Seawanhaka Corinthian Yacht Club
- Assets
- $7.0m
- Revenue
- $5.8m
- Investments
- $0.0
- Employees
- 89
- Location
- Centre Island, NY
- Founding
- 10/1934
- Data as of
- 12/2023
- EIN
- 11-1310150
Organization Overview
Seawanhaka Corinthian Yacht Club is located in Centre Island, NY. The organization was established in 1934. 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 12/2023, Seawanhaka Corinthian Yacht Club employed 89 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Seawanhaka Corinthian 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 12/2023, Seawanhaka Corinthian Yacht Club generated $5.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $6.1m during the year ending 12/2023. While expenses have increased by 3.6% per year over the past 6 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ENCOURAGE ITS MEMBERS TO BECOME PROFICIENT IN THE PERSONAL MANAGEMENT, CONTROL AND HANDLING OF THEIR YACHTS IN EVERY CONDITION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TAX EXEMPT CLUB ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert W Fagiola Commodore | OfficerTrustee | 3 | $0 |
Julian P Fisher II Vice-Commodore | OfficerTrustee | 3 | $0 |
Peter C Troxler Rear-Commodore | OfficerTrustee | 3 | $0 |
Karen Martin Secretary | OfficerTrustee | 3 | $0 |
W Russell G Byers Jr Treasurer | OfficerTrustee | 3 | $0 |
John J Benjamin Trustee | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $78,575 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $78,575 |
| Total Program Service Revenue | $2,317,254 |
| Investment income | $46,525 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,200 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $3,350,304 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,795,858 |
| 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. | $173,426 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,898,049 |
| Pension plan accruals and contributions | $38,485 |
| Other employee benefits | $250,717 |
| Payroll taxes | $230,147 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,813 |
| Fees for services: Accounting | $28,079 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $171,993 |
| Advertising and promotion | $0 |
| Office expenses | $152,916 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $377,679 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $13,816 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $390,045 |
| Insurance | $536,529 |
| All other expenses | $0 |
| Total functional expenses | $6,071,272 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,352,325 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,084,933 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $189,695 |
| Prepaid expenses and deferred charges | $141,293 |
| Net Land, buildings, and equipment | $2,969,080 |
| Investments—publicly traded securities | $263,186 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,000,512 |
| Accounts payable and accrued expenses | $414,128 |
| Grants payable | $0 |
| Deferred revenue | $1,497,774 |
| 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 | $293,426 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,205,328 |
| Net assets without donor restrictions | $4,531,998 |
| Net assets with donor restrictions | $263,186 |
| 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 | $7,000,512 |