Surf Club Inc
- Assets
- $10.9m
- Revenue
- $2.9m
- Investments
- $0.0
- Employees
- 78
- Location
- Wrightsville Beach, NC
- Founding
- 10/1942
- Data as of
- 11/2023
- EIN
- 56-0421616
Organization Overview
Surf Club Inc is located in Wrightsville Beach, NC. The organization was established in 1942. 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 11/2023, Surf Club Inc employed 78 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Surf 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 11/2023, Surf Club Inc generated $2.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $2.9m during the year ending 11/2023. While expenses have increased by 3.9% 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
SOCIAL CLUB
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CLUB PROVIDES MEALS AND DINING FACILITIES FOR MEMBERS AND THEIR GUESTS. THE CLUB OPERATES ON A SEASONAL BASIS FROM MARCH THROUGH DECEMBER ANNUALLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John M Tetterton President | OfficerTrustee | 0.1 | $0 |
Christopher N Reid Vice President | OfficerTrustee | 0.1 | $0 |
William W Stanfield III Secretary/treasurer | OfficerTrustee | 0.1 | $0 |
Louis A Burney Jr Immediate Past President | Trustee | 0.1 | $0 |
R Allen Rippy Director | Trustee | 0.1 | $0 |
Jerry A Mannen Jr Director | Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $1,544,974 |
| Investment income | $117,448 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$165,443 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,355,754 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,853,533 |
| 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. | $453,925 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,181,820 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $89,668 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28,295 |
| Advertising and promotion | $3,038 |
| Office expenses | $30,349 |
| Information technology | $1,440 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $32,330 |
| 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 | $392,191 |
| Insurance | $193,502 |
| All other expenses | $184,606 |
| Total functional expenses | $2,884,179 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $88,012 |
| Savings and temporary cash investments | $2,277,440 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $120,129 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $174,707 |
| Prepaid expenses and deferred charges | $78,862 |
| Net Land, buildings, and equipment | $3,470,722 |
| Investments—publicly traded securities | $4,663,827 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,873,699 |
| Accounts payable and accrued expenses | $297,787 |
| 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 | $297,787 |
| Net assets without donor restrictions | $10,575,912 |
| 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 | $10,873,699 |