Rye City Schools are in the hole $328K.
(PHOTO: Apawamis just scored a $900K tax refund, and $328K is coming from Rye City Schools.)
And members of Rye's Apawamis Club, the elite private golf course and squash mecca, are feeling like they just hit a hole in one.
The Club won a tax fight with Rye City and Harrison, the result of which is a refund of $900K and a 50% reduction in its taxes to $200K. Rye City Schools will pick up $328K of the tab.
The full story from LoHud.com:
"It’s party time at the Apawamis Club in Rye, one of Westchester County’s premier golf and racquet clubs.
The club where George and Barbara Bush had their wedding reception in 1945, and teenage squash players today throng to one of the nation’s top youth squash programs, now has much more to celebrate.
This month, Apawamis club members can toast to their exclusive club’s victory over the city of Rye and town of Harrison in its recently settled property-assessment case, which will cut the club’s property taxes roughly in half — to about $200,000 a year.
Not bad for a club with assets of $46 million and legendary squash coach Peter Briggs, of Pound Ridge, who earned $442,000 at Apawamis in 2014, according to the club's 2014 IRS filing.
Refunds estimated by Tax Watch at $900,000 are due the private, nonprofit club, which in 2014, reported gross receipts of $15 million...
The consent judgments with Rye and Harrison, approved by state Supreme Court Justice Bruce Tolbert on Jan. 4, are the most recent windfalls for private country clubs in the lower Hudson Valley, which routinely challenge the taxable value of their verdant fairways and lavish clubhouses.
(PHOTO: The pool at Apawamis.)
They regularly win, thanks in part to state Supreme Court decisions that require local assessors to value the club’s property as if they were municipal courses, without considering what members pay in dues and initiation fees to have access to the greens, courts, and its 120-seat 19th hole....
A 2012 job posting for the Apawamis Club’s general manager, and its 2014 IRS report, provide a glimpse into the club's financial well-being. The club's 990 report is public because as a private social club, the nonprofit organization doesn't pay federal taxes on its income. Other nonprofits, such as schools and churches, which are considered nonprofit charities, are also exempt from paying property taxes.
The job posting for the Apawamis general manager’s job from GSI Executive Search touted the club’s annual dues of $11,200, which would be paid after new members paid an initiation fee of $69,500. Based on Apawamis’ 2014 IRS report, and its 2012 rate, the club would have about 550 members today.
Apawamis General Manager Rory Godfrey, who earned $301,000 in 2014, declined comment. Other Apawamis employees include Course Superintendent William Perlee at $222,000; golf pro James Ondo at $205,000; and as previously mentioned, squash pro Briggs. Briggs is the region’s squash guru, whose youth program at the club’s seven courts has sent dozens of local squash players to top colleges around the country...
The tax case’s biggest impact will come to the Harrison and Rye City schools, which comprise the biggest chunk of local tax bills. The decision rejiggered the assessments dating back to 2010, so refunds are due, based on the lower values.
The Rye City schools owe Apawamis $328,000. The payment was taken from the district’s 2015-16 surplus, said Rye Superintendent Brian Monahan."
See the rest at LoHud.com