Gulf Stream Bath & Tennis Club Inc
- Assets
- $10.9m
- Revenue
- $4.4m
- Investments
- $0.0
- Employees
- 74
- Location
- Delray Beach, FL
- Founding
- 02/1955
- Data as of
- 05/2022
- EIN
- 59-0542388
Organization Overview
Gulf Stream Bath & Tennis Club Inc is located in Delray Beach, FL. The organization was established in 1955. 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 05/2022, Gulf Stream Bath & Tennis Club Inc employed 74 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gulf Stream Bath & Tennis 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 05/2022, Gulf Stream Bath & Tennis Club Inc generated $4.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $5.0m during the year ending 05/2022. While expenses have increased by 3.6% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO OPERATE A PRIVATE RECREATIONAL AND SOCIAL CLUB WITH CERTAIN BEACH, TENNIS, FITNESS, RESTAURANT, SWIMMING AND RELATED FACILITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CLUB PROVIDES FOOD AND BEVERAGE SERVICE ON APPROXIMATELY 220 DAYS THROUGHOUT THE YEAR. DURING FISCAL 2021-2022, GROSS REVENUES FROM FOOD AND BEVERAGE WERE $1,838,050 (OF WHICH $133,173 WAS NON-MEMBER RELATED) AND EXPENSES WERE $2,288,131. THE OPERATING LOSS FROM FOOD AND BEVERAGE SERVICE WAS FUNDED THROUGH MEMBERSHIP DUES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael J Territo General Manager/coo | Officer | 40 | $254,542 |
Carey Savona Head Chef | 40 | $155,884 | |
Kimberly Lodovico Controller | Officer | 40 | $125,942 |
Douglas L Brown Treasurer | OfficerTrustee | 1 | $0 |
Bradford B Kopp Vice President | OfficerTrustee | 1 | $0 |
Joanne F Hayes President | OfficerTrustee | 1 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $3,012,154 |
| Investment income | $9,328 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$443 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,040,664 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,387,347 |
| 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 | $2,248,031 |
| Pension plan accruals and contributions | $54,120 |
| Other employee benefits | $444,541 |
| Payroll taxes | $0 |
| 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 | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $53,027 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $683,100 |
| Insurance | $359,123 |
| All other expenses | $169,991 |
| Total functional expenses | $4,950,408 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,999,420 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $438,260 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $113,011 |
| Prepaid expenses and deferred charges | $24,201 |
| Net Land, buildings, and equipment | $7,350,957 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,640 |
| Total assets | $10,931,489 |
| Accounts payable and accrued expenses | $282,315 |
| 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 | $867,397 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $311,089 |
| Total liabilities | $1,460,801 |
| Net assets without donor restrictions | $9,470,688 |
| 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 | $10,931,489 |
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|---|---|---|
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Lost Tree Club Inc North Palm Beach, FL | $50,198,278 | $14,415,754 |
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Aberdeen Golf & Country Club Inc Boynton Beach, FL | $55,724,484 | $13,720,029 |
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Loxahatchee Club Inc Jupiter, FL | $33,280,282 | $11,290,558 |
Bath And Tennis Club Inc Palm Beach, FL | $38,923,467 | $10,953,480 |
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