Ford Yacht Club Inc
- Assets
- $6.1m
- Revenue
- $957.8k
- Investments
- $0.0
- Employees
- 42
- Location
- Grosse Ile, MI
- Founding
- 07/1949
- Data as of
- 12/2020
- EIN
- 38-1686906
Organization Overview
Ford Yacht Club Inc is located in Grosse Ile, MI. The organization was established in 1949. According to its NTEE Classification (N50) the organization is classified as: Recreational Clubs, under the broad grouping of Recreation & Sports and related organizations. As of 12/2020, Ford Yacht Club Inc employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ford 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 12/2020, Ford Yacht Club Inc generated $957.8k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.1%) each year. All expenses for the organization totaled $797.1k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (3.5%) per year over the past 6 years. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOP, MANAGE A PRIVATE YACHT HARBOUR, BOAT SERVICES & ACQUIRES & MAINTAINS PROPERTY REQUIRED FOR THE USE OF FACILITIES. PROVIDE A PROGRAM OF SOCIAL & EDUCATIONAL ACTIVITIES ON A CO-OPERATIVE BASIS AT THE LOWEST LEVEL POSSIBLE COST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FULL SERVICE MARINA FOR MEMBERS ONLY AFFILITAED YACHT CLUBS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Wilson Controller | Officer | 6 | $0 |
Heath Bogart Secretary | Officer | 6 | $0 |
Joe Sosnowski Treasurer | Officer | 6 | $0 |
Dennis Stechschulte Jr Rear Commodore | Trustee | 6 | $0 |
John Dalessandro Director | Trustee | 6 | $0 |
Richard Synowiec Chairman Of The Board | Trustee | 6 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $531,529 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $26,737 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $558,266 |
| Total Program Service Revenue | $365,195 |
| Investment income | $4,486 |
| 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 | -$88,089 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $957,815 |
| 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 | $119,542 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,268 |
| Payroll taxes | $9,888 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $535 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $19,414 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $96,526 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $27,500 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $234,844 |
| Total functional expenses | $797,142 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $517,035 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $116,620 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $29,360 |
| Prepaid expenses and deferred charges | $38,665 |
| Net Land, buildings, and equipment | $5,439,917 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $3,250 |
| Other assets | $0 |
| Total assets | $6,144,847 |
| Accounts payable and accrued expenses | $9,067 |
| 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 | $654,861 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $663,928 |
| Net assets without donor restrictions | $0 |
| 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 | $5,480,919 |
| Total liabilities and net assets/fund balances | $6,144,847 |
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