New York Yacht Club
- Assets
- $54.6m
- Revenue
- $22.7m
- Investments
- $0.0
- Employees
- 298
- Location
- New York, NY
- Founding
- 08/1934
- Data as of
- 12/2021
- EIN
- 13-1102800
Organization Overview
New York Yacht Club is located in New York, 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 12/2021, New York Yacht Club employed 298 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New York 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, New York Yacht Club generated $22.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $20.5m during the year ending 12/2021. While expenses have increased by 2.6% 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 ATTRACT AND BRING TOGETHER A DEDICATED GROUP IN YACHTING (CONTINUE ON SCHEDULE O).
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 |
|---|---|---|---|
Timothy J Mccormick Co-General Manager | Officer | 37.5 | $391,918 |
James B Boyd Co-General Manager | Officer | 40 | $368,766 |
Michael Cronin CPA Comptroller | 37.5 | $306,407 | |
John Rellah Jr Executive Chef | 37.5 | $231,436 | |
Timothy Hill Senior Director Of Comm. & Membership | 37.5 | $186,698 | |
Matthew Delaney Chief Engineering | 40 | $169,833 |
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 | $25,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,000 |
| Total Program Service Revenue | $12,223,407 |
| Investment income | $740,364 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $17,500 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $485,785 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $7,192,838 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,663,268 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,371,507 |
| 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. | $867,711 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,745,835 |
| Pension plan accruals and contributions | $572,304 |
| Other employee benefits | $2,283,658 |
| Payroll taxes | $753,217 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $134,400 |
| Fees for services: Accounting | $47,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $141,350 |
| Advertising and promotion | $0 |
| Office expenses | $1,544,215 |
| Information technology | $17,541 |
| Royalties | $0 |
| Occupancy | $914,517 |
| Travel | $24,746 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,957 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,955,874 |
| Insurance | $690,076 |
| All other expenses | $586,099 |
| Total functional expenses | $20,456,717 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,772,338 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,208,519 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $507,013 |
| Prepaid expenses and deferred charges | $934,939 |
| Net Land, buildings, and equipment | $33,972,934 |
| Investments—publicly traded securities | $9,157,605 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $54,553,348 |
| Accounts payable and accrued expenses | $2,113,454 |
| Grants payable | $0 |
| Deferred revenue | $1,950,059 |
| 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 | $213,325 |
| Total liabilities | $4,276,838 |
| Net assets without donor restrictions | $50,089,187 |
| Net assets with donor restrictions | $187,323 |
| 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 | $54,553,348 |
Grants Awarded
Over the last fiscal year, New York Yacht Club has awarded $475,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Jamestown, RI PURPOSE: GENERAL SUPPORT | $245,000 |
New York, NY PURPOSE: GENERAL SUPPORT | $230,000 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that New York Yacht Club has recieved totaling $152,500.
| Awarding Organization | Amount |
|---|---|
Charles Butt Foundation San Antonio, TX PURPOSE: PRESERVATION OF HISTORIC CLUBHOUSE/MEMORABILIA | $100,000 |
James H Clark Charitable Foundation West Palm Beach, FL PURPOSE: GENERAL CHARITABLE PURPOSES | $50,000 |
Vincent Family Charitable Foundation Thompson, CT PURPOSE: GENERAL & UNRESTRICTED | $1,500 |
Ernst And Elfriede Frank Foundation Inc New York, NY PURPOSE: GENERAL CHARITABLE | $1,000 |
Endowment Analysis
| Beg. Balance | $187,323 |
| Ending Balance | $187,323 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Union League Of Philadelphia Philadelphia, PA | $166,421,963 | $49,124,019 |
New York Athletic Club New York, NY | $79,824,386 | $36,957,466 |
University Club New York, NY | $61,571,312 | $30,883,399 |
Baltusrol Golf Club Springfield, NJ | $73,541,672 | $26,510,520 |
Country Club Chestnut Hill, MA | $75,043,157 | $30,549,304 |
Winged Foot Golf Club Inc Mamaroneck, NY | $47,661,307 | $23,506,154 |
New York Yacht Club New York, NY | $54,553,348 | $22,663,268 |
Canoe Brook Country Club Summit, NJ | $49,012,793 | $22,669,304 |
Glen Oaks Club Inc Old Westbury, NY | $13,779,705 | $20,068,781 |
Saucon Valley Country Club Bethlehem, PA | $67,852,931 | $24,203,066 |
Sleepy Hollow Country Club Westchester Scarborough, NY | $36,824,085 | $23,136,850 |
Wee Burn Country Club Inc Darien, CT | $32,519,463 | $16,725,850 |