The Great Harbor Yacht Club Foundation Inc
- Assets
- $3.2m
- Revenue
- $735.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Nantucket, MA
- Founding
- 04/2019
- Data as of
- 12/2023
- EIN
- 30-1128021
Organization Overview
The Great Harbor Yacht Club Foundation Inc is located in Nantucket, MA. The organization was established in 2019. According to its NTEE Classification (C32) the organization is classified as: Water Resources, Wetlands Conservation & Management, under the broad grouping of Environment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Great Harbor Yacht Club Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Great Harbor Yacht Club Foundation Inc generated $735.2k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 48.7% each year . All expenses for the organization totaled $207.8k during the year ending 12/2023. 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 ORGANIZATION WILL WORK WITH THE NANTUCKET NATURAL RESOURCES DEPARTMENT AND OTHER ORGANIZATIONS TO PROMOTE THE HEALTH OF NANTUCKET HARBOR AND ITS MARINE ENVIRONMENT. RECENTLY FUNDED PROJECTS INCLUDE THE PURCHASE OF A PHOTOBIOREACTOR FOR THE TOWN OF NANTUCKET'S SHELLFISH HATCHERY AND FUNDING COMMUNITY OUTREACH PROGRAMS FOR NANTUCKETS YOUTH. UPCOMING PROJECTS INCLUDE PARTIAL FUNDING OF A HEAD OF THE HARBOR NUMBERICAL STUDY TO DETERMINE THE POTENTIAL HARBOR HEALTH AND COMMUNITY BENEFITS OF A BREACH AT THE HAULOVER, RESTORATION OF THE ERODED PARKING AREA AT POCOMO POINT TO CONTROL THE EFFECTS OF RUNOFF INTO THE HARBOR, DEVELOPMENT OF AN EEL GRASS AND SHELLFISH MONITORING / PERMITTING PLAN FOR NANTUCKET HARBOR, AMONG OTHERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE GREAT HARBOR YACHT CLUB FOUNDATION WAS FORMED IN 2018 AND IS DEDICATED TO THE PROMOTION AND PRESERVATION OF NANTUCKET HARBOR AND ITS MARINE ECOSYSTEM. THE FOUNDATION WILL WORK WITH THE TOWN OF NANTUCKET'S DEPARTMENT OF NATURAL RESOURCES AND OTHERS TO FUND PROJECTS WHICH MIGHT OTHERWISE GO UNFUNDED IN FURTHERANCE OF THE FOUNDATION'S MISSION AND THE TOWN OF NANTUCKET'S STRATEGIC HARBOR PLAN. DURING THE YEAR THE FOUNDATION HAD ITS INITIAL GALA AND CAPITAL CAMPAIGN TO RAISE MONEY TO SUPPORT ITS MISSION MOVING FORWARD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Collins President | OfficerTrustee | 1 | $0 |
Matthew Dwyer Vice President | OfficerTrustee | 1 | $0 |
William Einstein Treasurer | OfficerTrustee | 1 | $0 |
Cynthia Fowler Clerk | OfficerTrustee | 1 | $0 |
Jeffrey Parker Director Until Aug 2023 | Trustee | 1 | $0 |
Karen Ketterer Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $123,260 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $289,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $412,760 |
| Total Program Service Revenue | $0 |
| Investment income | $138,125 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $181,544 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $735,179 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $111,732 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $48,452 |
| 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 | $4,097 |
| Office expenses | $5,664 |
| Information technology | $0 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,725 |
| All other expenses | $36,125 |
| Total functional expenses | $207,795 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $74,080 |
| Savings and temporary cash investments | $2,888,818 |
| Pledges and grants receivable | $187,186 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,150,084 |
| Accounts payable and accrued expenses | $661 |
| 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 | $661 |
| Net assets without donor restrictions | $3,129,423 |
| Net assets with donor restrictions | $20,000 |
| 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 | $3,150,084 |
Grants Awarded
Over the last fiscal year, The Great Harbor Yacht Club Foundation Inc has awarded $103,887 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
TOWN OF NANTUCKET NATURAL RESOURCE DEPT PURPOSE: PURCHASE OF A BIOREACTOR FROM INDUSTRIAL PLANKTON FOR THE TOWN OF NANTUCKET | $66,100 |
MARIA MITCHELL ASSOCIATION PURPOSE: TO SUPPORT DR. HALLS PROGRAM NOW RUN THROUGH MARIA MITCHELL | $12,300 |
NANTUCKET PUBLIC SCHOOL PURPOSE: STEM GRANT | $25,487 |