Lakeside Yacht Club Inc
- Assets
- $4.8m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 83
- Location
- Cleveland, OH
- Founding
- 02/1941
- Data as of
- 10/2023
- EIN
- 34-0348425
Organization Overview
Lakeside Yacht Club Inc is located in Cleveland, OH. The organization was established in 1941. According to its NTEE Classification (N60) the organization is classified as: Amateur Sports, under the broad grouping of Recreation & Sports and related organizations. As of 10/2023, Lakeside Yacht Club Inc employed 83 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lakeside Yacht 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 10/2023, Lakeside Yacht Club Inc generated $1.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.2% each year. All expenses for the organization totaled $1.3m during the year ending 10/2023. While expenses have increased by 6.3% per year over the past 8 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
LAKESIDE YACHT CLUB, INC. WAS FORMED FOR THE PURPOSE OF PROMOTING YACHTING, SAILING, BOATING, AND OTHER WATERSPORT ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED FACILITIES AND SERVICES FOR MEMBERS TO PARTICIPATE IN YACHTING, SAILING, BOATING, AND OTHER WATERSPORT ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Butch Bates Trustee | Trustee | 1 | $0 |
David Hunt Treasurer | OfficerTrustee | 5 | $0 |
Shane Bonomini Secretary | OfficerTrustee | 1 | $0 |
Mike Cunningham Trustee | Trustee | 1 | $0 |
Anthony Zarlinga Trustee | Trustee | 1 | $0 |
Jp Prologo Trustee | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,304,360 |
| Investment income | $39,980 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$3,913 |
| 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 | $361,148 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,701,575 |
| 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 | $27,178 |
| 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 | $216,640 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $32,439 |
| Payroll taxes | $90,863 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $17,928 |
| Advertising and promotion | $4,432 |
| Office expenses | $60,642 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $352,552 |
| Travel | $5,323 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $28,333 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $186,786 |
| Insurance | $70,206 |
| All other expenses | $0 |
| Total functional expenses | $1,336,591 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $223,345 |
| Savings and temporary cash investments | $1,129,265 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $240,397 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $55,537 |
| Inventories for sale or use | $44,889 |
| Prepaid expenses and deferred charges | $45,121 |
| Net Land, buildings, and equipment | $2,908,088 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $162,643 |
| Total assets | $4,809,285 |
| Accounts payable and accrued expenses | $178,638 |
| Grants payable | $0 |
| Deferred revenue | $113,434 |
| 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 | $502,643 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $142,305 |
| Total liabilities | $937,020 |
| Net assets without donor restrictions | $3,872,265 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,809,285 |