Corinthian Yacht Club Of Cape May
- Assets
- $1.5m
- Revenue
- $807.7k
- Investments
- $0.0
- Employees
- 45
- Location
- Cape May, NJ
- Founding
- 06/1977
- Data as of
- 12/2021
- EIN
- 21-6007748
Organization Overview
Corinthian Yacht Club Of Cape May is located in Cape May, NJ. The organization was established in 1977. 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 12/2021, Corinthian Yacht Club Of Cape May employed 45 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Corinthian Yacht Club Of Cape May 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, Corinthian Yacht Club Of Cape May generated $807.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $697.8k during the year ending 12/2021. 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
THE PURPOSE OF THE CLUB IS TO ENCOURAGE THE SPORT AND ART OF SAILING AND RACING FOR ALL AGES AND TO PROVIDE FACILITIES FOR SOCIAL EVENTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CLUB PROVIDES A DINING FACILITY AND FULL SERVICE BAR FOR MEMBERS AND THEIR GUESTS. DINNER AND BAR SERVICES ARE USUALLY AVAILABLE AT LEAST ONE NIGHT PER WEEK FOR SEVEN MONTHS AND THREE TO FIVE NIGHTS PER WEEK DURING SAILING SEASON.
THE CLUB PROVIDES SAILING INSTRUCTION FOR BOTH CHILDREN AND ADULTS. THE CHILDREN'S CLASSES ARE HELD FOR EIGHT WEEKA DURING THE SUMMER MONTHS. ONE HUNDRED AND FIFTY NINE CHILDREN PARTICIPATED IN THE PROGRAM. ADULT CLASSES ARE HELD ONE EVENING A WEEK FOR EIGHT WEEKS AS WELL AS SATURDAY MORNINGS. THIRTY SIX ADULTS PARTICIPATED IN THE LESSONS. ALL PARTICIPANTS ARE GIVEN THE OPPORTUNITY TO BE INVOLVED IN RAGATTAS.
THE CLUB SPONSORS SAILING REGATTAS, SAILBOAT RACES AND OTHER SOCIAL EVENTS FOR MEMBERS AND THEIR FAMILIES. THE SAILING EVENTS OCCUR THE SUMMER MONTHS. SAILING EVENTS INCLUDE THE CAPE TO CAPE RACE, AVALON CUP, AND MAYRA SAILING COMPETITIONS. THE SOCIAL EVENTS OCCUR THROUGHOUT THE YEAR AND INCLUDE MEMORIAL DAY BRINCH, MOTHERS' DAY BRUNCH, COMMODORES' BALL, PIG ROAST, WINE AND DINE AND MANY MORE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Harry Gleason Highest Compensated | 30 | $140,699 | |
Mark Sorensen Commodore Thru 831 | OfficerTrustee | 10 | $0 |
Geoffrey King Vice Commodore | OfficerTrustee | 10 | $0 |
Robert Wilson Commodore As Of 91 | OfficerTrustee | 15 | $0 |
Lewis Price Vice Commodore | OfficerTrustee | 10 | $0 |
Susan Reilly Secretary | Officer | 5 | $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 | $648,875 |
| Investment income | $80 |
| 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 | $106,833 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $807,663 |
| 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 | $192,241 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $8,000 |
| Payroll taxes | $29,812 |
| 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 | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,204 |
| Office expenses | $20,686 |
| Information technology | $19,969 |
| Royalties | $0 |
| Occupancy | $111,316 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $14,026 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $107,251 |
| Insurance | $12,818 |
| All other expenses | $52,427 |
| Total functional expenses | $697,848 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $965 |
| Savings and temporary cash investments | $144,307 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $31,468 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $49,908 |
| Prepaid expenses and deferred charges | $23,487 |
| Net Land, buildings, and equipment | $1,235,167 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $10,150 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,495,452 |
| Accounts payable and accrued expenses | $3,841 |
| Grants payable | $0 |
| Deferred revenue | $51,261 |
| 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 | $261,866 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $316,968 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $289,076 |
| Paid-in or capital surplus, or land, building, or equipment fund | $352,392 |
| Retained earnings, endowment, accumulated income, or other funds | $537,016 |
| Total liabilities and net assets/fund balances | $1,495,452 |
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