Centerboard Yacht Club
- Assets
- $1.7m
- Revenue
- $217.1k
- Investments
- $0.0
- Employees
- 6
- Location
- South Portland, ME
- Founding
- 08/1965
- Data as of
- 10/2023
- EIN
- 01-0273431
Organization Overview
Centerboard Yacht Club is located in South Portland, ME. The organization was established in 1965. 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, Centerboard Yacht Club employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Centerboard 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, Centerboard Yacht Club generated $217.1k in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (2.7%) each year. All expenses for the organization totaled $204.1k during the year ending 10/2023. 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 OBJECT OF THIS CLUB SHALL BE TO ENCOURAGE THE SPORT OF YACHTING, TO PROMOTE THE SCIENCE OF SEAMANSHIP, NAVIGATION, AND SMALL BOAT HANDLING, TO MAINTAIN A SUITABLE CLUBHOUSE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CLUB PROMOTED YACHTING AND SEAMANSHIP AND MAINTAINED AND PROVIDED FACILITIES AND ANCHORAGE FOR ITE MEMBERS AND GUESTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marshall Pillsbury Commodore | OfficerTrustee | 10 | $0 |
Karen Fream Vice Commodore | OfficerTrustee | 10 | $0 |
Dick Curry Secretary | OfficerTrustee | 10 | $0 |
Charles Donahue Treasurer | OfficerTrustee | 10 | $0 |
Erik Jorgensen Rear Commodore | OfficerTrustee | 5 | $0 |
Brad Ciechomski Trustee | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $216,722 |
| 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 | $216,722 |
| Total Program Service Revenue | $307 |
| Investment income | $113 |
| 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 | $217,142 |
| 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 | $32,247 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $620 |
| Fees for services: Accounting | $1,000 |
| 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 | $12,055 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $13,031 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $33,617 |
| Insurance | $24,530 |
| All other expenses | $40,335 |
| Total functional expenses | $204,120 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $197,405 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,117 |
| 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 | $194 |
| Net Land, buildings, and equipment | $1,494,138 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,693,854 |
| Accounts payable and accrued expenses | $828 |
| 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 | $347,121 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,707 |
| Total liabilities | $357,656 |
| Net assets without donor restrictions | $110,213 |
| Net assets with donor restrictions | $1,225,985 |
| 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 | $1,693,854 |