CCAR501(c)(7) · MEDIUMNAICS 713910EIN 56-0163800
Carolina Country Club Company
Raleigh, NC · founded 1955
13 filings on recordFY 2011–2023medium confidence
Compare to peers →FY23 Total Revenue
$18.28M
▲ 9.8% YoY
FY23 Total Expenses
$18.96M
▲ 4.7% YoY
Operating Margin
-3.7%
revenue minus expenses ÷ revenue
Employees
392
headcount as reported on filing
The Five-Year Picture
FY2019 — FY2023 · as filed
Revenue
$18.3M
▲ 11.3% / 5y
Expenses
$19.0M
▲ 20.8% / 5y
Total Assets
$30.0M
▲ 20.5% / 5y
Total Liabilities
$9.0M
▲ 202.9% / 5y
Year-on-year detail
from IRS Form 990
| Line | FY19 | FY20 | FY21 | FY22 | FY23 | Δ total |
|---|---|---|---|---|---|---|
| Revenue | $16.4M | $14.7M | $14.7M | $16.6M | $18.3M | +11.3% |
| Expenses | $15.7M | $16.7M | $16.7M | $18.1M | $19.0M | +20.8% |
| Net surplus | $728K | -$2.0M | -$2.0M | -$1.5M | -$683K | -193.9% |
| Total assets | $24.9M | $25.3M | $25.3M | $24.9M | $30.0M | +20.5% |
| Total liabilities | $3.0M | $7.4M | $7.4M | $5.8M | $9.0M | +202.9% |
| Net assets | $21.9M | $17.9M | $17.9M | $19.1M | $21.0M | -4.3% |
Officer & staff compensation
FY23 · from IRS Form 990
| Officer · Employee | Reportable | Other |
|---|---|---|
JACK S SLAUGHTER GENERAL MANAGER / COO· 45h/wk | $438,091 | $54,201 |
THEORDORE C KIEGIEL Head Golf Professional· 45h/wk | $347,331 | $41,374 |
WILLIAMS S CANNON Director of Racquets· 45h/wk | $342,069 | $39,405 |
KYLE A JOHNSON Golf Course Superintendent· 45h/wk | $265,714 | $40,022 |
PATRICK COLLEY Executive Chef· 45h/wk | $200,379 | $38,484 |
J MATTHEW CAPASSO Chief Financial Officer· 45h/wk | $191,122 | $38,712 |
GUSTAVO C MUZZOLON ASST. GENERAL MGR.· 45h/wk | $190,697 | $29,383 |
DAMON GORE WELLNESS DIRECTOR· 45h/wk | $147,144 | $25,927 |
+ 10 unpaid officers/directors as reported (CHUCK PARKER, DOROTHEA BITLER, JENNINGS GLENN, +7 more)
Top contractors
FY23 · vendors paid $100k+ as reported
| Vendor | Service | Paid |
|---|---|---|
| Clancy & Theys Construction Co Inc RALEIGH, NC | Construction & renovation | $3,216,531 |
| US Foods Inc CHARLOTTE, NC | Food & beverage | $995,220 |
| United Healthcare Insurance Co MINNEAPOLIS, MN | Professional services | $924,728 |
| Bozeman Club & Corporate Int ATLANTA, GA | DESIGN SERVICES | $498,179 |
| Halperns' Steak & Seafood CHICAGO, IL | Food & beverage | $392,216 |
Revenue by activity
FY23 · dues, greens fees, dining, and other sources
| Line item | Amount |
|---|---|
| MEMBERSHIP FEES | $11,020,616 |
| GROUNDS & GOLF FEE | $1,016,386 |
| TENNIS/SWIMMING | $748,504 |
| WELLNESS & YOUTH | $460,665 |
Balance sheet & capital
FY23 · IRS Form 990, Part X
Mortgages & notes payable
$4.4M
▲ $2.7M new borrowing
Net land, buildings & equipment
$24.1M
book value, net of depreciation
Facility age
57%
accumulated depreciation ÷ cost — higher = older plant
Operating expenses
Professionally managedFY23 · Form 990, Part IX
| Management fees | $139,537 |
| Insurance | $107,377 |
| Occupancy | $870,888 |
| Depreciation & depletion | $2,269,072 |
| Office expenses | $26,395 |
| Legal fees | $49,141 |
| Other professional fees | $105,297 |
Retirement & benefit plans
DOL Form 5500 · plan sponsors
CAROLINA COUNTRY CLUB HEALTH AND WELFARE BENEFIT PLAN
welfare · 130 participants · FY2024
CAROLINA COUNTRY CLUB PROFIT SHARING AND SAVINGS PLAN
pension · 154 participants · FY2024
| Service provider | Paid |
|---|---|
| Empower Annuity Insurance Company O | $29,675 |
CFounded in 1955, Carolina Country Club Company reported $18.28M of revenue for FY23, at an operating margin of -3.7%. Revenue moved up 9.8% against the prior posted return. Every figure on this page is drawn from the club’s Form 990 as filed; a dash marks a value the filing did not report.
Source documents
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