Westerly Yacht Club
- Assets
- $5.1m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 27
- Location
- Westerly, RI
- Founding
- 10/1956
- Data as of
- 02/2022
- EIN
- 05-0247709
Organization Overview
Westerly Yacht Club is located in Westerly, RI. The organization was established in 1956. According to its NTEE Classification (N50) the organization is classified as: Recreational Clubs, under the broad grouping of Recreation & Sports and related organizations. As of 02/2022, Westerly Yacht Club employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westerly 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 02/2022, Westerly Yacht Club generated $1.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $1.3m during the year ending 02/2022. While expenses have increased by 4.1% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE WESTERLY YACHT CLUB, A DOMESTIC NON-PROFIT ASSOCIATION ESTABLISHED IN 1921, WAS ORGANIZED TO PROVIDE FOR RECREATIONAL BOATING, EDUCATION AND SOCIAL FACILITIES FOR MEMBERS. SUPPORT DUES, ASSESSMENTS,DOCK FEES
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE DOCK SPACE FOR MEMBERS ONLY FOR RECREATIONAL BOATING ALONG WITH A GAS DOCK
TO PROVIDE SOCIAL FACILTIES FOR MEMBERS ONLY
TO PROVIDE A LOUNGE FOR SOCIAL ACTIVITIES MEMBERS ONLY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Barker Office Manager | Officer | 40 | $67,752 |
Karen Turano Club Steward | Officer | 40 | $47,088 |
Paul Vincent Maintenanceman | Officer | 20 | $24,350 |
Michael Sabolcik Measurer | Officer | 2 | $0 |
Robert Headley Dockmaster | Officer | 2 | $0 |
Michael Najim Chaplain | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $445,359 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $445,359 |
| Total Program Service Revenue | $489,308 |
| Investment income | $1,016 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $8,311 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $367,744 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,311,738 |
| 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. | $139,190 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $183,333 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $35,409 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $429,240 |
| 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 | $230,313 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,297,608 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $731,495 |
| Savings and temporary cash investments | $573,261 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $223,978 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $41,913 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,487,474 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,058,121 |
| Accounts payable and accrued expenses | $2,553 |
| Grants payable | $0 |
| Deferred revenue | $1,088,965 |
| 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 | $849,301 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,940,819 |
| Net assets without donor restrictions | $3,047,881 |
| Net assets with donor restrictions | $69,421 |
| 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 | $5,058,121 |
Endowment Analysis
| Beg. Balance | $61,886 |
| Other Expense | $1,963 |
| Ending Balance | $59,923 |
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|---|---|---|
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Milbrook Club Inc Greenwich, CT | $17,388,831 | $9,460,454 |
Country Club Of Fairfield Inc Fairfield, CT | $29,190,882 | $7,946,208 |
University Club Of Boston Boston, MA | $34,166,489 | $7,340,957 |
Misquamicut Club Westerly, RI | $15,452,376 | $6,456,476 |
Ridgewood Country Club Inc Danbury, CT | $10,449,288 | $6,642,319 |
Bulls Bridge Golf Club Inc South Kent, CT | $10,421,679 | $5,943,245 |