John’ s Island Club, Inc. Notes to Financial Statements
Note 8. Membership Certificates( Continued) Membership certificates consist of the following as of December 31:
2025 |
2024 |
Issued memberships: Member |
1,233 |
1,225 |
Social |
161 |
169 |
Total memberships issued authorized |
1,394 |
1,394 |
Note 9. Board Designated Funds
The Board has designated net assets without donor restrictions, consisting of designated funds on the statements of financial position.
The Board Designated Funds are funds that may only be spent on capital items. These funds are internally restricted and may be reallocated at the Board’ s discretion. Assets are detailed as follows as of December 31:
2025 |
2024 |
($ in thousands) |
Board designated funds( a): Cash and cash equivalents |
$ |
1 |
$ |
1 |
Assessments due( b) |
|
12 |
|
12 |
|
$ |
13 |
$ |
13 |
( a) The above funds include income earned on the investments and interest on assessments from members electing deferred payments.
( b) Related to a 1994 assessment, one member as of December 31, 2025 and 2024, has executed a note payable to the Club secured by their membership, and accruing interest at one and one-half percent above the prime rate. The remaining assessment will be paid when the membership is sold.
Note 10. Employee Benefit Plans
The Club sponsors a 401( k) savings plan under which a percentage of each employee’ s pay may be contributed to various savings alternatives. The plan provides for Club matching at a percentage of compensation determined by the Board. The employees vest upon enrollment in the Club’ s contribution plan. All earnings on the employees’ contributions are exempt from federal income taxes until they are withdrawn.
Effective January 2021, the Club increased the employer match contribution from 100 % of the first 4 % of compensation contributed to 100 % of the first 5 % of compensation. Expenses related to such Club discretionary contributions and plan administrative fees totaled approximately $ 1,141,000 and $ 1,010,000 for the years ended December 31, 2025 and 2024, respectively.
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