Detroit Yacht Club
- Assets
- $8.4m
- Revenue
- $6.3m
- Investments
- $0.0
- Employees
- 213
- Location
- Detroit, MI
- Founding
- 02/1937
- Data as of
- 09/2022
- EIN
- 38-0482390
Organization Overview
Detroit Yacht Club is located in Detroit, MI. The organization was established in 1937. 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 09/2022, Detroit Yacht Club employed 213 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Detroit 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 09/2022, Detroit Yacht Club generated $6.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $5.3m during the year ending 09/2022. While expenses have increased by 5.8% 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
PROVIDE BOATING AND SOCIAL ACTIVITIES FOR THE BENEFIT OF THE MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALL EXPENSES ARE INCURRED IN PROVIDING PLEASURE AND RECREATION TO ALL MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Price Chief Financial Officer | 40 | $272,819 | |
Hope Shovein Rear Commodore | OfficerTrustee | 0.1 | $0 |
Michael Thomas Treasurer | OfficerTrustee | 0.1 | $0 |
Leonard J Chapital Commodore | OfficerTrustee | 0.1 | $0 |
Carl F Stafford Secretary | OfficerTrustee | 0.1 | $0 |
Greg Girdler Vice Commodore | OfficerTrustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $61,794 |
| All other contributions, gifts, grants, and similar amounts not included above | $282,040 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $343,834 |
| Total Program Service Revenue | $4,258,707 |
| Investment income | $2,928 |
| 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 | $1,734,166 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,348,250 |
| 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 | $2,488,262 |
| Pension plan accruals and contributions | $95,580 |
| Other employee benefits | $397,430 |
| Payroll taxes | $343,137 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $108,901 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,715 |
| Fees for services: Other | $38,407 |
| Advertising and promotion | $51,840 |
| Office expenses | $110,674 |
| Information technology | $78,239 |
| Royalties | $0 |
| Occupancy | $328,377 |
| Travel | $5,566 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $17,689 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $330,000 |
| Insurance | $160,255 |
| All other expenses | $169,209 |
| Total functional expenses | $5,310,803 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,401,062 |
| Savings and temporary cash investments | $459,065 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,767,804 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $123,362 |
| Prepaid expenses and deferred charges | $23,630 |
| Net Land, buildings, and equipment | $3,884,298 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $707,052 |
| Total assets | $8,366,273 |
| Accounts payable and accrued expenses | $453,138 |
| Grants payable | $0 |
| Deferred revenue | $737,813 |
| 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 | $354,230 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,545,181 |
| Net assets without donor restrictions | $6,821,092 |
| 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 | $8,366,273 |
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