Nantucket Yacht Club
- Assets
- $19.3m
- Revenue
- $6.9m
- Investments
- $0.0
- Employees
- 135
- Location
- Nantucket, MA
- Founding
- 07/1938
- Data as of
- 10/2022
- EIN
- 04-1649850
Organization Overview
Nantucket Yacht Club is located in Nantucket, MA. The organization was established in 1938. 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 10/2022, Nantucket Yacht Club employed 135 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nantucket 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 10/2022, Nantucket Yacht Club generated $6.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $6.6m during the year ending 10/2022. While expenses have increased by 2.8% 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 PROVIDE MEANS FOR THE RECREATION AND ENTERTAINMENT OF ITS MEMBERS, BY ESTABLISHING AND MAINTAINING A CLUB WITH THE PROPER BUILDINGS, GROUNDS, AND FACILITIES TO PROMOTE YACHTING, SPORTS AND SOCIAL ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONDUCTING NORMAL OPERATIONS OF A YACHT CLUB FOR THE BENEFIT OF ITS MEMBERS.
WATERFRONT FACILITIES FOR THE USE OF MEMBERS TO LAUNCH THEIR BOATS.
TENNIS TOURNAMENTS, JUNIOR PROGRAMS, LESSONS AND CLINICS ARE OFFERED TO ALL MEMBERS.
ENTERTAINMENT, RACING AND SAILING ARE OFFERED FOR THE MEMBERS TO ENJOY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Mceachern General Manager | Officer | 40 | $356,481 |
Chris Freeman Chef | Officer | 40 | $179,048 |
Lynell Vollans Controller | Officer | 40 | $152,250 |
Vincent Raimo Facilities Manager | 40 | $138,253 | |
Ken Wasserman Director Of Tennis | 40 | $120,762 | |
Justin Assad Sailing Master | 40 | $104,077 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
David Pekarcik Contractor | 10/30/18 | $696,146 |
Dobbert Heating & Ac Hvac | 10/30/18 | $280,000 |
Kevin Dineen Electrician/painter | 10/30/18 | $158,095 |
Mark O'banion Plumber | 10/30/18 | $148,355 |
Tom Hanlon Landscaping Landscaping | 10/30/18 | $131,204 |
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 | $6,389,491 |
| Investment income | $668 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$55,614 |
| Net Gain/Loss on Asset Sales | $42,915 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $258,885 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,859,469 |
| 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. | $730,045 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,203,029 |
| Pension plan accruals and contributions | $201,424 |
| Other employee benefits | $0 |
| Payroll taxes | $356,540 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,888 |
| Fees for services: Accounting | $22,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $57,049 |
| Advertising and promotion | $0 |
| Office expenses | $134,552 |
| Information technology | $48,670 |
| Royalties | $0 |
| Occupancy | $497,796 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,067 |
| Interest | $45,509 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,135,374 |
| Insurance | $560,670 |
| All other expenses | $547,846 |
| Total functional expenses | $6,595,435 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $966,853 |
| Savings and temporary cash investments | $963,777 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $300,748 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $460,192 |
| Prepaid expenses and deferred charges | $403,045 |
| Net Land, buildings, and equipment | $16,235,658 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $19,330,273 |
| Accounts payable and accrued expenses | $273,918 |
| Grants payable | $0 |
| Deferred revenue | $41,172 |
| 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 | $854,389 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,169,479 |
| Net assets without donor restrictions | $18,028,641 |
| Net assets with donor restrictions | $132,153 |
| 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 | $19,330,273 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Nantucket Yacht Club has recieved totaling $13,000.
| Awarding Organization | Amount |
|---|---|
H L Brown Jr Family Foundation Midland, TX PURPOSE: FOR GENERALOPERATIONS | $10,000 |
Knox Foundation 25556120 Milwaukee, WI PURPOSE: GENERAL OPERATING | $3,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Glen Oaks Club Inc Old Westbury, NY | $13,779,705 | $20,068,781 |
Sleepy Hollow Country Club Westchester Scarborough, NY | $36,824,085 | $23,136,850 |
Wee Burn Country Club Inc Darien, CT | $32,519,463 | $16,725,850 |
Piping Rock Club Locust Valley, NY | $31,334,038 | $17,059,500 |
Oak Hill Country Club Rochester, NY | $24,513,885 | $17,798,483 |
Greenwich Country Club Greenwich, CT | $48,407,804 | $23,136,592 |
Harvard Club Of New York City New York, NY | $57,363,784 | $14,784,742 |
Wellesley Country Club Wellesley, MA | $55,523,277 | $17,353,733 |
Colony Club New York, NY | $19,784,366 | $16,065,896 |
Creek Inc Locust Valley, NY | $5,369,299 | $13,749,282 |
Woodway Country Club Incorporated Darien, CT | $32,570,201 | $14,880,536 |
Round Hill Club Incorporated Greenwich, CT | $26,532,622 | $13,385,000 |