Misquamicut Club
- Assets
- $16.3m
- Revenue
- $8.1m
- Investments
- $0.0
- Employees
- 173
- Location
- Westerly, RI
- Founding
- 05/1945
- Data as of
- 12/2023
- EIN
- 05-0183985
Organization Overview
Misquamicut Club is located in Westerly, RI. The organization was established in 1945. 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 12/2023, Misquamicut Club employed 173 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Misquamicut 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, Misquamicut Club generated $8.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $7.1m during the year ending 12/2023. While expenses have increased by 3.4% per year over the past 9 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
A PRIVATE COUNTRY CLUB PROVIDING GOLF, TENNIS, SWIMMING, FOOD AND BEVERAGE SERVICE FOR ITS MEMBERS AND THEIR GUESTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GOLF OPERATION - GOLF FACILITIES ARE AVAILABLE FOR USE BY GOLFING MEMBERS AND THEIR GUESTS.
FOOD AND BEVERAGE OPERATION - TO PROVIDE MEMBERS AND THEIR GUESTS WITH AN OPPORTUNITY FOR DINING AND SOCIALIZING.
OTHER RECREATIONAL OPERATIONS - TENNIS AND SWIMMING FACILITIES ARE AVAILABLE FOR USE BY MEMBERS AND THEIR GUESTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John B Daukas Jr President | OfficerTrustee | 5 | $0 |
Joan Beth Brown Vice President | OfficerTrustee | 2 | $0 |
F Gregory Ahern Vice President | OfficerTrustee | 2 | $0 |
Laura Lazarus Vice President | OfficerTrustee | 2 | $0 |
Thomas P Kellogg Vice President | OfficerTrustee | 2 | $0 |
Patricia Chadwick Treasurer | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
James Corrigan Golf Professional | 12/30/23 | $413,892 |
Wuhrman 10s Llc Tennis Professional | 12/30/23 | $216,236 |
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 | $120,975 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $120,975 |
| Total Program Service Revenue | $7,623,202 |
| Investment income | $82,689 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$183,486 |
| Net Gain/Loss on Asset Sales | $49,544 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$403,517 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,057,042 |
| 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. | $616,438 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,835,434 |
| Pension plan accruals and contributions | $158,106 |
| Other employee benefits | $379,751 |
| Payroll taxes | $284,508 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $39,659 |
| Fees for services: Accounting | $32,800 |
| 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 | $127,612 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $341,363 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20,587 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $928,316 |
| Insurance | $424,983 |
| All other expenses | $376,570 |
| Total functional expenses | $7,137,622 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $346,409 |
| Savings and temporary cash investments | $583,481 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $230,906 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $83,110 |
| Prepaid expenses and deferred charges | $50,939 |
| Net Land, buildings, and equipment | $14,474,209 |
| Investments—publicly traded securities | $371,880 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $136,467 |
| Other assets | $0 |
| Total assets | $16,277,401 |
| Accounts payable and accrued expenses | $613,276 |
| Grants payable | $0 |
| Deferred revenue | $6,910,087 |
| 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 | $3,741,092 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,416 |
| Total liabilities | $11,266,871 |
| Net assets without donor restrictions | $5,010,530 |
| 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 | $16,277,401 |