The rapid spread of Covid-19 has sparked a health and economic crisis affecting most industries worldwide. In the hospitality industry, the impact has been particularly sudden and severe.
The good news at this point in the coronavirus news cycle is that we’re becoming accustomed to rapid change and a new normal of business operations, or lack thereof. As the saying goes, the devil is in the details.
At the end of last year, many clubs received the exact same form letter from the IRS, Letter 6176 (4-2019) Catalog Number 72211B. The letter appears to have been generated by the IRS and sent to many 501(c)(7) exempt organizations reporting nonmember income regardless of the nonmember percentage of gross receipts.
How could a change in the tax law passed in 2017 have a substantial impact on clubs today? Given the recent business disruptions caused by the coronavirus, unrelated business income might not seem like a big deal.
Springtime normally signals the start of the busy season for country clubs. Golfers eager to take advantage of nicer weather and club members who enjoy other facility amenities will have to wait longer.
Ask any security expert and they will tell you that it’s not a matter of “if”, but “when” your organization will suffer a cyberattack. And while you might think a Country Club isn’t a huge target for hackers, the reality is that no organization is safe anymore, particularly smaller entities.
No matter what type of board you serve, two major responsibilities are in order: to serve as a dutiful member and to raise future board members. While many board members are very successful in their own careers, the operation of a club is a different animal all together.