Solomons Island Yacht Club Inc
- Assets
- $1.9m
- Revenue
- $342.4k
- Investments
- $0.0
- Employees
- 19
- Location
- Solomons, MD
- Founding
- 09/1991
- Data as of
- 12/2022
- EIN
- 52-0577592
Organization Overview
Solomons Island Yacht Club Inc is located in Solomons, MD. The organization was established in 1991. 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 12/2022, Solomons Island Yacht Club Inc employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Solomons Island 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 12/2022, Solomons Island Yacht Club Inc generated $342.4k in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $344.8k during the year ending 12/2022. While expenses have increased by 3.3% per year over the past 4 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 COMRADERIE & FELLOWSHIP OF MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE COMRADERIE & FELLOWSHIP OF MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Stanton Commodore | Officer | 10 | $0 |
Patricia Healy-Catchings Vice Commodore | Officer | 10 | $0 |
Diane Townsend Secretary | Officer | 10 | $0 |
Timothy Wakeman Treasurer | Officer | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $205,940 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,347 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $207,287 |
| Total Program Service Revenue | $50,264 |
| Investment income | $353 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$6,449 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $49,378 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $342,445 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $500 |
| 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 | $116,967 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,363 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,761 |
| 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 | $10,618 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $109,693 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $20,845 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,952 |
| Insurance | $17,592 |
| All other expenses | $0 |
| Total functional expenses | $344,760 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,475 |
| Savings and temporary cash investments | $208,575 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $15,656 |
| Prepaid expenses and deferred charges | $4,107 |
| Net Land, buildings, and equipment | $1,629,662 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,901,475 |
| Accounts payable and accrued expenses | $29,790 |
| Grants payable | $0 |
| Deferred revenue | $159,218 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $45,692 |
| Secured mortgages and notes payable | $367,078 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $601,778 |
| 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 | $1,299,697 |
| Total liabilities and net assets/fund balances | $1,901,475 |