Eastern Point Yacht Club
- Assets
- $2.0m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 56
- Location
- Gloucester, MA
- Founding
- 07/1952
- Data as of
- 12/2021
- EIN
- 04-1271260
Organization Overview
Eastern Point Yacht Club is located in Gloucester, MA. The organization was established in 1952. According to its NTEE Classification (N60) the organization is classified as: Amateur Sports, under the broad grouping of Recreation & Sports and related organizations. As of 12/2021, Eastern Point Yacht Club employed 56 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Eastern Point Yacht Club is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 12/2021, Eastern Point Yacht Club generated $1.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $1.3m during the year ending 12/2021. While expenses have increased by 1.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MEANS FOR THE RECREATION AND ENTERTAINMENT OF ITS MEMBERS, BY ESTABLISHING AND MAINTAINING A CLUB WITH THE PROPER BUILDINGS, GROUNDS, AND FACILITIES TO PROMOTE YACHTING AND SOCIAL ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONDUCTING NORMAL OPERATIONS OF A YACHT CLUB FOR THE BENEFIT OF ITS MEMBERS.
WATERFRONT FACILITIES FOR THE USE OF MEMBERS TO ACCESS AND LAUNCH THEIR BOATS.
JUNIOR SAILING, RACING AND CRUISING, GUEST ROOM RENTALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Sharad General Manager | Officer | 40 | $167,792 |
Bill Rand Commodore | OfficerTrustee | 10 | $0 |
Betsy Brown Rear Commodore | OfficerTrustee | 10 | $0 |
Jacquelyn Bell Treasurer | OfficerTrustee | 10 | $0 |
Tom Janis Secretary | OfficerTrustee | 10 | $0 |
Stuart Hunziker Vice Commodore | OfficerTrustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $29,777 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $29,777 |
| Total Program Service Revenue | $1,401,021 |
| Investment income | $1,147 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$25,803 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $15,798 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,503,224 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $167,792 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $381,395 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $49,338 |
| Payroll taxes | $94,343 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $96,033 |
| Advertising and promotion | $1,800 |
| Office expenses | $19,702 |
| Information technology | $35,682 |
| Royalties | $0 |
| Occupancy | $131,122 |
| Travel | $90 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,243 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $103,675 |
| Insurance | $64,392 |
| All other expenses | $10,592 |
| Total functional expenses | $1,349,021 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $108,759 |
| Savings and temporary cash investments | $577,891 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $43,104 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $27,178 |
| Prepaid expenses and deferred charges | $42,753 |
| Net Land, buildings, and equipment | $1,176,064 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,975,749 |
| Accounts payable and accrued expenses | $130,172 |
| Grants payable | $0 |
| Deferred revenue | $1,022,539 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $257,745 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,410,456 |
| Net assets without donor restrictions | $565,293 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,975,749 |
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