Norfolk Yacht & Country Club
- Assets
- $16.3m
- Revenue
- $9.1m
- Investments
- $0.0
- Employees
- 301
- Location
- Norfolk, VA
- Founding
- 12/1966
- Data as of
- 12/2022
- EIN
- 54-0321610
Organization Overview
Norfolk Yacht & Country Club is located in Norfolk, VA. The organization was established in 1966. 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 12/2022, Norfolk Yacht & Country Club employed 301 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norfolk Yacht & Country Club 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, Norfolk Yacht & Country Club generated $9.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $8.9m during the year ending 12/2022. While expenses have increased by 6.2% 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
EXEMPT SOCIAL CLUB THAT PROVIDES FACILITIES TO ITS MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS AN EXEMPT SOCIAL CLUB THAT PROVIDES COUNTRY CLUB FACILITIES TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Underwood General Manager | Officer | 40 | $266,334 |
Jason A Mueller Tennis Pro | 40 | $126,800 | |
James M Riddle Facility Manager | 40 | $113,324 | |
John Murray President | Trustee | 4 | $4,320 |
Marianne Scott Vice President | Trustee | 4 | $4,320 |
Douglas B Wilson Secretary | Trustee | 4 | $4,320 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Performance Food Service Va Food | 12/30/22 | $750,313 |
Professional Heating And Cooling Hvac Replacement | 12/30/22 | $549,580 |
Bb Enterprises Const. Of Jet Docks | 12/30/22 | $239,574 |
Hoy Construction Clubhouse Renovation | 12/30/22 | $199,047 |
Hodges Hodges Ent Piers Repairs | 12/30/22 | $181,780 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $720,239 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $720,239 |
| Total Program Service Revenue | $6,133,054 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$161,906 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $2,328,230 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,083,829 |
| 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. | $298,343 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,792,749 |
| Pension plan accruals and contributions | $62,144 |
| Other employee benefits | $240,365 |
| Payroll taxes | $332,046 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,503 |
| Fees for services: Accounting | $15,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,745 |
| Advertising and promotion | $10,497 |
| Office expenses | $52,936 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $97,074 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $274 |
| Interest | $227,207 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $841,107 |
| Insurance | $235,001 |
| All other expenses | $815,392 |
| Total functional expenses | $8,905,233 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $364,067 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $653,522 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $188,469 |
| Prepaid expenses and deferred charges | $106,075 |
| Net Land, buildings, and equipment | $14,822,469 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $129,153 |
| Total assets | $16,263,755 |
| Accounts payable and accrued expenses | $468,138 |
| 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 | $6,224,578 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $93,404 |
| Total liabilities | $6,786,120 |
| Net assets without donor restrictions | $9,477,635 |
| 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 | $16,263,755 |