Hampton Yacht Club Inc
- Assets
- $5.3m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 67
- Location
- Hampton, VA
- Founding
- 03/1945
- Data as of
- 12/2023
- EIN
- 54-0238276
Organization Overview
Hampton Yacht Club Inc is located in Hampton, VA. The organization was established in 1945. 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 12/2023, Hampton Yacht Club Inc employed 67 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hampton 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 12/2023, Hampton Yacht Club Inc generated $2.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $2.5m during the year ending 12/2023. While expenses have increased by 5.0% per year over the past 9 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
THE OBJECT OF THE ORGANIZATION IS THE PROMOTION OF OPPORTUNITIES FOR MEMBERSHIP TO PARTICIPATE IN ALL ASPECTS OF YACHTING AND TO ASSOCIATE WITH OTHERS OF LIKE INTEREST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MISSION OF THE JUNIOR SAILING PROGRAM IS TO DEVELOP SAILING, SEAMANSHIP, AND RACING SKILLS IN A SAFE, FUN, AND STRUCTURED ENVIRONMENT FOR YOUTH. HYC JUNIORS DEMONSTRATE RESPECT AND CARE FOR OTHERS, CARE FOR THEIR EQUIPMENT, AND ALWAYS WILLING TO LEND A HELPING HAND BOTH AFLOAT AND ASHORE. THE GOAL IS TO CREATE SKILLED AND CONFIDENT YOUNG PEOPLE WHO WILL BE A LIFELONG CREDIT TO THE HAMPTON YACHT CLUB AND THE COMMUNITY.
THE RACE PROGRAM ORGANIZES, SUPPORTS, AND PARTICIPATES IN SAIL BOAT RACING EVENTS THROUGHOUT THE YEAR FOR MEMBERS AND NONMEMBERS. THESE EVENTS, REFERRED TO AS REGATTAS, ARE LARGELY COORDINATED AND OPERATED BY MEMBERS WHO WILLINGLY DEVOTE MANY HOURS OF TIME TO MAKE EACH EVENT A SUCCESS. RECURRING ANNUAL EVENTS INCLUDE: NEW YEAR'S DAY RACE, WEDNESDAY NIGHT RACING SERIES, DOWN THE BAY RACE (AN OVERNIGHT RACE FROM ANNAPOLIS TO THE HAMPTON YACHT CLUB) MIDDLE GROUND LIGHT RACE, SOUTHERN BAY RACE WEEK (3-DAY EVENT WITH 80-100 BOATS PARTICIPATING), AND THE ANNUAL ONE DESIGN REGATTA (A RACE WHERE ALL COMPETITORS ARE ON THE SAME KIND OF BOAT).
THE ADULT SALING PROGRAM SUPPORTS INSTRUCTION AND OPPORTUNITY FOR ADULT MEMBERS TO LEARN TO SAIL. THIS PROGRAM PREDOMINANTLY USES THE CLUB'S SONAR FLEET. THE FOCUS IS ON DEVELOPING PROGRAMS FOR ADULT LEARN-TO-SAIL, TEAM RACING, AND ONE-DESIGN RACING. THE SONAR IS A KEELBOAT, SAFE AND STABLE ENOUGH TO TEACH NEW SAILORS HOW TO RIG, SAIL, AND COMPETE. THE CLUB HAS HOSTED LEARN-TO-SAIL CLASSES, CLINICS, AND RACING EVENTS CATERED TO NEW SAILORS. THE ADULT SAILING PROGRAM INCLUDES THE WOMEN'S SAILING PROGRAM, WHICH PROVIDES A FUN, SAFE, AND SUPPORTIVE ENVIRONMENT CATERED TO WOMEN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Miller Commodore | OfficerTrustee | 2 | $0 |
Sergio Deihl Vice Commodore | OfficerTrustee | 1 | $0 |
Justin Morris Rear Commodore | Trustee | 1 | $0 |
Tom Morehouse Past Commodore | Trustee | 1 | $0 |
Christian Johnson Board Member | Trustee | 1 | $0 |
Rick Spaulding Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,000,045 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $100,489 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,100,534 |
| Total Program Service Revenue | $420,874 |
| Investment income | $17,570 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$4,330 |
| 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 | $521,902 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,538,597 |
| 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 | $1,098,300 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $50,453 |
| Payroll taxes | $102,811 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,412 |
| Fees for services: Accounting | $5,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $418 |
| Office expenses | $34,731 |
| Information technology | $20,028 |
| Royalties | $0 |
| Occupancy | $163,700 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,396 |
| Interest | $187,029 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $308,908 |
| Insurance | $110,976 |
| All other expenses | $154,123 |
| Total functional expenses | $2,522,948 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $284,406 |
| Savings and temporary cash investments | $305,041 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $260,246 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $53,313 |
| Prepaid expenses and deferred charges | $45,335 |
| Net Land, buildings, and equipment | $4,332,544 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,280,885 |
| Accounts payable and accrued expenses | $175,660 |
| Grants payable | $0 |
| Deferred revenue | $125,299 |
| 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 | $3,766,280 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,067,239 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $4,940 |
| Paid-in or capital surplus, or land, building, or equipment fund | $178,935 |
| Retained earnings, endowment, accumulated income, or other funds | $1,029,771 |
| Total liabilities and net assets/fund balances | $5,280,885 |