TMCC Financial Results See the Light of Day

For many years, the financials of TMCC have been closely guarded info.  NOT. ANY. MORE.

TMCC’S budget updates (which included almost no numbers) included this statement: “The financial reports of the Meadows Country Club are not published, but available for review at the Club’s offices if a member chooses to do so. The financial reports are considered confidential and may not be copied or will copies be provided. If members wish to review the actual financial report, they should contact the Club’s Controller for an appointment. The financial operations of the Club are the responsibility of Management and the Board of Governors and discussion of detailed financial operations among the Membership is discouraged.”

Ignoring the absurdity of telling members they shouldn’t discuss the financial affairs of their club, the statement that the financial reports of TMCC are confidential is patently untrue. It has NEVER been true. And MCA Directors have continued to perpetuate this myth to MCA Members.

TMCC is a 501(c) Tax Exempt organization and BY LAW MUST MAKE ITS FORM 990 (which provide its detailed financials and more) AVAILABLE TO THE PUBLIC ON DEMAND. Not just to members, to ANYONE. TMCC is required to file the Form 990 with the IRS and they are available to anyone who uses their search tool (once the IRS posts them). You can check it out yourself.

Go to: https://apps.irs.gov/app/eos/ In the box with the words “Enter EIN Number”, enter 650065871. Then click Search. The search will come up with Meadows Country Club Inc. (might need to scroll down a bit to see it). Click on the name or the “Copies of Returns” button and you’ll have access to their Form 990 from 2015 to 2021 (It doesn’t show 2019 and the 2020 link doesn’t work, but don’t worry we have got them for you). Unfortunately 2022 hasn’t been posted yet, but ANYONE may go to TMCC and demand them. TMCC is required to provide them to you that day. We’ve ordered 2022 through the IRS but it hasn’t arrived yet.

Going back to the public’s access to this information, if you were being generous and thinking that maybe TMCC didn’t know, think again! Schedule O at the end of TMCC’s Form 990 includes these statements:

THE FORM 990 IS REVIEWED AND APPROVED BY THE TREASURER AND/OR ANOTHER OFFICER. AS WELL AS THE CONTROLLER PRIOR TO FILING AND IS AVAILABLE FOR INSPECTION BY THE MEMBERSHIP AND THE PUBLIC.

UPON REQUEST, GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC INSPECTION.

Long Story Short: TMCC and MCA have tried to hide TMCC’s financial results from their respective members, contrary to TMCC’s legal obligations to provide them as a tax exempt organization.

Knowledge is power. Without this knowledge it was impossible for MCA homeowners to make a case for change (or even for TMCC members to understand why change is necessary). More knowledge allows us all to have an informed rational discussion about the best use of MCA’s recreational assets.

NOTE TO TMCC MANAGEMENT AND BOARD: You can save yourselves a lot of time and headaches if you just make PDF copies of your Form 990’s and financial statements and email them to anyone who requests them. Most 501(c)’s post them on their public website. Provide them to us and we’d be happy to post them here with the rest.

NOTE TO MCA MANAGEMENT AND BOARD: We encourage you to represent the rights of MCA homeowners and require TMMC to meet their legal obligations by providing their Form 990 and financial statements promptly to anyone who requests them.

Contact us at ForTheMeadows@SarasotaMeadows.com