Devon Yacht Club Inc
- Assets
- $11.7m
- Revenue
- $4.5m
- Investments
- $0.0
- Employees
- 77
- Location
- Amagansett, NY
- Founding
- 10/1926
- Data as of
- 12/2023
- EIN
- 11-0678790
Organization Overview
Devon Yacht Club Inc is located in Amagansett, NY. The organization was established in 1926. According to its NTEE Classification (N60) the organization is classified as: Amateur Sports, under the broad grouping of Recreation & Sports and related organizations. As of 12/2023, Devon Yacht Club Inc employed 77 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Devon 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 12/2023, Devon Yacht Club Inc generated $4.5m 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 $3.9m during the year ending 12/2023. While expenses have increased by 3.9% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CLUB IS FORMED TO SERVE AS A PLACE FOR PLEASURE AND RECREATION AND IS INTENDED AT ALL TIMES TO BE OPERATED EXCLUSIVELY FOR SUCH PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TAX EXEMPT CLUB ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Sullivan President | OfficerTrustee | 15 | $0 |
Dr Louise M Collins Vice President | OfficerTrustee | 2 | $0 |
Geoffrey Grant Vice President | OfficerTrustee | 5 | $0 |
Patrick Coleman Treasurer | OfficerTrustee | 5 | $0 |
Seth Hendon Secretary | OfficerTrustee | 2 | $0 |
Andrew Garvey Fleet Captain | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Washburn Construction & Design Bulkhead Installation | 9/29/21 | $137,900 |
Austin Patterson Disston Architects Architects | 9/29/21 | $132,130 |
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 | $2,540,820 |
| Investment income | $211,102 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,721,030 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,480,952 |
| 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. | $354,142 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,756,001 |
| Pension plan accruals and contributions | $18,665 |
| Other employee benefits | $123,463 |
| Payroll taxes | $139,313 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,738 |
| Fees for services: Accounting | $23,454 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $85,480 |
| Advertising and promotion | $0 |
| Office expenses | $118,898 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $101,413 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $18,842 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $296,291 |
| Insurance | $187,258 |
| All other expenses | $0 |
| Total functional expenses | $3,930,928 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $59,011 |
| Savings and temporary cash investments | $3,690,295 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $46,395 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $50,783 |
| Prepaid expenses and deferred charges | $35,833 |
| Net Land, buildings, and equipment | $3,400,542 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,431,488 |
| Total assets | $11,714,347 |
| Accounts payable and accrued expenses | $177,750 |
| 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 | $90,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $267,750 |
| Net assets without donor restrictions | $11,446,597 |
| 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 | $11,714,347 |