Sakonnet Yacht Club
- Assets
- $559.0k
- Revenue
- $410.6k
- Investments
- $0.0
- Employees
- 23
- Location
- Little Compton, RI
- Founding
- 10/1970
- Data as of
- 12/2021
- EIN
- 05-0213436
Organization Overview
Sakonnet Yacht Club is located in Little Compton, RI. The organization was established in 1970. 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, Sakonnet Yacht Club employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sakonnet 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 12/2021, Sakonnet Yacht Club generated $410.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $325.8k during the year ending 12/2021. While expenses have increased by 2.1% 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 PROVIDE SAILING LESSONS FOR THE CHILDREN OF MEMBERS OF THE CLUB. TO PROVIDE INTRA- CLUB RACING FOR MEMBERS. THERE ARE 437 MEMBERS IN 2021..
Describe the Organization's Program Activity:
Part 3 - Line 4a
JUNIOR SAILING PROGRAM - TEACH SAILING, RACING & CRUISING SKILLS TO MEMBERS CHILDREN.
GUEST CLUB AND ADULT INSTRUCTION FEES SLIP FEES AND RACING PROGRAMS
SAKONNET HARBOR CAMP FOR MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Chartener Commodore | Officer | 0 | $0 |
Todd Mc Neil Rear Commodore | Officer | 0 | $0 |
Karl Hoyt Commodore | Officer | 0 | $0 |
Suzanne Madden Secretary | Officer | 0 | $0 |
Bruce Chafee Vice Commodore | Officer | 1 | $0 |
Tom Lyons Treasurer | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $239,080 |
| Fundraising events | $39,000 |
| 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 | $278,080 |
| Total Program Service Revenue | $124,852 |
| Investment income | $352 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$5,803 |
| Net Gain/Loss on Asset Sales | $10,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $3,092 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $410,573 |
| 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 | $154,391 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $13,918 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,910 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20,947 |
| Advertising and promotion | $0 |
| Office expenses | $2,988 |
| Information technology | $0 |
| 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 | $404 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $45,387 |
| Insurance | $22,352 |
| All other expenses | $25,793 |
| Total functional expenses | $325,828 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$4,737 |
| Savings and temporary cash investments | $322,275 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $53,209 |
| Inventories for sale or use | $7,669 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $180,535 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $558,952 |
| 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 | $558,952 |
| 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 | $558,952 |
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