Corinthian Yacht Club
- Assets
- $10.8m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 99
- Location
- Marblehead, MA
- Founding
- 01/1936
- Data as of
- 10/2021
- EIN
- 04-1209030
Organization Overview
Corinthian Yacht Club is located in Marblehead, MA. The organization was established in 1936. According to its NTEE Classification (N60) the organization is classified as: Amateur Sports, under the broad grouping of Recreation & Sports and related organizations. As of 10/2021, Corinthian Yacht Club employed 99 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Corinthian 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 10/2021, Corinthian Yacht Club generated $5.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $3.9m during the year ending 10/2021. While expenses have increased by 1.5% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER A COMPETITIVE SAILING CLUB AND NURTURE A CULTURE FRIENDLY TO FAMILIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
TAX EXEMPT CLUB ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Hastings Operations General Manager | 40 | $149,282 | |
David Titus Clubhouse General Manager | 40 | $147,667 | |
William Quinn Commodore | OfficerTrustee | 10 | $0 |
Karl Renney Rear Commodore | OfficerTrustee | 10 | $0 |
James Raisides Vice Commodore | OfficerTrustee | 10 | $0 |
Patricia Zonnenberg Secretary | OfficerTrustee | 10 | $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 | $3,346,145 |
| Investment income | $312 |
| 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 | $1,133,370 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,182,272 |
| 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. | $183,913 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,540,916 |
| Pension plan accruals and contributions | $38,983 |
| Other employee benefits | $159,504 |
| Payroll taxes | $258,873 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,915 |
| Fees for services: Accounting | $22,475 |
| 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 | $130,564 |
| Information technology | $56,052 |
| Royalties | $0 |
| Occupancy | $253,356 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $9,681 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $541,370 |
| Insurance | $113,629 |
| All other expenses | $0 |
| Total functional expenses | $3,918,894 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,355,937 |
| Savings and temporary cash investments | $776,905 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $283,892 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $52,856 |
| Prepaid expenses and deferred charges | $109,343 |
| Net Land, buildings, and equipment | $7,792,221 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $416,065 |
| Total assets | $10,787,219 |
| Accounts payable and accrued expenses | $220,323 |
| Grants payable | $0 |
| Deferred revenue | $57,500 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $277,823 |
| Net assets without donor restrictions | $10,509,396 |
| 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 | $10,787,219 |
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