Bald Head Island Yacht Club
- Assets
- $2.4m
- Revenue
- $498.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Bald Head Island, NC
- Founding
- 10/2001
- Data as of
- 12/2021
- EIN
- 56-2229687
Organization Overview
Bald Head Island Yacht Club is located in Bald Head Island, NC. The organization was established in 2001. According to its NTEE Classification (N50) the organization is classified as: Recreational Clubs, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bald Head Island 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 12/2021, Bald Head Island Yacht Club generated $498.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $356.2k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SOCIAL AND RECREATIONAL - TO ENCOURAGE THE SPORT OF BOATING, TO PROMOTE THE SCIENCE OF SEAMANSHIP AND NAVIGATION, AND TO PROVIDE AND MAINTAIN A SUITABLE ANCORAGE FOR THE PLEASURE AND RECREATION OF ITS MEMBERS AND THEIR GUESTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REGULAR BOARD MEETINGS AND THE ANNUAL MEMBERSHIP MEETING WERE CONDUCTED VIA TELEPHONE, AND IN PERSON AT YEARS END. AT THESE MEETINGS CLUB BUSINESS ITEMS WERE DISCUSSED, FINANCIAL PERFORMANCE REVIEWS WERE CONDUCTED, AND THE 2022 BUDGET WAS FORMULATED AND APPROVED. BATHHOUSE RENOVATIONS WERE COMPLETED IN 2021 AND A NEW DECK AND ROOF ADDITION WERE STARTED. SOCIALS PLANNED FOR 2021 WERE CANCELLED DUE TO COVID-19, HOWEVER THE ANNUAL MEETING OF THE MEMBERSHIP AND SOCIAL WERE HELD AT YEARS END.MEMBERSHIPS AT THE END OF 2021 TOTALED 184. MEMBERSHIPS WITH A VOTE TOTALED 179. 27 MEMBERSHIPS WERE SOLD AND TRANSFERRED TO NEW MEMBERS IN 2021. ELECTIONS WERE HELD TO REELECT FOUR BOARD MEMBERS AND NEWLY ELECT ONE. ACCOUNTS HAVE BEEN FUNDED ADEQUATELY TO MAINTAIN NECESSARY CASH FLOWS REQUIRED FOR DAILY OPERATIONS AND FUTURE MAJOR RENOVATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Steve Henson Commodore | Officer | 1 | $0 |
Kristin C Henson Sectreasurer | Officer | 1 | $0 |
Darryl Early Vice-Commodore | Officer | 1 | $0 |
Alan H Norton Director | Trustee | 1 | $0 |
Vance Johnson Director | Trustee | 1 | $0 |
Scott Ingersoll Director | Trustee | 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 | $498,612 |
| Investment income | $1,538 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$2,310 |
| 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 | $760 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $498,600 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $27,053 |
| 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 | $914 |
| Office expenses | $3,896 |
| Information technology | $0 |
| 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 | $7,381 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,648 |
| Insurance | $20,786 |
| All other expenses | $267,530 |
| Total functional expenses | $356,208 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50,337 |
| Savings and temporary cash investments | $1,320,250 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,802 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $6,119 |
| Prepaid expenses and deferred charges | $2,916 |
| Net Land, buildings, and equipment | $583,322 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $475,943 |
| Total assets | $2,440,689 |
| Accounts payable and accrued expenses | $22,117 |
| Grants payable | $0 |
| Deferred revenue | $81,280 |
| 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 | $248,422 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16 |
| Total liabilities | $351,835 |
| Net assets without donor restrictions | $0 |
| 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 | $2,088,854 |
| Total liabilities and net assets/fund balances | $2,440,689 |
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