FORS501(c)(7) · MEDIUMNAICS 713910EIN 56-0226706
Forsyth Country Club Co
Winston Salem, NC · founded 1943
13 filings on recordFY 2011–2023medium confidence
Compare to peers →FY23 Total Revenue
$16.18M
▲ 2.6% YoY
FY23 Total Expenses
$15.32M
▲ 19.2% YoY
Operating Margin
5.4%
revenue minus expenses ÷ revenue
Employees
285
headcount as reported on filing
The Five-Year Picture
FY2019 — FY2023 · as filed
Revenue
$16.2M
▲ 47.2% / 5y
Expenses
$15.3M
▲ 32.8% / 5y
Total Assets
$25.9M
▲ 31.8% / 5y
Total Liabilities
$8.8M
▼ 3.2% / 5y
Year-on-year detail
from IRS Form 990
| Line | FY19 | FY20 | FY21 | FY22 | FY23 | Δ total |
|---|---|---|---|---|---|---|
| Revenue | $11.0M | $13.2M | $13.2M | $15.8M | $16.2M | +47.2% |
| Expenses | $11.5M | $11.2M | $11.2M | $12.9M | $15.3M | +32.8% |
| Net surplus | -$539K | $2.1M | $2.1M | $2.9M | $867K | -260.9% |
| Total assets | $19.7M | $21.4M | $21.4M | $25.4M | $25.9M | +31.8% |
| Total liabilities | $9.1M | $8.0M | $8.0M | $9.2M | $8.8M | -3.2% |
| Net assets | $10.6M | $13.4M | $13.4M | $16.2M | $17.1M | +62.0% |
Officer & staff compensation
FY23 · from IRS Form 990
| Officer · Employee | Reportable | Other |
|---|---|---|
PAUL LEE SMITH CHEIF OPERATING OFFICER (DECEASED)· 60h/wk | $304,760 | $34,974 |
MATTHEW JONES Golf Course Superintendent· 45h/wk | $184,200 | $18,468 |
CHASE ADAMS Head Golf Professional· 45h/wk | $158,572 | $23,394 |
KYLE W SLAGLE CHEIF FINANCIAL OFFICER· 45h/wk | $147,961 | $28,759 |
ADAM THOMSON Head Tennis Professional· 45h/wk | $135,226 | $31,913 |
RENATE VAN STADEN FITNESS DIRECTOR· 45h/wk | $101,935 | $17,231 |
+ 9 unpaid officers/directors as reported (BOB BOLES, JOHN FRAGG, JOSH CRANE, +6 more)
Top contractors
FY23 · vendors paid $100k+ as reported
| Vendor | Service | Paid |
|---|---|---|
| New Atlantic Contracting Inc WINSTON SALEM, NC | Construction & renovation | $772,088 |
| Bozeman Club & Corporate Interiors ATLANTA, GA | Construction & renovation | $531,340 |
| Pdc Inc GREENSBORO, NC | Construction & renovation | $484,439 |
| Brady Trane Service GREENSBORO, NC | HVAC | $194,148 |
| Hicaps GREENSBORO, NC | Pool & racquet | $119,007 |
Revenue by activity
FY23 · dues, greens fees, dining, and other sources
| Line item | Amount |
|---|---|
| MEMBERSHIP DUES | $8,811,490 |
| FOOD & BEVERAGE | $4,366,858 |
| INITIATION FEES | $1,242,260 |
| GOLF REVENUE | $745,576 |
| POOL & FITNESS REVENUE | $527,149 |
Balance sheet & capital
FY23 · IRS Form 990, Part X
Mortgages & notes payable
$6.2M
▲ $556K new borrowing
Net land, buildings & equipment
$19.2M
book value, net of depreciation
Facility age
48%
accumulated depreciation ÷ cost — higher = older plant
Debt over time
Operating expenses
FY23 · Form 990, Part IX
| Insurance | $200,269 |
| Occupancy | $674,117 |
| Depreciation & depletion | $1,986,801 |
| Information technology | $51,266 |
| Advertising & promotion | $39,180 |
| Office expenses | $274,005 |
| Legal fees | $83,527 |
| Other professional fees | $232,012 |
Retirement & benefit plans
DOL Form 5500 · plan sponsors
FORSYTH COUNTRY CLUB HEALTH AND WELFARE PLAN
welfare · 115 participants · FY2024
FFounded in 1943, Forsyth Country Club Co reported $16.18M of revenue for FY23, at an operating margin of 5.4%. Revenue moved up 2.6% 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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