Philadelphia & Vicinity Magyar Hungarian Sports Club Inc
- Assets
- $798.9k
- Revenue
- $58.7k
- Investments
- $171.8k
- Employees
- 0
- Location
- Barto, PA
- Founding
- 01/1965
- Data as of
- 04/2021
- EIN
- 23-6297156
Organization Overview
Philadelphia & Vicinity Magyar Hungarian Sports Club Inc is located in Barto, PA. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Philadelphia & Vicinity Magyar Hungarian Sports 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 04/2021, Philadelphia & Vicinity Magyar Hungarian Sports Club Inc generated $58.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.8%) each year. All expenses for the organization totaled $66.3k during the year ending 04/2021. As we would expect to see with falling revenues, expenses have declined by (1.1%) per year over the past 7 years. 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
TO PRESERVE AND PROMOTE AMERICAN-HUNGARIAN HERITAGE, CULTURE, HISTORY AND LANGUAGE BY ORGANIZING ENTERTAINMENT, ATHLETIC AND CULTURAL EVENTS FOR MEMBERS AND THEIR GUESTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PRESERVE AND PROMOTE AMERICAN-HUNGARIAN HERITAGE, CULTURE, HISTORY AND LANGUAGE BY ORGANIZING ENTERTAINMENT, ATHLETIC AND CULTURAL EVENTS FOR MEMBERS AND THEIR GUESTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laszlo Lengyel Vice President | Officer | 25 | $0 |
Robert Lengyel Treasurer & Acting President | Officer | 25 | $0 |
Elizabeth Veres President | Officer | 25 | $0 |
Gabor Czeczon Hugarian Recording Secretary | Trustee | 10 | $0 |
Emilia Lengyel Secretary | Trustee | 10 | $0 |
Adina Kohalmi English Secretary | Trustee | 25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $33,298 |
| Investment income | $3,855 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,953 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $5,159 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,739 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $1,136 |
| Fees for services: Other | $346 |
| Advertising and promotion | $0 |
| Office expenses | $102 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,241 |
| 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 | $0 |
| Insurance | $29,925 |
| All other expenses | $0 |
| Total functional expenses | $66,290 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $62,445 |
| Savings and temporary cash investments | $74,127 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $171,834 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $798,906 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $798,906 |
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