Lakeside Yacht Club Inc
- Assets
- $4.5m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 75
- Location
- Cleveland, OH
- Founding
- 02/1941
- Data as of
- 10/2022
- 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 10/2022, Lakeside Yacht Club Inc employed 75 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 10/2022, Lakeside Yacht Club Inc generated $1.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.1% each year . All expenses for the organization totaled $1.2m during the year ending 10/2022. While expenses have increased by 5.7% per year over the past 7 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
2022
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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Hunt Treasurer | Officer | 5 | $0 |
Greg Vittardi Fleet Captain | Officer | 3 | $0 |
Emory Wolf Rear Commodore | Officer | 1 | $0 |
Adam Ressler Fleet Surgeon | Officer | 1 | $0 |
Jamie Bevins Commodore | Officer | 3 | $0 |
Shane Bonomini Secretary | Officer | 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 | $1,279,496 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$2,689 |
| Net Gain/Loss on Asset Sales | -$169 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $384,070 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,660,708 |
| 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 | $43,875 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $27,171 |
| Payroll taxes | $109,743 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,913 |
| Office expenses | $86,401 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $13,806 |
| Travel | $3,577 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $34,765 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $179,484 |
| Insurance | $44,489 |
| All other expenses | $82,777 |
| Total functional expenses | $1,207,322 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,140,518 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $214,082 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $55,537 |
| Inventories for sale or use | $43,662 |
| Prepaid expenses and deferred charges | $33,606 |
| Net Land, buildings, and equipment | $2,945,761 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $20,338 |
| Total assets | $4,453,504 |
| Accounts payable and accrued expenses | $16,937 |
| Grants payable | $0 |
| Deferred revenue | $108,637 |
| 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 | $675,763 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $144,886 |
| Total liabilities | $946,223 |
| Net assets without donor restrictions | $3,507,281 |
| 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 | $4,453,504 |
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