Raleigh Racquet Club Inc
- Assets
- $6.1m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 110
- Location
- Raleigh, NC
- Founding
- 01/1969
- Data as of
- 12/2023
- EIN
- 56-0905840
Organization Overview
Raleigh Racquet Club Inc is located in Raleigh, NC. The organization was established in 1969. 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 12/2023, Raleigh Racquet Club Inc employed 110 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Raleigh Racquet 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 12/2023, Raleigh Racquet Club Inc generated $4.7m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 12.0% each year . All expenses for the organization totaled $4.4m during the year ending 12/2023. While expenses have increased by 11.6% per year over the past 9 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
THE RALEIGH RACQUET CLUB OFFERS EXCELLENCE IN FACILITIES, PROGRAMS, INSTRUCTION AND EVENTS FOR TENNIS PLAYERS OF ALL AGES AND SKILL LEVELS. AS A FAMILY-ORIENTED RACQUET AND SWIM CLUB, WE OFFER MULTIPLE SOCIAL AND ATHLETIC ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATES TENNIS AND SWIM CLUB
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Halligan General Mana | Officer | 40 | $246,284 |
Paul Goode Dir. Of Tenn | Officer | 40 | $190,067 |
Ronald Carte Executive Ch | 40 | $113,137 | |
Brent Bennett Dir Of Adult | 40 | $111,834 | |
Daniel Carter Dir Tourname | 40 | $104,183 | |
Liz Arcos Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,773,060 |
| 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 | $1,773,060 |
| Total Program Service Revenue | $2,425,886 |
| Investment income | $35,701 |
| 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 | $512,211 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,746,858 |
| 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. | $436,351 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $935,115 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $179,639 |
| 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 | $53,683 |
| Advertising and promotion | $16,933 |
| Office expenses | $8,184 |
| Information technology | $43,723 |
| Royalties | $0 |
| Occupancy | $181,137 |
| Travel | $26 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,342 |
| Interest | $91,535 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $257,413 |
| Insurance | $42,121 |
| All other expenses | $392,013 |
| Total functional expenses | $4,397,321 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $828,839 |
| Savings and temporary cash investments | $740,134 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $203,589 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $24,157 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,254,573 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,051,292 |
| Accounts payable and accrued expenses | $124,295 |
| 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 | $2,193,428 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $204,316 |
| Total liabilities | $2,522,039 |
| Net assets without donor restrictions | $3,529,253 |
| 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 | $6,051,292 |