Club incurred operating lease expenses of $81,334 and $56,515 during the years ended December 31, 2008 and 2007, respectively. legal contingencies – The Club, in the ordinary course of business, may become a defendant in certain claims and legal actions. In the opinion of management, after consultation with legal counsel, there are no matters or potential claims presently known to the Club that are expected to have a material adverse effect on the financial condition of the Club. 24 • The Winged M • February 2009 A d m i n i s t r A t i v e 4. TaxeS On UnrelaTeD BUSIneSS InCOme Taxes on unrelated business income result primarily from advertising income in the Club’s Winged M publication and from investment earnings, including gains on sales of investments. The effective tax rate applied to these items of approximately 44 percent differs from the statutory federal rate of 34 percent primarily due to state and local taxes. The statements of activities include provisions for taxes on unrelated business income as follows: 2008 2007 Federal $ 100,154 $ 197,520 State and local 60,250 82,400 Total taxes on unrelated business income $ 160,404 $ 279,920 The Club adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, on January 1, 2007. The Club had no unrecognized tax benefits which would require an adjustment to the January 1, 2007 beginning balance of net assets. The Club had no unrecognized tax benefits at December 31, 2007 and at December 31, 2008. The Club’s policy is to recognize interest accrued and penalties related to unrecognized tax benefits as an administrative expense when it applies. During the years ended December 31, 2008 and 2007, the Club recognized no interest and penalties. The Club files an exempt organization income tax return and an unrelated business income tax return in the U.S. federal jurisdiction and a copy with the state charities division and department of revenue. With few exceptions, the Club is no longer subject to U.S. federal or state/local income tax examinations by tax authorities for years before 2002. 5. emPlOyee BenefIT Plan The Club has a salary deferral retirement savings plan under the provisions of Section 401(k) of the Internal Revenue Code whereby participating employees may defer a portion of their gross wages. The Club makes contributions to the plan of 3 percent of the base salary of employees and also matching 100 percent of the first 3 percent of the employee deferral. Total contributions to the plan for the year ended December 31, 2008 and 2007 were $676,547 and $696,860 respectively. In addition, the Club pays a portion of administrative expenses of the plan. 6. PenSIOn Plan The Club had a noncontributory defined benefit pension plan covering substantially all full-time employees, ages 21 and older, with one year of service. The benefits were based on years of service and the employee’s compensation during the most recent ten years of employment. The Club’s funding policy was to contribute annually the amount required to be in compliance with the provisions of ERISA. Contributions were intended to provide not only for benefits attributed to service to date but also for those expected to be earned in the future. Prior service costs were amortized using the straight-line method over the average remaining service period of employees expected to receive benefits under the plan. The plan was curtailed as of December 31, 2005. All retirement funds were distributed during 2008. The gains on the curtailment of the pension plan at December 31, 2008 was as follows: Estimated accrued pension liability at December 31, 2007 Actual plan obligation paid by the Club $ 595,211 to plan participants (395,315) Gain on curtailment of the pension plan $ 199,896 The gain on curtailment is included in the Statement of Activities for the year ended December 31, 2008. 7. COnCenTraTIOn Of CreDIT rISk The Club invests its excess cash in a bank or cash management account. These deposits may exceed the limits of related depository insurance; however, the Club makes such deposits with financial institutions which have not historically incurred any significant credit related losses. n
Tuesdays at Ten is a series of educational talks that covers a wide variety of topics. Each Tuesdays at Ten session costs $5.50 per person, which includes coffee service and muffins. Mark the calendar for the following speakers and informative talks. Heart health Learn about heart health Tuesday, Feb. 17 with WellspringHeart, a revolutionary program to reverse heart disease. Attendees learn what they can do to reverse heart disease, the No. 1 killer of men and women. Seventy percent of people older than age 50 have some degree of coronary artery disease. Diagnosing heart disease early is less invasive and less costly. Nutrition, exercise, stress management A c t i v i t i e s ••••••••••••••• Ta l k s Co v e r He a lT H, se n i o r s, sa f e Tr av e l MAC welcomes gardener Linda Beutler to the club Thursday, March 12. Attendees enjoy a luncheon presentation from 11:30 a.m.-1 p.m. as they learn what to plant to make their garden a cut above. Beutler is a fearless gardener whose first love was in her own garden growing flowers and foliage for cutting. Her background includes being a florist for more than 20 years, as well as an instructor of a horticulture class for 12 years. She lectures nationally on numerous gardening topics. Beutler’s book, Garden to Vase, explains how to grow and use cut flowers, and is written with gardeners, not florists, in mind. She is a garden writer for both local and national publications, including Fine Gardening, Pacific Horticulture, and Birdwatcher’s Digest. This event includes lunch and dessert. Those with special dietary restrictions or seating requests should submit their requests when making their reservation. and group support can halt, reverse and prevent America’s top health threat without invasive treatment or surgery. Participants in lifestyle modification programs that include nutrition, exercise, stress management and group support have significant reversal in heart disease after one year. Quick Register ME546 Senior’s advocate Members are invited to learn from Judith Colbert, the owner of The Senior’s Advocate, Tuesday, March 10. Colbert informs attendees of the options that exist to assist older persons to remain as independent as possible with the support systems as needed. With more than 25 years of experience, her goal is to help families be the best informed advocates they can be on behalf of their parents or loved ones. Quick Register ME547 Safe travel Learn to prepare for what could go wrong during travel, and how to prevent these problems Tuesday, April 21. Participants Mary Long Harvey learn tips and advice from Mary Long Harvey, someone who’s been there and back. Quick Register ME548 For more information on Tuesdays at Ten events, look in upcoming issues of The Winged M. To register for an event, call Member Services at 503-223-8736, or go online to theMAC.com. n ••••••••••••••• le a r n Ho w To Ma k e a Ga r d e n Gr o w Linda Beutler shares gardening tips with members at a luncheon presentation Thursday, March 12. Seating is assigned in order of reservations received. The cost is $23 for members and $27 for guests. For more information or to register, call Member Services at 503-223-8744 or register online at theMAC.com. Quick Register ME570 n February 2009 • The Winged M 25
Page 1 and 2: THE WIN G ED MFebruary MFebruary 20
Page 3 and 4: February 2009 • VOL. 98 No. 2 The
Page 5 and 6: A d m i n i s t r A t i v e Preside
Page 7 and 8: A d m i n i s t r A t i v e General
Page 9 and 10: A D M I N I S T R A T I V E ••
Page 11 and 12: A d m i n i s t r A t i v e ••
Page 13 and 14: A d m i n i s t r A t i v e Ka r l
Page 15: The friendships Holman has made dur
Page 18 and 19: ��
Page 20 and 21: 20 • The Winged M • February 20
Page 22 and 23: Current assets Cash and cash equiva
Page 26 and 27: The Morning Book Group is looking f
Page 28 and 29: AN SRG SENIOR LIVING COMMUNITY �
Page 30 and 31: ��
Page 36 and 37: AVAILABLE WITH WARMTH AND WISDOM AT
Page 38 and 39: Yoga 38 • The Winged M • Februa
Page 40 and 41: Yoga is for everyone ever continued
Page 42 and 43: A t h l e t i c s The annual MAC Te
Page 44 and 45: A t h l e t i c s M AConomics Hotel
Page 46 and 47: A t h l e t i c s Friday night Spin
Page 48 and 49: A t h l e t i c s Making Memories
Page 50 and 51: A T H L E T I C S FAMILY PRACTICE H
Page 52 and 53: A t h l e t i c s Buddah’s Garden
Page 54 and 55: A t h l e t i c s MAC Te n n i s
Page 56 and 57: A t h l e t i c s Discover retireme
Page 58 and 59: C l a s s i f i e d s EQUAL HOUSING
Page 60 and 61: C l a s s i f i e d s CANNON BEACH
Page 62 and 63: 1. MAC’s 2008 national champions
Page 64: “First Republic is always so atte

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