SOCC, INC. dba
SEVEN OAKS COUNTRY CLUB
NOTES TO FINANCIAL STATEMENTS
Note 7. Obligations Under Capital Lease
At December 31, 2022, equipment with a depreciated cost of $709,036 was being acquired under capital leases. The liability under capital lease at December 31, 2022 totaled $504,723, which represents the present value of the balance due in future years, discounted from 3.54% through 7.56%. The liability is payable in monthly installments ranging from $548 to $6,760, through November 2027. The following is a schedule of future minimum lease payments due under capital leases, together with the present value of net minimum lease payments as of December 31, 2022:
Year ending December 31,
2023 2024 2025 2026 2027
$
188,587 129,397 96,413 87,692 79,293 581,382 76,659 504,723 160,611 344,112
Minimum lease payments
Less amount representing interest
Present value of minimum lease payments
Less current portion
$
Note 8. Membership Dues
Annually, the Board of Directors establishes the rate of dues to be assessed to members based upon the projected operating needs of the Club. The dues assessed to regular equity members was $740 and $690 for the years ended December 31, 2022 and 2021, respectively. The dues assessed for social members was $342 and $292 for the years ended December 31, 2022 and 2021, respectively. The Board of Directors also elected to assess capital dues from the membership. Capital dues assessed for equity members and non- equity members were $38 and $8 per month, respectively, for each of the years ended December 31, 2022 and 2021. The Board of Directors also elected to assess monthly capital fees from all membership. Capital fees for the year ended December 31, 2021 was $25 per month through March 2021 at which time capital fees increased to $40 per month, which remained unchanged for the year ended December 31, 2022. Total dues for the years ended December 31, 2022 and 2021 was $7,255,277 and $6,582,586, respectively. This consists of $6,480,467 and $5,841,946 of membership dues, $315,081 and $313,880 of capital dues and $459,729 and $426,760 of capital fees, for the years ended December 31, 2022 and 2021, respectively. The Board of Directors designated all capital and reserve and replacement dues for capital improvements for the years ended December 31, 2022 and 2021. The total amount designated for repairs and replacements and capital improvements as of December 31, 2022 and 2021 was $180,093 and $88,663, respectively (See Note 9).
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