Mystic Wellington Yacht Club Inc
- Assets
- $292.5k
- Revenue
- $156.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Medford, MA
- Founding
- 04/1974
- Data as of
- 12/2023
- EIN
- 04-2520766
Organization Overview
Mystic Wellington Yacht Club Inc is located in Medford, MA. The organization was established in 1974. According to its NTEE Classification (N50) the organization is classified as: Recreational Clubs, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mystic Wellington 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 12/2023, Mystic Wellington Yacht Club Inc generated $156.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (3.6%) each year. All expenses for the organization totaled $194.4k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (1.2%) per year over the past 9 years. 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
TO PROVIDE ITS MEMBERS, THEIR FAMILIES, AND GUESTS WITH RECREATIONAL YACHTING AND SOCIAL ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERS YACHTING FACILITY AND CLUB.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Digirolamo Commodore | OfficerTrustee | 10 | $0 |
Ted Chisholm Secretary | OfficerTrustee | 10 | $0 |
Harold Kepnes Treasurer | OfficerTrustee | 10 | $0 |
John Shaw Director | Trustee | 10 | $0 |
James Driscoll Director | Trustee | 10 | $0 |
Guy Leone Rear Commodore | OfficerTrustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $4,660 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $600 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,260 |
| Total Program Service Revenue | $150,998 |
| Investment income | $83 |
| 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 | $156,341 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,650 |
| Grants and other assistance to domestic individuals. | $550 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $200 |
| Fees for services: Accounting | $650 |
| 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 | $3,383 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,000 |
| 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 | $16,416 |
| Insurance | $19,979 |
| All other expenses | $68,868 |
| Total functional expenses | $194,376 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $239,663 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $52,806 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $292,469 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $292,469 |
| Total liabilities and net assets/fund balances | $292,469 |
Grants Awarded
Over the last fiscal year, Mystic Wellington Yacht Club Inc has awarded $4,250 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
MYSTIC RIVER WATERSHED ORG PURPOSE: General Support | $1,000 |
MEDFORD PUBLIC SCHOOL GUIDENCE DEPARTMENT PURPOSE: Scholarships | $2,000 |
MEDFORD PUBLIC LIBRARY PURPOSE: General Support | $1,250 |