Lake Monroe Sailing Association Incorporated
- Assets
- $400.5k
- Revenue
- $323.9k
- Investments
- $0.0
- Employees
- 21
- Location
- Bloomington, IN
- Founding
- 08/1976
- Data as of
- 12/2023
- EIN
- 23-7363158
Organization Overview
Lake Monroe Sailing Association Incorporated is located in Bloomington, IN. The organization was established in 1976. According to its NTEE Classification (N67) the organization is classified as: Swimming & Other Water Recreation, under the broad grouping of Recreation & Sports and related organizations. As of 12/2023, Lake Monroe Sailing Association Incorporated employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Monroe Sailing Association Incorporated 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, Lake Monroe Sailing Association Incorporated generated $323.9k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $344.7k during the year ending 12/2023. While expenses have increased by 4.8% per year over the past 8 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
PROVIDE SAFE HARBOR FOR SAILBOATS USED ON MONROE LAKE INDIANA; SAILING INSTRUCTION AND RECREATION AS PROVIDED BY OUR LEASE WITH THE INDIANA DEPARTMENT OF NATURAL RESOURCES; AND PROVIDE YOUTH AND ADULT SAILING LESSONS AND INSTRUCTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SAFE HARBOR TO APPROXIMATELY 200 SAILORS MEMBERS ON LAKE MONROE INDIANA AND PROVIDE SAILING INSTRUCTION.
PROVIDE SAILING INSTRUCTION TO APPROXIMATELY 300 YOUTH AND ADULT MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Watson Treasurer | OfficerTrustee | 0 | $0 |
Richard Morpurgo Commodore | OfficerTrustee | 0 | $0 |
Vicki Conway Director | Trustee | 0 | $0 |
Dan Cooper Director | Trustee | 0 | $0 |
Aaron Prange Director | Trustee | 0 | $0 |
Alex Crowley Secretary | OfficerTrustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $9,582 |
| 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 | $9,582 |
| Total Program Service Revenue | $301,638 |
| Investment income | $12,636 |
| 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 | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $323,856 |
| 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 | $108,707 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $9,159 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $333 |
| 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 | $1,291 |
| Information technology | $1,095 |
| Royalties | $0 |
| Occupancy | $73,645 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,301 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $25,284 |
| Insurance | $47,314 |
| All other expenses | $0 |
| Total functional expenses | $344,723 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $238,620 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $161,840 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $400,460 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $7,500 |
| 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 | $50,994 |
| Unsecured mortgages and notes payable | $5,847 |
| Other liabilities | -$1,387 |
| Total liabilities | $62,954 |
| Net assets without donor restrictions | $337,506 |
| 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 | $400,460 |