Lynn Yacht Club Inc
- Assets
- $329.8k
- Revenue
- $188.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Lynn, MA
- Founding
- 08/1944
- Data as of
- 12/2022
- EIN
- 04-1564300
Organization Overview
Lynn Yacht Club Inc is located in Lynn, MA. The organization was established in 1944. According to its NTEE Classification (N50) the organization is classified as: Recreational Clubs, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lynn Yacht Club Inc is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 12/2022, Lynn Yacht Club Inc generated $188.8k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.1%) each year. All expenses for the organization totaled $199.8k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.0%) per year over the past 6 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SOCIAL CLUB FOR MEMBERS AND BOATING EDUCATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
MARINA AND YACHT CLUB ACTIVITIES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Holey Jr Commodore | Officer | 8 | $0 |
Steve Herrick Vice Commodore | Officer | 8 | $0 |
Vincent Scagliotti Jr Rear Commodore | Officer | 8 | $0 |
Barry Cohen Treasurer | Officer | 8 | $0 |
John Romano Secretary | Officer | 8 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $38,976 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $300 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $39,276 |
| Total Program Service Revenue | $118,871 |
| Investment income | $56 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $2,645 |
| Net Income from Sales of Inventory | -$16,871 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $188,808 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,531 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $429 |
| Office expenses | $24,812 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,589 |
| Insurance | $32,141 |
| All other expenses | $42,835 |
| Total functional expenses | $199,789 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,403 |
| Savings and temporary cash investments | $20,380 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $7,613 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $277,410 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $329,806 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,429 |
| Total liabilities | $2,429 |
| Net assets without donor restrictions | $0 |
| 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 | $327,377 |
| Total liabilities and net assets/fund balances | $329,806 |