Centerboard Yacht Club
- Assets
- $1.7m
- Revenue
- $214.0k
- Investments
- $0.0
- Employees
- 7
- Location
- South Portland, ME
- Founding
- 08/1965
- Data as of
- 10/2019
- 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 10/2015, Centerboard Yacht Club employed 7 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 10/2019, Centerboard Yacht Club generated $214.0k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $206.5k during the year ending 10/2019. While expenses have increased by 2.6% per year over the past 5 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
2019
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 AND ANCHORAGE FOR THE RECREATION AND PLEASURE OF ITS MEMBERS AND GUESTS.
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 |
|---|---|---|---|
Doug Jones Commodore | OfficerTrustee | 10 | $0 |
George Pettingill Vice Commodore | OfficerTrustee | 10 | $0 |
Richard Curry Secretary | Trustee | 10 | $0 |
Richard Foley Treasurer | Trustee | 10 | $0 |
Ej Lovett Trustee | Trustee | 5 | $0 |
Robert Doran Trustee | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $213,390 |
| Investment income | $346 |
| 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 | $213,954 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $24,928 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $520 |
| Fees for services: Accounting | $600 |
| 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 | $7,771 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $20,489 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,181 |
| Insurance | $17,619 |
| All other expenses | $39,350 |
| Total functional expenses | $206,473 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $134,570 |
| Savings and temporary cash investments | $7,026 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,666 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,705,161 |
| Accounts payable and accrued expenses | $13,074 |
| 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 | $431,398 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,591 |
| Total liabilities | $456,063 |
| Net assets without donor restrictions | $112,356 |
| Net assets with donor restrictions | $43,621 |
| Capital stock or trust principal, or current funds | $1,093,121 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $1,249,098 |
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|---|---|---|
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L S P Association Gilford, NH | $2,550,176 | $844,392 |
Dublin Lake Club Dublin, NH | $2,497,545 | $929,278 |
Harbor Club Inc Mt Desert, ME | $2,270,487 | $842,935 |