John’ s Island Club, Inc. Notes to Financial Statements
Note 1. Nature of Organization and Significant Accounting Policies( Continued)
The following table sets forth by level, within the fair value hierarchy, the fair value of the Club’ s U. S. Treasury securities, deferred compensation investments and money market funds( included in cash and cash equivalents) as of December 31:
2025 Level 1 Level 2 Level 3 Total($ in thousands)
U. S. Treasury securities |
$ |
26,080 |
$ |
- |
$ |
- |
$ |
26,080 |
Investments of funded deferred compensation |
|
2,934 |
|
- |
|
- |
|
2,934 |
Money market funds |
|
271 |
|
- |
|
- |
|
271 |
|
$ |
29,285 |
$ |
- |
$ |
- |
$ |
29,285 |
2024 Level 1 Level 2 Level 3 Total($ in thousands)
U. S. Treasury securities |
$ |
13,192 |
$ |
- |
$ |
- |
$ |
13,192 |
Investments of funded deferred compensation |
|
3,186 |
|
- |
|
- |
|
3,186 |
Money market funds |
|
60 |
|
- |
|
- |
|
60 |
|
$ |
16,438 |
$ |
- |
$ |
- |
$ |
16,438 |
Operating income / performance measurement: The Club considers the excess of revenues over expenses before depreciation and amortization, other revenues( expenses) and other changes in net assets without donor restrictions as operating income for performance measurement purposes, as this is the line item the Club budgets for financial management and internal reporting purposes.
Income taxes: The Club is exempt from income taxes under Section 501( c)( 7) of the Internal Revenue Code with respect to income earned from member activities. However, income earned from non-member activities and investment activities is not exempt from income tax. Provision for applicable federal and state income tax has been made in accordance with these tax statutes.
The Club has evaluated its tax positions and concluded that the Club has taken no uncertain tax positions that require adjustment to the financial statement to comply with the provisions of the Income Tax Topic of the FASB ASC.
Subsequent events: Management has assessed subsequent events through March 12, 2026, the date that the financial statements were available to be issued( see Note 4).
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