Shennecossett Yacht Club Incorporated
- Assets
- $3.7m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 23
- Location
- Groton, CT
- Founding
- 03/1974
- Data as of
- 12/2022
- EIN
- 06-0533275
Organization Overview
Shennecossett Yacht Club Incorporated is located in Groton, CT. 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. As of 12/2022, Shennecossett Yacht Club Incorporated employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Shennecossett Yacht Club Incorporated 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, Shennecossett Yacht Club Incorporated generated $1.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $1.2m during the year ending 12/2022. While expenses have increased by 3.1% 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
YACHT CLUB PROMOTING SAILING & SOCIAL ACTIVITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENCOURAGE AND PROMOTE FAMILY YACHTING IN PLEASANT AND FRIENDLY SURROUNDINGS AND TO ENCOURAGE THE PROTECTION OF OF THE ENVIRONMENT AND NATURAL RESOURCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mat Lisee Treasurer | OfficerTrustee | 2 | $0 |
Sunny Kagan Secretary | Officer | 2 | $0 |
Steve Behrens Commodore | Officer | 2 | $0 |
Pete Chappell Vice Commodo | Officer | 2 | $0 |
Russ Piper Yachting Com | Officer | 2 | $0 |
Sandy Gordon Rear Commodo | Officer | 2 | $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 | $1,185,899 |
| Investment income | $25,683 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,300 |
| Net Gain/Loss on Asset Sales | $7,750 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $148,572 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,371,204 |
| 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 | $295,885 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $61,830 |
| Payroll taxes | $30,505 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,400 |
| 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 | $71,343 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $70,228 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,655 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $248,948 |
| Insurance | $89,590 |
| All other expenses | $57,505 |
| Total functional expenses | $1,241,504 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $128,061 |
| Savings and temporary cash investments | $214,984 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $64,259 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $47,857 |
| Prepaid expenses and deferred charges | $24,230 |
| Net Land, buildings, and equipment | $2,251,240 |
| Investments—publicly traded securities | $885,979 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $99,000 |
| Total assets | $3,715,610 |
| Accounts payable and accrued expenses | $15,200 |
| 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 | $65,878 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $49,465 |
| Total liabilities | $130,543 |
| Net assets without donor restrictions | $3,585,067 |
| 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 | $3,715,610 |
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|---|---|---|
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