Coral Bay Club Incorporated
- Assets
- $7.0m
- Revenue
- $4.0m
- Investments
- $0.0
- Employees
- 128
- Location
- Atlantic Beach, NC
- Founding
- 09/1968
- Data as of
- 12/2021
- EIN
- 56-6025472
Organization Overview
Coral Bay Club Incorporated is located in Atlantic Beach, NC. The organization was established in 1968. 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 12/2021, Coral Bay Club Incorporated employed 128 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Coral Bay Club Incorporated 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, Coral Bay Club Incorporated generated $4.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $3.3m during the year ending 12/2021. While expenses have increased by 1.4% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF CORAL BAY CLUB, INC. IS TO PROVIDE RECREATIONAL, DINING, AND SOCIAL FACILITIES FOR APPROXIMATELY 600 MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CORAL BAY CLUB, INC PROVIDES RECREATIONAL, DINING, AND SOCIAL FACILITIES FOR APPROXIMATELY 600 MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Haroldson President | OfficerTrustee | $0 | |
Allen Gant Ex-Officio | OfficerTrustee | $0 | |
C Parker Honeycutt Secretary | OfficerTrustee | $0 | |
Sam Sugg Vice Preside | OfficerTrustee | $0 | |
Don Williamson Treasurer | OfficerTrustee | $0 | |
Gina Williams Board Member | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,557,777 |
| 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 | $2,557,777 |
| Total Program Service Revenue | $488,746 |
| Investment income | $356 |
| 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 | $927,581 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,974,460 |
| 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 | $1,417,767 |
| Pension plan accruals and contributions | $22,868 |
| Other employee benefits | $0 |
| Payroll taxes | $105,619 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,724 |
| Fees for services: Accounting | $10,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $79,120 |
| Advertising and promotion | $1,962 |
| Office expenses | $50,276 |
| Information technology | $6,096 |
| Royalties | $0 |
| Occupancy | $157,616 |
| Travel | $16,484 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,076 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $608,804 |
| Insurance | $232,498 |
| All other expenses | $86,921 |
| Total functional expenses | $3,326,773 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,609,437 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $81,403 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $66,403 |
| Prepaid expenses and deferred charges | $117,152 |
| Net Land, buildings, and equipment | $5,106,170 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,980,565 |
| Accounts payable and accrued expenses | $135,088 |
| Grants payable | $0 |
| Deferred revenue | $306,500 |
| 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 | $441,588 |
| 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 | $6,538,977 |
| Total liabilities and net assets/fund balances | $6,980,565 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Myers Park Country Club Inc Charlotte, NC | $50,316,696 | $16,086,490 |
Bellehaven Country Club Inc Alexandria, VA | $40,402,944 | $17,085,559 |
North Ridge Country Club Inc Raleigh, NC | $21,783,792 | $13,220,578 |
George Walton Academy Inc Monroe, GA | $18,498,422 | $12,032,755 |
Willow Oaks Country Club Inc Richmond, VA | $15,889,652 | $10,037,529 |
Forest Lake Club Columbia, SC | $17,782,694 | $10,657,455 |
Memphis Country Club Memphis, TN | $17,898,426 | $9,558,758 |
Eagle Point Golf Club Inc Wilmington, NC | $18,431,345 | $8,325,446 |
Dataw Island Club Inc Beaufort, SC | $27,067,751 | $8,525,272 |
Wade Hampton Golf Club Inc Cashiers, NC | $23,418,026 | $9,280,278 |
Kinloch Golf Association Corp ManakinSabot, VA | $45,313,161 | $8,251,750 |
Old Town Club Inc Winstonsalem, NC | $12,827,032 | $8,211,808 |