Olde Providence Racquet & Swim Club
- Assets
- $6.4m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 38
- Location
- Charlotte, NC
- Founding
- 09/1965
- Data as of
- 09/2022
- 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 09/2022, Olde Providence Racquet & Swim Club employed 38 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 09/2022, Olde Providence Racquet & Swim Club generated $2.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $2.2m during the year ending 09/2022. While expenses have increased by 0.7% 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
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 | $153,000 | |
Kathleen Dean Vice Pres. | OfficerTrustee | 10 | $0 |
John England Treasurer | OfficerTrustee | 10 | $0 |
Arlene Conger Secretary | OfficerTrustee | 10 | $0 |
Paul Vadnais President | OfficerTrustee | 10 | $0 |
Amanda Jeter Committee Chair | Trustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,016,436 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $700 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,017,136 |
| Total Program Service Revenue | $0 |
| Investment income | $4,155 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,038 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $58,832 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,367,275 |
| 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. | $153,600 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $584,483 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $64,765 |
| Payroll taxes | $59,118 |
| 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 | $934 |
| Office expenses | $73,712 |
| Information technology | $50,101 |
| 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 | $62,487 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $377,458 |
| Insurance | $58,772 |
| All other expenses | $118,258 |
| Total functional expenses | $2,228,835 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $339,866 |
| Savings and temporary cash investments | $1,301,537 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $117,193 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $139,426 |
| Prepaid expenses and deferred charges | $55,756 |
| Net Land, buildings, and equipment | $4,479,402 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,697 |
| Total assets | $6,436,877 |
| Accounts payable and accrued expenses | $106,147 |
| Grants payable | $0 |
| Deferred revenue | $14,408 |
| 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 | $1,656,011 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $139,777 |
| Total liabilities | $1,916,343 |
| Net assets without donor restrictions | $4,474,474 |
| Net assets with donor restrictions | $46,060 |
| 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 | $6,436,877 |
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|---|---|---|
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Memphis Country Club Memphis, TN | $17,898,426 | $9,558,758 |
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