Portland Yacht Club is located in Falmouth Foreside, ME. The organization was established in 1967. 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 10/2023, Portland Yacht Club employed 65 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Portland 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 10/2023, Portland Yacht Club generated $1.3m 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 $1.3m during the year ending 10/2023. While expenses have increased by 2.4% 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
THE CLUB PROMOTES MEMBER ENJOYMENT BY PROVIDING EASY ACCESS TO THE WATER FOR A VARIETY OF BOATING INTERESTS AND SAFEGUARDS THE RICH AND PROUD LEGACY OF YACHTING THROUGH STEWARDSHIP, PRESERVATION OF CLUB HISTORY AND EDUCATION OF YOUTH AND ADULTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CLUB PROVIDES MEMBER ENJOYMENT IN A VARIETY OF BOATING INTERESTS INCLUDING RACING, CRUISING, AND DAY TRIPS ON LARGE AND SMALL YACHTS. THE CLUB FOSTERS A STRONG, FRIENDLY, INTERNAL COMMUNITY WHERE MEMBERS AT EVERY STAGE OF LIFE CAN SOCIALIZE, PARTAKE IN FORMAL AND INFORMAL EDUCATIONAL OPPORTUNITIES, BUILD SKILLS, AND MAKE FRIENDS WHO ALSO LOVE THE WATER.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Dean Marvin Commodore | OfficerTrustee | 15 | $0 |
Sarah Caven Vice Commodore | OfficerTrustee | 4 | $0 |
Geoff Emanuel Rear Commodore | OfficerTrustee | 6 | $0 |
Steven Whipple Secretary | OfficerTrustee | 2.5 | $0 |
Scott Elliot Treasurer | OfficerTrustee | 1 | $0 |
Fred Madeira Trustee | Trustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $849,650 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $2,305 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $851,955 |
Total Program Service Revenue | $493,170 |
Investment income | $0 |
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 | $1,839 |
Miscellaneous Revenue | $0 |
Total Revenue | $1,346,964 |
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 | $526,475 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $52,351 |
Fees for services: Management | $0 |
Fees for services: Legal | $466 |
Fees for services: Accounting | $6,000 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $1,796 |
Advertising and promotion | $5,542 |
Office expenses | $25,704 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $76,551 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $918 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $122,525 |
Insurance | $65,478 |
All other expenses | $42,889 |
Total functional expenses | $1,264,247 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $337,458 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $10,574 |
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 | $1,265,958 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $1,613,990 |
Accounts payable and accrued expenses | $18,135 |
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 | $0 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $0 |
Total liabilities | $18,135 |
Net assets without donor restrictions | $1,595,855 |
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 | $1,613,990 |