East Greenwich Yacht Club
- Assets
- $6.0m
- Revenue
- $2.3m
- Investments
- $214.9k
- Employees
- 32
- Location
- East Greenwich, RI
- Founding
- 12/1942
- Data as of
- 12/2022
- EIN
- 05-0133674
Organization Overview
East Greenwich Yacht Club is located in East Greenwich, RI. The organization was established in 1942. 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 12/2022, East Greenwich Yacht Club employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. East Greenwich 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 12/2022, East Greenwich Yacht Club generated $2.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $1.9m during the year ending 12/2022. While expenses have increased by 6.2% 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 FACILITIES NECESSARY FOR RI FAMILIES TO ENJOY MARINE ACTIVITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
DOCKAGE & RELATED MARINE SERVICES - PROVIDE NECESSARY FACILITIES AND SERVICES FOR ENJOYMENT OF MARINE ACTIVITIES BY APPROXIMATELY 350 MEMBERS AND THEIR FAMILIES
WINTER STORAGE OF MEMBERS' BOATS - PROVIDED ADEQUATE AND SECURE FACILITIES FOR WINTER BOAT STORAGE FOR APPROXIMATELY 300 MEMBERS
RACE COMMITTEE/CLUB FUNCTIONS AND EVENTS - ESTABLISHED A RACE COMMITTEE TO PLAN, MONITOR AND JUDGE SAILBOAT RACES TO PROMOTE THE SPORT. THE FACILITIES ARE USED TO HOLD MEMBER EVENTS AND TO PROMOTE AND ENHANCE COMRADERY AMONGST MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edgar Ladouceur Finance Committee Member | Trustee | 1 | $0 |
Patrick Killian Race Committee Chair | Trustee | 1 | $0 |
William Clegg Trustee | Trustee | 1 | $0 |
Sandra Bissitt Trustee | Trustee | 1 | $0 |
John A Mollicone Commodore | Officer | 10 | $0 |
Rob Hamlin Vice Commodore | Officer | 3 | $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 | $1,613,565 |
| Investment income | $1,517 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $47,049 |
| 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 | $356,506 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,305,393 |
| 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 | $498,775 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $62,498 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,100 |
| 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 | $0 |
| Information technology | $20,876 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $81,199 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $290,004 |
| Insurance | $0 |
| All other expenses | $24,711 |
| Total functional expenses | $1,916,410 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $351,661 |
| Savings and temporary cash investments | $626,949 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $150,061 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $25,000 |
| Inventories for sale or use | $67,971 |
| Prepaid expenses and deferred charges | $14,580 |
| Net Land, buildings, and equipment | $4,523,421 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $214,902 |
| Investments—program-related | $0 |
| Intangible assets | $29,240 |
| Other assets | $0 |
| Total assets | $6,003,785 |
| Accounts payable and accrued expenses | $119,086 |
| 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 | $2,232,448 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $451,212 |
| Total liabilities | $2,802,746 |
| Net assets without donor restrictions | $3,201,039 |
| 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 | $6,003,785 |