Royal Palm Yacht & Country Club
- Assets
- $43.8m
- Revenue
- $17.5m
- Investments
- $0.0
- Employees
- 328
- Location
- Boca Raton, FL
- Founding
- 10/1961
- Data as of
- 12/2022
- EIN
- 59-0873777
Organization Overview
Royal Palm Yacht & Country Club is located in Boca Raton, FL. The organization was established in 1961. 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 12/2022, Royal Palm Yacht & Country Club employed 328 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Royal Palm Yacht & 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 12/2022, Royal Palm Yacht & Country Club generated $17.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $20.5m during the year ending 12/2022. While expenses have increased by 8.3% 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
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 MAINTAINS A 18 HOLE GOLF COURSE, PROVIDES TENNIS FACILITIES, SOCIAL ACTIVITIES, AS WELL AS DOCKAGE AND DINING FOR ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Anderson Commodore | OfficerTrustee | 8 | $0 |
Don Taggart Rear Commodore | OfficerTrustee | 8 | $0 |
John Holtz Vice Commodore | OfficerTrustee | 8 | $0 |
Joe Scaggs Secretary | OfficerTrustee | 8 | $0 |
Bob Arlen Treasurer | OfficerTrustee | 8 | $0 |
Ben Kennedy Jr Governor | Trustee | 8 | $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 | $11,658,591 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$12,142 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $3,405,022 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,532,677 |
| 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 | $9,045,205 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,688,125 |
| 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 | $479,155 |
| 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 | $329,483 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,444,446 |
| Insurance | $652,433 |
| All other expenses | $2,599,128 |
| Total functional expenses | $20,467,545 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,834,942 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,862,935 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $589,728 |
| Prepaid expenses and deferred charges | $296,637 |
| Net Land, buildings, and equipment | $33,492,196 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $714,408 |
| Total assets | $43,790,846 |
| Accounts payable and accrued expenses | $1,456,942 |
| 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 | $1,197,951 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,729,867 |
| Total liabilities | $14,384,760 |
| Net assets without donor restrictions | $29,406,086 |
| 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 | $43,790,846 |