Vermilion Boat Club Inc
- Assets
- $1.0m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 74
- Location
- Vermilion, OH
- Founding
- 04/1983
- Data as of
- 09/2023
- EIN
- 34-1166331
Organization Overview
Vermilion Boat Club Inc is located in Vermilion, OH. The organization was established in 1983. According to its NTEE Classification (N67) the organization is classified as: Swimming & Other Water Recreation, under the broad grouping of Recreation & Sports and related organizations. As of 09/2023, Vermilion Boat Club Inc employed 74 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermilion Boat 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 09/2023, Vermilion Boat 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 5.9% each year. All expenses for the organization totaled $1.7m during the year ending 09/2023. While expenses have increased by 6.2% 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
TO PROMOTE YACHTING AND BOATING IN THE GREAT LAKES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE YACHTING AND BOATING ON THE GREAT LAKES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cliff Simonson Commodore | Officer | 2 | $0 |
David Loper Vice Commodo | Officer | 2 | $0 |
Elizabeth Elden Rear Commodo | Officer | 2 | $0 |
Lee Szambecki Treasurer | Officer | 2 | $0 |
Lucas Olinick Secretary | Officer | 2 | $0 |
Mike Grisez Power Fleet | 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 | $9,445 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,445 |
| Total Program Service Revenue | $1,632,770 |
| Investment income | $1,673 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $4,822 |
| Net Gain/Loss on Asset Sales | -$2,949 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $5,417 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,657,501 |
| 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 | $523,705 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $19,831 |
| Payroll taxes | $57,994 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,239 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $444 |
| Office expenses | $87,188 |
| Information technology | $13,142 |
| 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 | $3,235 |
| Interest | $82 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $65,656 |
| Insurance | $21,427 |
| All other expenses | $231,988 |
| Total functional expenses | $1,705,455 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $95,901 |
| Savings and temporary cash investments | $103,248 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $68,718 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $47,235 |
| Prepaid expenses and deferred charges | $41,856 |
| Net Land, buildings, and equipment | $674,621 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,031,579 |
| Accounts payable and accrued expenses | $110,201 |
| 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 | $81,515 |
| Total liabilities | $191,716 |
| Net assets without donor restrictions | $839,863 |
| 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 | $1,031,579 |