Lake George Club
- Assets
- $2.8m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 80
- Location
- Diamond Point, NY
- Founding
- 11/1947
- Data as of
- 12/2021
- EIN
- 14-0817670
Organization Overview
Lake George Club is located in Diamond Point, NY. The organization was established in 1947. 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 12/2021, Lake George Club employed 80 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake George 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, Lake George Club generated $2.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $2.1m during the year ending 12/2021. While expenses have increased by 3.5% 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
OPERATION OF A MEMBERS-ONLY SOCIAL, SAILING, SWIMMING, AND TENNIS CLUB.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATE A MEMBERS ONLY SOCIAL, SAILING, SWIMMING AND TENNIS CLUB.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Finnen General Manager | 40 | $123,800 | |
Tony Destratis Executive Chef | 40 | $103,000 | |
Leah Desantis Asst. Secretary | Officer | 1 | $0 |
James Mathis Secretary | Officer | 1 | $0 |
Keith Roland Treasurer | Officer | 1 | $0 |
Joe Favero 2nd VP | Officer | 1 | $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 | $1,538,049 |
| 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 | $807,479 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,441,680 |
| 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 | $1,014,174 |
| Pension plan accruals and contributions | $23,464 |
| Other employee benefits | $50,324 |
| Payroll taxes | $148,219 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $72,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $12,754 |
| Office expenses | $6,596 |
| Information technology | $39,687 |
| Royalties | $0 |
| Occupancy | $121,199 |
| Travel | $2,452 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,122 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $105,404 |
| Insurance | $115,277 |
| All other expenses | $123,924 |
| Total functional expenses | $2,137,688 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,170,169 |
| Savings and temporary cash investments | $267,483 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $45,936 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $57,002 |
| Prepaid expenses and deferred charges | $61,431 |
| Net Land, buildings, and equipment | $1,180,204 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,782,225 |
| Accounts payable and accrued expenses | $8,317 |
| 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 | $151,994 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $30,321 |
| Total liabilities | $190,632 |
| Net assets without donor restrictions | $2,591,593 |
| 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 | $2,782,225 |
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