Palmers Cove Yacht Club Inc
- Assets
- $1.5m
- Revenue
- $505.0k
- Investments
- $0.0
- Employees
- 7
- Location
- Salem, MA
- Founding
- 05/1953
- Data as of
- 12/2021
- EIN
- 04-1700347
Organization Overview
Palmers Cove Yacht Club Inc is located in Salem, MA. The organization was established in 1953. 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 12/2021, Palmers Cove Yacht Club Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palmers Cove Yacht Club Inc is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 12/2021, Palmers Cove Yacht Club Inc generated $505.0k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $363.6k during the year ending 12/2021. While expenses have increased by 0.6% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SERVE THE BOATING NEEDS OF THE MEMBERSHIP OF THE PALMER COVE YACHT CLUB
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORTED THE BOATING ACTIVITIES OF THE MEMBERSHIP OF THE PALMER COVE YACHT CLUB
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Morneau Commodore/director | OfficerTrustee | 12 | $0 |
Robert Connors Secretary/director | OfficerTrustee | 12 | $0 |
Laurence Robertie Treasurer/director | OfficerTrustee | 12 | $0 |
David Bystrom Vice Commodore/director | OfficerTrustee | 10 | $0 |
T Eric Berube Rear Commodore/director | OfficerTrustee | 10 | $0 |
Neil Bohnwagner Director | Trustee | 4 | $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 | $437,219 |
| Investment income | $4,417 |
| 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 | $195 |
| Net Income from Sales of Inventory | $63,173 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $505,004 |
| 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 | $85,080 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,643 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,625 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,500 |
| Advertising and promotion | $0 |
| Office expenses | $2,430 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $104,108 |
| 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 | $3,993 |
| Insurance | $36,012 |
| All other expenses | $33,168 |
| Total functional expenses | $363,648 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $90,625 |
| Savings and temporary cash investments | $736,403 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $34,246 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $662,719 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $15,938 |
| Total assets | $1,539,931 |
| Accounts payable and accrued expenses | $20,414 |
| Grants payable | $0 |
| Deferred revenue | $11,593 |
| 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 | $20,338 |
| Other liabilities | $37,349 |
| Total liabilities | $89,694 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $700 |
| Paid-in or capital surplus, or land, building, or equipment fund | $662,959 |
| Retained earnings, endowment, accumulated income, or other funds | $786,578 |
| Total liabilities and net assets/fund balances | $1,539,931 |
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