Newport Yacht Club Inc
- Assets
- $2.0m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 45
- Location
- Newport, RI
- Founding
- 02/1973
- Data as of
- 12/2022
- EIN
- 05-0254070
Organization Overview
Newport Yacht Club Inc is located in Newport, RI. The organization was established in 1973. 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 12/2022, Newport Yacht Club Inc employed 45 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Newport 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 12/2022, Newport Yacht Club Inc generated $1.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $1.2m during the year ending 12/2022. While expenses have increased by 4.2% per year over the past 8 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
NEWPORT YACHT CLUB IS A MEMBER ORGANIZATION THAT PROVIDES ITS MEMBERS VARIOUS SERVICES RELATED TO YACHTING ACTIVITIES WITH THE OBJECTIVE OF ENCOURAGING YACHTING IN AND AROUND NEWPORT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FLOAT & DOCK COMMITTEE: FLOAT & DOCK MAINTENANCE FOR MEMBERS AND VISITING YACHTSMEN.
HOUSE COMMITTEE: MAINTENANCE & UPKEEP OF CLUBHOUSE FACILITIES FOR USE BY MEMBERS AND VISITING YACHTSMEN.
JUNIOR ACTIVITIES: SAIL TRAINING AND ACTIVITIES FOR YOUTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Dolan Vice Commodore, Former Finance Chair | OfficerTrustee | 5 | $0 |
Robert Antignano Commodore | OfficerTrustee | 5 | $0 |
Elizabeth Green Former Commodore | OfficerTrustee | 5 | $0 |
Chris Long Rear Commodore | OfficerTrustee | 5 | $0 |
Edith Morin Secretary | OfficerTrustee | 1 | $0 |
Bruce Long Treasurer | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,610 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,110 |
| Total Program Service Revenue | $1,221,144 |
| Investment income | $7,100 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,378 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $34,616 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,275,092 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $14,170 |
| 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 | $432,454 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $17,345 |
| Payroll taxes | $50,183 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,433 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,997 |
| Advertising and promotion | $0 |
| Office expenses | $53,084 |
| Information technology | $19,549 |
| Royalties | $0 |
| Occupancy | $200,442 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,475 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $88,634 |
| Insurance | $156,162 |
| All other expenses | $24,883 |
| Total functional expenses | $1,202,055 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,318 |
| Savings and temporary cash investments | $199,136 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,699 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $18,979 |
| Prepaid expenses and deferred charges | $26,988 |
| Net Land, buildings, and equipment | $1,354,428 |
| Investments—publicly traded securities | $412,086 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,035,634 |
| Accounts payable and accrued expenses | $32,555 |
| Grants payable | $0 |
| Deferred revenue | $99,783 |
| 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 | $140,619 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $272,957 |
| Net assets without donor restrictions | $1,653,593 |
| Net assets with donor restrictions | $109,084 |
| 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 | $2,035,634 |
Endowment Analysis
| Beg. Balance | $148,397 |
| Earnings | -$32,480 |
| Other Expense | $5,500 |
| Ending Balance | $110,417 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Innis Arden Golf Club Inc Old Greenwich, CT | $33,992,814 | $14,860,228 |
Nantucket Golf Club Inc Siasconset, MA | $41,080,926 | $8,761,983 |
Great Harbor Yacht Club Inc Nantucket, MA | $67,641,341 | $7,821,481 |
Golf Club Of Marthas Vineyard Inc Edgartown, MA | $54,618,022 | $7,664,048 |
Greenwich Water Club Inc Cos Cob, CT | $34,734 | $8,500,732 |
Oakley Country Club Watertown, MA | $19,643,392 | $9,027,669 |
Milbrook Club Inc Greenwich, CT | $17,388,831 | $9,460,454 |
Country Club Of Fairfield Inc Fairfield, CT | $29,190,882 | $7,946,208 |
University Club Of Boston Boston, MA | $34,166,489 | $7,340,957 |
Misquamicut Club Westerly, RI | $15,452,376 | $6,456,476 |
Ridgewood Country Club Inc Danbury, CT | $10,449,288 | $6,642,319 |
Bulls Bridge Golf Club Inc South Kent, CT | $10,421,679 | $5,943,245 |