Carolina Yacht Club
- Assets
- $12.2m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 90
- Location
- Wrightsville Beach, NC
- Founding
- 10/1944
- Data as of
- 10/2023
- 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 10/2023, Carolina Yacht Club employed 90 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 10/2023, Carolina Yacht Club generated $3.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.0% each year. All expenses for the organization totaled $2.1m during the year ending 10/2023. While expenses have increased by 5.8% per year over the past 8 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
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 | $139,041 |
Elizabeth Mclean Purser | Officer | 2 | $2,400 |
Philip Humphrey Flag Captain | Officer | 1 | $0 |
Doug Sherwood Commander | Officer | 1 | $0 |
Jaames Hundley Commander | Officer | 1 | $0 |
Charlotte Hicks Fleet Captain | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,120,249 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,079,575 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,199,824 |
| Total Program Service Revenue | $870,451 |
| Investment income | $105,675 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $251,578 |
| Net Gain/Loss on Asset Sales | -$23,925 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,498,617 |
| 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. | $282,882 |
| Compensation of current officers, directors, key employees. | $141,441 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $481,141 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $89,374 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $33,703 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,129 |
| Office expenses | $25,880 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,162 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $219,856 |
| Insurance | $211,114 |
| All other expenses | $168,468 |
| Total functional expenses | $2,077,939 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,563,140 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $62,124 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $45,385 |
| Prepaid expenses and deferred charges | $70,573 |
| Net Land, buildings, and equipment | $7,054,583 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $357,000 |
| Total assets | $12,152,805 |
| Accounts payable and accrued expenses | $51,890 |
| 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 | $51,890 |
| Net assets without donor restrictions | $12,100,915 |
| 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 | $12,152,805 |