Sprite Island Yacht Club
- Assets
- $653.4k
- Revenue
- $412.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Norwalk, CT
- Founding
- 11/2012
- Data as of
- 10/2021
- EIN
- 06-0674079
Organization Overview
Sprite Island Yacht Club is located in Norwalk, CT. The organization was established in 2012. According to its NTEE Classification (N50) the organization is classified as: Recreational Clubs, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sprite Island 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 10/2021, Sprite Island Yacht Club generated $412.8k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $377.5k during the year ending 10/2021. 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
PRIVATE YACHT CLUB
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRIVATE YACHT CLUB THAT PROVIDES SUMMER ACTIVITIES, INCLUDING SAILING, SWIMMING, PICNICKING AND OTHER FAMILY EVENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristyn O'grady Secretary | OfficerTrustee | 15 | $0 |
Jim Papakados Treasurer | OfficerTrustee | 15 | $0 |
Carson Coyle Vice Commodore | OfficerTrustee | 15 | $0 |
Robert Keyes Commodore | OfficerTrustee | 15 | $0 |
Joe Parlanti Rear Commodore | OfficerTrustee | 15 | $0 |
Mike Spohr Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $304,337 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,000 |
| 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 | $305,337 |
| Total Program Service Revenue | $105,602 |
| Investment income | $27 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | -$3,758 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $412,750 |
| 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 | $95,568 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,985 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,184 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,796 |
| Advertising and promotion | $0 |
| Office expenses | $8,643 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $74,566 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,051 |
| Insurance | $37,122 |
| All other expenses | $33,162 |
| Total functional expenses | $377,512 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $56,370 |
| Savings and temporary cash investments | $132,937 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | -$2,309 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,799 |
| Prepaid expenses and deferred charges | $2,610 |
| Net Land, buildings, and equipment | $460,949 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $653,356 |
| Accounts payable and accrued expenses | $14,675 |
| 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 | $11,110 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $25,785 |
| Net assets without donor restrictions | $0 |
| 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 | $627,571 |
| Total liabilities and net assets/fund balances | $653,356 |
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