Toms River Yacht Club
- Assets
- $3.2m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 55
- Location
- Toms River, NJ
- Founding
- 02/1965
- Data as of
- 12/2023
- EIN
- 21-0625526
Organization Overview
Toms River Yacht Club is located in Toms River, NJ. The organization was established in 1965. 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 12/2023, Toms River Yacht Club employed 55 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Toms River 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 12/2023, Toms River Yacht Club generated $1.2m in total revenue. This represents relatively stable growth, over the past 5 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 12/2023. While expenses have increased by 6.2% per year over the past 5 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
TO PROVIDE RECREATION FACILITIES FOR ADULTS & JUNIOR SAILING AND DINING FACILITIES FOR USE BY MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOMS RIVER YACHT CLUB HOLDS A CLUB LIQUOR LICENSE. THE CLUB SELLS BEVERAGES TO ITS MEMBERS AND GUESTS. SALES ARE MADE AT SOCIAL EVENTS AND AFTER SAILING REGATTAS.
THE CLUB HAS DINING FACILITIES FOR ITS MEMBERS. THE FACILITY IS AVAILABLE FOR PARTIES FOR MEMBERS AND GUESTS. SEVERAL DINNERS WILL BE HELD IN CONJUCTION WITH REGATTAS. THE CLUB MAKES ITS FACILITIES AVAILABLE (ON A NON-FEE BASIS) FOR MEETINGS TO MANY NON-PROFIT GROUPS, SUCH AS THE BBYRA, NJ STATE BOATING COMMISSION, ISLAND HEIGHTS SAILING FOUNDATION AND OTHER YACHT CLUBS IN THE AREA.
TOMS RIVER YACHT CLUB WAS FORMED IN 1871 TO SUPPORT SAILBOAT RACING. THE CLUB CONDUCTS RACES THROUGHOUT THE YEAR FOR MANY DIFFERENT CLASSES OF SAILBOATS. THE CLUB ALSO PERMITS OCEAN COUNTY COLLEGE AND KEAN COLLEGE AND SEVERAL HIGH SCHOOLS IN THE AREA TO USE THE FACILITY AND GROUNDS FOR THEIR TEAMS 7 MONTHS OUT OF THE YEAR. THE CLUB ALSO CONDUCTS AN 8 WEEK JUNIOR SAILING PROGRAM EACH YEAR FOR MEMBERS AND GUESTS. THE CLUB HOSTS REGATTAS AND EVENTS FOR SEVERAL NON-PROFIT ORGANIZATIONS, SUCH AS US SAILING, OCEAN COUNTY COLLEGE, KEAN COLLEGE AND BBYRA JUNIOR SAILING & SENIOR SAILING PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Farley Manager | 40 | $78,683 | |
William Warner Treasurer | Officer | 20 | $7,500 |
Sheila Torpey Secretary | Officer | 10 | $2,500 |
Aj Bailey Board Of Govnrs | Trustee | 5 | $0 |
Brian Gabriel Board Of Govrns | Trustee | 5 | $0 |
John Herrick Board Of Govnrs | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $644,863 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,355 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $646,218 |
| Total Program Service Revenue | $338,796 |
| Investment income | $27,686 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $107,676 |
| Net Gain/Loss on Asset Sales | $17,808 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $70,716 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,209,692 |
| 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. | $88,683 |
| Compensation of current officers, directors, key employees. | $10,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $337,652 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $15,600 |
| Payroll taxes | $44,851 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,181 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $55,420 |
| Information technology | $31,678 |
| Royalties | $0 |
| Occupancy | $171,038 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $19,750 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $152,309 |
| Insurance | $67,900 |
| All other expenses | $6,573 |
| Total functional expenses | $1,249,500 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $91,374 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $63,074 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $35,905 |
| Prepaid expenses and deferred charges | $28,132 |
| Net Land, buildings, and equipment | $1,987,856 |
| Investments—publicly traded securities | $885,072 |
| Investments—other securities | $0 |
| Investments—program-related | $98,886 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,190,299 |
| Accounts payable and accrued expenses | $31,810 |
| Grants payable | $0 |
| Deferred revenue | $40,540 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $405,000 |
| Other liabilities | $0 |
| Total liabilities | $477,350 |
| Net assets without donor restrictions | $2,712,949 |
| 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 | $3,190,299 |