Adios Golf Club Inc
- Assets
- $18.4m
- Revenue
- $12.0m
- Investments
- $0.0
- Employees
- 88
- Location
- Coconut Creek, FL
- Founding
- 04/1983
- Data as of
- 09/2023
- EIN
- 59-2195728
Organization Overview
Adios Golf Club Inc is located in Coconut Creek, FL. The organization was established in 1983. 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 09/2023, Adios Golf Club Inc employed 88 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Adios Golf Club Inc is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 09/2023, Adios Golf Club Inc generated $12.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.6% each year. All expenses for the organization totaled $10.8m during the year ending 09/2023. While expenses have increased by 7.5% 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
PRIVATE CLUB OFFERING A GOLF COURSE, PRO SHOP, CLUBHOUSE, RESTAURANT AND FACILITIES TO ITS MEMBERS AND THEIR GUESTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRIVATE CLUB OFFERING A GOLF COURSE, PRO SHOP, CLUBHOUSE, RESTAURANT AND FACILITIES TO ITS MEMBERS AND THEIR GUESTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Marino President | OfficerTrustee | 1 | $0 |
Sandy Petrocelli Jr Vice President | OfficerTrustee | 1 | $0 |
Chris Georgoulis Secretary | OfficerTrustee | 1 | $0 |
Spencer Merinoff Treasurer | OfficerTrustee | 1 | $0 |
Glenn Lee Gm/coo | Officer | 40 | $340,708 |
Cynthia R Whitney Cfo/hr Director | Officer | 40 | $149,839 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Turf Source Inc Purchased Services - Labor | 9/29/19 | $240,828 |
Callaway Golf Co Proshop Inventory-soft/hard | 9/29/19 | $146,749 |
Wells Fargo Equipment Golf Course Equipment | 9/29/19 | $138,921 |
Helena Gc Lawn Products | 9/29/19 | $138,606 |
Acushnet Proshop Inventory-soft/hard Goods | 9/29/19 | $129,737 |
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 | $11,073,642 |
| Investment income | $140,863 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $383 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $826,554 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,041,442 |
| 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. | $1,318,806 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,851,968 |
| Pension plan accruals and contributions | $95,188 |
| Other employee benefits | $614,499 |
| Payroll taxes | $311,207 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,773 |
| Fees for services: Accounting | $27,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $102,835 |
| Advertising and promotion | $0 |
| Office expenses | $117,069 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $100,210 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $35,842 |
| Interest | $8,519 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,499,513 |
| Insurance | $387,593 |
| All other expenses | $511,491 |
| Total functional expenses | $10,766,275 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,819,618 |
| Savings and temporary cash investments | $2,756,626 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,948,894 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $705,139 |
| Prepaid expenses and deferred charges | $140,082 |
| Net Land, buildings, and equipment | $7,798,915 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $275,634 |
| Total assets | $18,444,908 |
| Accounts payable and accrued expenses | $114,765 |
| Grants payable | $0 |
| Deferred revenue | $5,932,429 |
| 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 | $464,348 |
| Total liabilities | $6,511,542 |
| Net assets without donor restrictions | $11,933,366 |
| 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 | $18,444,908 |