Coral Reef Yacht Club
- Assets
- $15.0m
- Revenue
- $7.2m
- Investments
- $0.0
- Employees
- 139
- Location
- Miami, FL
- Founding
- 08/1957
- Data as of
- 04/2022
- EIN
- 59-0776439
Organization Overview
Coral Reef Yacht Club is located in Miami, FL. The organization was established in 1957. 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 04/2022, Coral Reef Yacht Club employed 139 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Coral Reef 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 04/2022, Coral Reef Yacht Club generated $7.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $8.1m during the year ending 04/2022. While expenses have increased by 3.4% 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
2022
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
THE CLUB PROVIDES RESTAURANT AND DOCK FACILITIES FOR ITS MEMBERS AND THEIR GUESTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jim Van Buren General Manager | Officer | 50 | $312,563 |
Paul Scheller Controller | Officer | 40 | $113,821 |
Peter Baumberger Commodore | OfficerTrustee | 2 | $0 |
Mike Owens Vice Commodore | OfficerTrustee | 2 | $0 |
Neal Mcaliley Treasurer | OfficerTrustee | 2 | $0 |
Stephan Medina Secretary | OfficerTrustee | 2 | $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 | $5,195,993 |
| Investment income | $8,585 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$18,326 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,876,072 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,183,008 |
| 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 | $3,376,815 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,112,706 |
| 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 | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $48,780 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $667,829 |
| Insurance | $344,976 |
| All other expenses | $887,682 |
| Total functional expenses | $8,080,984 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,053,414 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,310,929 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $90,322 |
| Prepaid expenses and deferred charges | $150,403 |
| Net Land, buildings, and equipment | $8,370,531 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $19,063 |
| Total assets | $14,994,662 |
| Accounts payable and accrued expenses | $492,972 |
| Grants payable | $0 |
| Deferred revenue | $3,449,425 |
| 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 | $862,633 |
| Other liabilities | $181,300 |
| Total liabilities | $4,986,330 |
| Net assets without donor restrictions | $10,008,332 |
| 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 | $14,994,662 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Coral Reef Yacht Club has recieved totaling $12,000.
| Awarding Organization | Amount |
|---|---|
The Orange Bowl Committee Inc Miami Lakes, FL PURPOSE: SUPPORT FOR ORANGE BOWL REGATTA | $12,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ansley Golf Club Atlanta, GA | $48,365,690 | $21,052,650 |
Royal Palm Yacht & Country Club Boca Raton, FL | $46,256,364 | $15,345,430 |
Palm Beach Country Club Palm Beach, FL | $28,111,995 | $21,230,123 |
The Club At Pelican Bay Inc Naples, FL | $49,551,991 | $15,480,224 |
United States Specialty Sports Association Inc Melbourne, FL | $30,501,525 | $19,243,372 |
Alpha Delta Pi Sorority Atlanta, GA | $18,755,038 | $19,005,623 |
Quail Ridge Country Club Inc Boynton Beach, FL | $44,841,038 | $11,345,026 |
Quail Creek Country Club Inc Naples, FL | $44,189,570 | $16,205,695 |
Lagorce Country Club Miami Beach, FL | $36,015,198 | $11,628,028 |
Amateur Athletic Union Of The United States Inc Lake Buena Vista, FL | $14,686,196 | $10,174,860 |
Harbour Ridge Country Club Palm City, FL | $48,715,310 | $11,636,786 |
Dunwoody Country Club Inc Atlanta, GA | $25,487,572 | $16,307,962 |