Kent Island Yacht Club Inc
- Assets
- $396.1k
- Revenue
- $698.2k
- Investments
- $0.0
- Employees
- 37
- Location
- Chester, MD
- Founding
- 12/1977
- Data as of
- 12/2022
- EIN
- 52-0694346
Organization Overview
Kent Island Yacht Club Inc is located in Chester, MD. The organization was established in 1977. 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, Kent Island Yacht Club Inc employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kent 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, Kent Island Yacht Club Inc generated $698.2k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 18.0% each year . All expenses for the organization totaled $564.4k during the year ending 12/2022. While expenses have increased by 10.5% 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
YACHT CLUB
Describe the Organization's Program Activity:
Part 3 - Line 4a
THIS ORGANIZATION IS A BOATING & SOCIAL/RECREATION CLUB. IT'S ACTIVITIES INCLUDE RELATED PURSUITS INCLUDING BOATING SAFETY, INSTRUCTION & INSPECTIONS. THE CLUB MAINTAINS A RESTAURANT & BAR FOR ITS MEMBERS. THE CLUB CONDUCTS AN ANNUAL REGATTA TO ACQUAINT MEMBERS AND PROSPECTIVE MEMBERS TO WATER CRAFT RECREATION & SAFETY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Smith Commodore | Officer | 20 | $0 |
Luke Phipps Vice Commodo | Officer | 10 | $0 |
Herry Binnendijk Rear Commodo | Officer | 10 | $0 |
Lisa David Treasurer | Officer | 10 | $0 |
Julie Osini Secretary | Officer | 10 | $0 |
Ivan Humberson Board Member | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $403,290 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $696 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $403,986 |
| Total Program Service Revenue | $84,588 |
| Investment income | $143 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,446 |
| 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 | $204,687 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $698,161 |
| 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 | $191,819 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $29,280 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,588 |
| Fees for services: Accounting | $13,415 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,914 |
| Advertising and promotion | $3,448 |
| Office expenses | $18,715 |
| Information technology | $2,893 |
| Royalties | $0 |
| Occupancy | $232,645 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,409 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,642 |
| Insurance | $0 |
| All other expenses | $250 |
| Total functional expenses | $564,390 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $62,801 |
| Savings and temporary cash investments | $127,611 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $37,075 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $18,477 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $150,088 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $396,052 |
| Accounts payable and accrued expenses | $4,307 |
| Grants payable | $0 |
| Deferred revenue | $8,970 |
| 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 | $33,187 |
| Total liabilities | $46,464 |
| 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 | $349,588 |
| Total liabilities and net assets/fund balances | $396,052 |