Olde Providence Racquet & Swim Club
- Assets
- $6.6m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 40
- Location
- Charlotte, NC
- Founding
- 09/1965
- Data as of
- 09/2023
- EIN
- 56-0788165
Organization Overview
Olde Providence Racquet & Swim Club is located in Charlotte, NC. The organization was established in 1965. According to its NTEE Classification (N50) the organization is classified as: Recreational Clubs, under the broad grouping of Recreation & Sports and related organizations. As of 09/2023, Olde Providence Racquet & Swim Club employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Olde Providence Racquet & Swim Club is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 09/2023, Olde Providence Racquet & Swim Club generated $2.5m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $2.5m during the year ending 09/2023. While expenses have increased by 3.4% per year over the past 4 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
RECREATIONAL AND SOCIAL ACTIVITIES FOR ITS MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TENNIS RECREATIONAL SERVICES PROVIDES TENNIS MEMBERSHIP WITH OPPORTUNITIES TO PLAY TENNIS
PRO SHOP SERVICES THE PRO SHOP PROVIDES THE MEMBERS WITH RETAIL SHOPPING OPPORTUNITIES FOR ATHLETIC CLOTHING, RACQUET/TENNIS EQUIPMENT AND REPAIR.
SWIMMING RECREATIONAL SERVICES PROVIDES THE SWIMMING MEMBERSHIP WITH SWIMMING OPPORTUNITIES AND LESSONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Sullivan General Manager | 40 | $220,600 | |
Kathleen Dean President | OfficerTrustee | 10 | $0 |
Zach Cardais Vice Pres. | OfficerTrustee | 10 | $0 |
John England Treasurer | OfficerTrustee | 10 | $0 |
Suzanne Johnson Secretary | OfficerTrustee | 10 | $0 |
Brian Zapata Committee Chair | Trustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,039,615 |
| 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 | $2,039,615 |
| Total Program Service Revenue | $0 |
| Investment income | $61,790 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $30,175 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,510,943 |
| 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. | $220,600 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $672,866 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $69,729 |
| Payroll taxes | $70,420 |
| 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 | $0 |
| Advertising and promotion | $3,210 |
| Office expenses | $88,019 |
| Information technology | $59,460 |
| 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 | $0 |
| Interest | $54,352 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $416,722 |
| Insurance | $67,374 |
| All other expenses | $147,381 |
| Total functional expenses | $2,506,757 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $252,934 |
| Savings and temporary cash investments | $499,870 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $187,308 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $124,021 |
| Prepaid expenses and deferred charges | $17,092 |
| Net Land, buildings, and equipment | $4,632,668 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $901,338 |
| Intangible assets | $0 |
| Other assets | $3,181 |
| Total assets | $6,618,412 |
| Accounts payable and accrued expenses | $174,749 |
| Grants payable | $0 |
| Deferred revenue | $14,181 |
| 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 | $1,432,728 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $126,576 |
| Total liabilities | $1,748,234 |
| Net assets without donor restrictions | $4,870,178 |
| 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 | $6,618,412 |