New Bedford Yacht Club
- Assets
- $5.2m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 103
- Location
- South Dartmouth, MA
- Founding
- 08/1934
- Data as of
- 12/2023
- EIN
- 04-1659530
Organization Overview
New Bedford Yacht Club is located in South Dartmouth, MA. The organization was established in 1934. 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 12/2023, New Bedford Yacht Club employed 103 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Bedford 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 12/2023, New Bedford Yacht Club generated $2.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $1.9m during the year ending 12/2023. While expenses have increased by 3.8% 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 WAS FORMED IN 1877 AND IS LOCATED IN PADANARAM HARBOR IN DARTMOUTH, MASSACHUSETTS. IT HAS A RICH HISTORY AND DIVERSE MEMBERSHIP WITH OUTSTANDING FACILITIES, INCLUDING A CLUBHOUSE AND WATERFRONT WITH DOCKS, SLIPS, LAUNCHING FACILITIES, HARBOR LAUNCH AND FUEL SERVICES. ACTIVITIES INCLUDE A SAILING SCHOOL THAT WAS THE START OF MANY HIGH SCHOOL, COLLEGIATE AND ALL AMERICAN SAILORS; AN ACTIVE WEDNESDAY NIGHT RACING SERIES AND PERIODIC PERPETUAL TROPHY RACES FOR COMPETITIVE SAILORS; A HOST OF SOCIAL EVENTS DURING THE ACTIVE SUMMER AND MORE LIMITED WINTER SEASONS; AND AN ANNUAL CRUISE OF A WEEK OR MORE WITH SHORTER CRUISING EVENTS DURING THE SUMMER SEASON.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE DINING, SAILING AND RACING ACTIVITIES, CRUISING, AND SOCIAL EVENTS FOR THE CLUB'S APPROXIMATELY 700 MEMBERS AND THEIR GUESTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Blair W Tracy Commodore | OfficerTrustee | 10 | $0 |
Stephen P Vescio Vice Commodore | OfficerTrustee | 10 | $0 |
Andrew F Herlihy Rear Commodore | OfficerTrustee | 10 | $0 |
Todd S Woodacre Treasurer | OfficerTrustee | 10 | $0 |
David E Adelberg MD Secretary Until 11/23, Dir Eff 11/23 | OfficerTrustee | 10 | $0 |
Betts Howes Murray Secretary Eff. 11/23 | OfficerTrustee | 2.5 | $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 | $2,185,172 |
| Investment income | $62,784 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,360 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $17,433 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,266,749 |
| 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. | $191,933 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $666,948 |
| Pension plan accruals and contributions | $16,237 |
| Other employee benefits | $39,844 |
| Payroll taxes | $80,633 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,296 |
| Fees for services: Accounting | $17,858 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $39,617 |
| Advertising and promotion | $0 |
| Office expenses | $64,957 |
| Information technology | $66,548 |
| Royalties | $0 |
| Occupancy | $151,585 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $194,038 |
| Insurance | $185,731 |
| All other expenses | $5,470 |
| Total functional expenses | $1,913,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $75,147 |
| Savings and temporary cash investments | $1,404,267 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,649,108 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $46,064 |
| Prepaid expenses and deferred charges | $40,167 |
| Net Land, buildings, and equipment | $1,969,048 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $34,316 |
| Other assets | $24,447 |
| Total assets | $5,242,564 |
| Accounts payable and accrued expenses | $142,734 |
| Grants payable | $0 |
| Deferred revenue | $1,670,972 |
| 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 | $9,943 |
| Total liabilities | $1,823,649 |
| Net assets without donor restrictions | $3,414,125 |
| Net assets with donor restrictions | $4,790 |
| 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 | $5,242,564 |