Carolina Yacht Club
- Assets
- $9.8m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 72
- Location
- Wrightsville Beach, NC
- Founding
- 10/1944
- Data as of
- 10/2021
- EIN
- 56-0167465
Organization Overview
Carolina Yacht Club is located in Wrightsville Beach, NC. The organization was established in 1944. 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 10/2021, Carolina Yacht Club employed 72 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carolina Yacht Club is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 10/2021, Carolina Yacht Club generated $3.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $1.6m during the year ending 10/2021. While expenses have increased by 2.7% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PRIVATE SAILING SOCIAL CLUB
Describe the Organization's Program Activity:
Part 3 - Line 4a
PARTICIPATED IN SAILING REGATTAS. PROMOTING SAILING. PROVIDING SAILING INSTRUCTION WITH BOTH JUNIOR AND SENIOR SAILING PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Smith Club Manager | Officer | 45 | $106,392 |
Elizabeth Mclean Purser | Officer | 2 | $2,400 |
Phillip Humphrey Commander | Officer | 1 | $0 |
Michael Washburn Commander | Officer | 1 | $0 |
Elizabeth W Schuett Commodore | Officer | 2 | $0 |
Jay Smith Commander | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,535,762 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $231,416 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,767,178 |
| Total Program Service Revenue | $656,903 |
| Investment income | $11,163 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $248,728 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,994,467 |
| 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. | $106,392 |
| Compensation of current officers, directors, key employees. | $106,392 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $450,074 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $53,717 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,394 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $16,814 |
| Office expenses | $9,606 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,978 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $171,003 |
| Insurance | $167,767 |
| All other expenses | $122,886 |
| Total functional expenses | $1,553,979 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,543,300 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $336,085 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $55,567 |
| Prepaid expenses and deferred charges | $49,744 |
| Net Land, buildings, and equipment | $6,631,194 |
| Investments—publicly traded securities | $6,977 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $183,500 |
| Total assets | $9,806,367 |
| Accounts payable and accrued expenses | $59,383 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $59,383 |
| Net assets without donor restrictions | $9,746,984 |
| 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 | $9,806,367 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Farmington Country Club Inc Charlottesville, VA | $52,436,644 | $25,257,129 |
Ansley Golf Club Atlanta, GA | $48,365,690 | $21,052,650 |
Washington Golf And Country Club Inc Arlington, VA | $48,455,931 | $21,067,505 |
Charlotte Country Club Inc Charlotte, NC | $46,999,419 | $24,642,018 |
Carolina Country Club Company Raleigh, NC | $25,311,282 | $14,725,345 |
Alpha Delta Pi Sorority Atlanta, GA | $18,755,038 | $19,005,623 |
Greenville Country Club Greenville, SC | $30,935,703 | $16,712,012 |
Dunwoody Country Club Inc Atlanta, GA | $25,487,572 | $16,307,962 |
Hillwood Country Club Nashville, TN | $28,189,115 | $15,197,355 |
Belle Meade Country Club Nashville, TN | $42,979,255 | $14,973,436 |
Augusta Country Club Incorporated Augusta, GA | $39,567,278 | $12,683,205 |
River Bend Golf & Country Club Inc Great Falls, VA | $31,856,555 | $12,190,244 |