Palm Beach Country Club
- Assets
- $45.4m
- Revenue
- $12.5m
- Investments
- $5.2m
- Employees
- 173
- Location
- Palm Beach, FL
- Founding
- 06/1955
- Data as of
- 06/2023
- EIN
- 59-0706084
Organization Overview
Palm Beach Country Club is located in Palm Beach, FL. The organization was established in 1955. 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 06/2023, Palm Beach Country Club employed 173 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palm Beach Country Club is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 06/2023, Palm Beach Country Club generated $12.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $18.9m during the year ending 06/2023. While expenses have increased by 4.3% per year over the past 8 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
TO BIND ITS MEMBERS TOGETHER BY A COMMON OBJECTIVE DIRECTED AT PLEASURE AND RECREATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOOD AND BEVERAGE SALES TOTALED $2,588,490 FOR THE YEAR ENDING 06/30/2023, OF WHICH $5,631 WAS NON-MEMBER RELATED INCOME.
THE CLUB PROVIDES GOLF AND DINING FACILITIES TO APPROXIMATELY 380 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Schlager President | OfficerTrustee | 1 | $0 |
Richard Rothschild Vice President | OfficerTrustee | 1 | $0 |
John Wallerstein Vice President | OfficerTrustee | 1 | $0 |
Michael Rome Treasurer | OfficerTrustee | 1 | $0 |
Michael Margolis Secretary | OfficerTrustee | 1 | $0 |
David Blue Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cheney Brothers Food / Supplies | 6/29/23 | $632,601 |
The Beacon Group Insurance | 6/29/23 | $1,008,991 |
Lopez Group Inc Landscaping | 6/29/23 | $390,822 |
Florida Blue Health Insurance | 6/29/23 | $606,335 |
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 | $12,986,459 |
| Investment income | $404,834 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,596,716 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,575,625 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,481,463 |
| 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 | $6,794,597 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,805,645 |
| Payroll taxes | $0 |
| 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 | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $872,539 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,399,315 |
| Insurance | $385,953 |
| All other expenses | $2,064,499 |
| Total functional expenses | $18,884,810 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,451,047 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,463,017 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $378,198 |
| Prepaid expenses and deferred charges | $1,361,991 |
| Net Land, buildings, and equipment | $33,323,252 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,249,582 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,177,500 |
| Total assets | $45,404,587 |
| Accounts payable and accrued expenses | $1,487,475 |
| Grants payable | $0 |
| Deferred revenue | $116,575 |
| 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 | $6,209,866 |
| Total liabilities | $7,813,916 |
| Net assets without donor restrictions | $37,590,671 |
| 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 | $45,404,587 |