Wayzata Yacht Club
- Assets
- $1.6m
- Revenue
- $682.6k
- Investments
- $0.0
- Employees
- 22
- Location
- Wayzata, MN
- Founding
- 07/1971
- Data as of
- 12/2023
- EIN
- 23-7120748
Organization Overview
Wayzata Yacht Club is located in Wayzata, MN. The organization was established in 1971. 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, Wayzata Yacht Club employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wayzata 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, Wayzata Yacht Club generated $682.6k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $708.7k during the year ending 12/2023. While expenses have increased by 3.1% 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
THE PURPOSE OF WYC IS TO PROMOTE AND DEVELOP ACTIVE AND COMPETITIVE SAILBOAT RACING, THROUGH WHICH PROFICIENT SEAMANSHIP AND SPORTSMANSHIP ARE PRACTICED, PROMOTED AND ENCOURAGED. WYC ALSO SEEKS TO PROVIDE EDUCATIONAL SEMINARS AND PRACTICAL APPLICATION OF LEARNED SKILLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE WAYZATA YACHT CLUB (WYC) OVERSEES ONE OF THE LARGEST SAILBOAT RACING PROGRAMS IN THE UNITED STATES. OUR LAKE MINNETONKA RACING PROGRAMS INCLUDE OVER 65 KEEL BOAT RACES EACH SEASON, CONDUCTED PRIMARILY IN 22-25' KEELBOATS, WITH PARTICIPATION OF UP TO 130 BOATS FOR EVENING RACES. THE WAYZATA YACHT CLUB ALSO SPONSORS RACING IN THE APOSTLE ISLANDS OF LAKE SUPERIOR VIA OUR APOSTLE ISLANDS STATION (AIS) IN BAYFIELD, WI. THIS BIG BOAT SCHEDULE INCLUDES BOTH BUOY RACING AND OFF-SHORE SAILING WITH BOATS THAT COMPETE THROUGHOUT THE GREAT LAKES.
SEMINARS ARE PRESENTED FOR ADULT AND YOUTH SAILORS TO MAKE AVAILABLE CONTINUED SAILING EDUCATION AND EXPERIENCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thorn Turner Rear Commodore | OfficerTrustee | 5 | $0 |
Paul Quast Commodore | OfficerTrustee | 10 | $0 |
Rich Baker Vice Commodore | OfficerTrustee | 5 | $0 |
Barbara Speltz Director | Trustee | 5 | $0 |
Jonathan Mcdonagh Director | Trustee | 5 | $0 |
Terry Foster Director | Trustee | 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 | $679,234 |
| Investment income | $3,383 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $682,617 |
| 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 | $70,233 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,377 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,471 |
| Fees for services: Accounting | $27,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $5,773 |
| Information technology | $6,401 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $24,418 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $110,957 |
| Insurance | $47,952 |
| All other expenses | $167,556 |
| Total functional expenses | $708,701 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $42,695 |
| Savings and temporary cash investments | $94,571 |
| 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 |
| Net Land, buildings, and equipment | $1,004,373 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $450,000 |
| Total assets | $1,591,639 |
| Accounts payable and accrued expenses | $2,112 |
| 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 | $522,710 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $524,822 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $289,075 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $777,742 |
| Total liabilities and net assets/fund balances | $1,591,639 |