Ocean City Yacht Club
- Assets
- $1.4m
- Revenue
- $773.4k
- Investments
- $0.0
- Employees
- 11
- Location
- Ocean City, NJ
- Founding
- 04/1977
- Data as of
- 12/2023
- EIN
- 23-1424953
Organization Overview
Ocean City Yacht Club is located in Ocean City, 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 12/2023, Ocean City Yacht Club employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ocean City 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, Ocean City Yacht Club generated $773.4k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $734.3k during the year ending 12/2023. While expenses have increased by 1.8% per year over the past 9 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
PRIVATE SOCIAL CLUB FOR BOATING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRIVATE SOCIAL CLUB FOR BOATING AND OTHER MEMBER EVENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carl Bastian Board Member | Trustee | 1 | $0 |
Kathy Bastian Board Member | Trustee | 1 | $0 |
Bill Becket Board Member | Trustee | 1 | $0 |
Kristen Becket Board Member | Trustee | 1 | $0 |
Jennifer Ray Beckman Rear Commodo | OfficerTrustee | 1 | $0 |
Marilouise Berdow Board Member | Trustee | 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 | $7,550 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,550 |
| Total Program Service Revenue | $629,200 |
| Investment income | $7,318 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $12,536 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $27,199 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $773,410 |
| 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 | $144,212 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $19,792 |
| Payroll taxes | $13,576 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,030 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $31,281 |
| Advertising and promotion | $0 |
| Office expenses | $7,038 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $209,350 |
| 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 | $88,956 |
| Insurance | $61,447 |
| All other expenses | $23,582 |
| Total functional expenses | $734,253 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $297,072 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,000 |
| Prepaid expenses and deferred charges | $32,483 |
| Net Land, buildings, and equipment | $1,065,400 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,395,955 |
| Accounts payable and accrued expenses | $11,973 |
| Grants payable | $0 |
| Deferred revenue | $974 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $12,947 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $77,600 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,305,408 |
| Total liabilities and net assets/fund balances | $1,395,955 |