Limited Stock Redemption Plan for Whitefish Golf Club - January 2022
In 2020 the Whitefish Golf Course Board established a limited Stock Redemption plan to provide shareholders with a few options to consider if they no longer care to own some or all of their Whitefish Golf (Ideal Development) stock. In the past, the Club had tried to assist shareholders looking to sell their shares by matching them with new or prospective buyers. However, as the number of willing sellers grew, and the need to handle the transactions fairly and consistently, prior methods became unmanageable.As a result, the Board adopted a formal Limited Stock Redemption Program to provide shareholders the following three options:
- Redeem your shares for Golf Coupons - Each stock share may be exchanged for a Golf Coupon. Each coupon is good for one, 18-hole round of golf for the holder plus one guest (in the same tee group). The Coupon will be subject to certain tee time limitations and be valid for a period of 3 years from issuance
- Donate your shares - The Club continues to have shareholders who have simply want to donate shares back to the Club, and we are always happy to accept those shares. It is difficult for the Club to allocate funds to repurchase shares, so this option is certainly helpful. The Club is not a qualified non-profit organization however, so we urge you to seek tax advice relating to your individual situation as you determine the tax benefits, if any, of a stock donation.
- Redeem your shares for cash - The Club will pay you $35 in cash for each share redeemed subject to the following limitations. The Board has limited the dollar amount of cash redemptions under the Program to an amount not to exceed the dollars obtained from new stock sales. We execute cash redemptions on a first come, first served basis, and also impose annual redemption limits when demand is high. If the cash redemption limit is reached, your name will be logged on a list awaiting additional redemption funds.
In addition to these options, all shareholders continue to have the right to sell their shares to whomever they choose at whatever price is agreeable to both parties. When this arises, the Club will assist with such transfers so that they are recorded properly. Also, it is important to note that the Club has not historically and will not in the future try to make a market for shares of stock in the Club in any way and is not obligated to repurchase shares from shareholders who want to sell.Board of Directors
Please note; If a stock redemption is something you are considering, feel free to discuss these options with and/or request a redemption form for Steve Bengtson, the General Manager.