Somerset Boat Club Inc
- Assets
- $268.9k
- Revenue
- $160.0k
- Investments
- $0.0
- Employees
- 1
- Location
- Somerset, KY
- Founding
- 00/0000
- Data as of
- 06/2021
- EIN
- 61-1107573
Organization Overview
Somerset Boat Club Inc is located in Somerset, KY. The organization was established in 0000. According to its NTEE Classification (N67) the organization is classified as: Swimming & Other Water Recreation, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somerset Boat 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 06/2021, Somerset Boat Club Inc generated $160.0k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $169.3k during the year ending 06/2021. While expenses have increased by 4.9% 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
SOCIAL ACTIVITY-60 MEMBER BOAT CLUB
Describe the Organization's Program Activity:
Part 3 - Line 4a
UPDATE AND MAINTAIN DOCKS AND FLOTATION FOR MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eddie Deaton Secretary | Officer | 8 | $0 |
Terri Hundley Secretary | Officer | 8 | $0 |
David Keller Commodore | Officer | 20 | $0 |
Mike Mccord Vice Commodore | Officer | 15 | $0 |
Rocky Farmer Vice Commodore | Officer | 15 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $159,965 |
| Investment income | $4 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $159,969 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $38,422 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,151 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,109 |
| 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 | $175 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $37,547 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,203 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $33,181 |
| Insurance | $11,264 |
| All other expenses | $0 |
| Total functional expenses | $169,340 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $67,453 |
| Savings and temporary cash investments | $44,440 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $268,862 |
| Accounts payable and accrued expenses | $857 |
| Grants payable | $0 |
| Deferred revenue | $71,800 |
| 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 | $72,657 |
| 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 |
| Total liabilities and net assets/fund balances | $196,205 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Grow Boating Inc Chicago, IL | $0 | $3,002,017 |
Nova Of Virginia Aquatics Inc Richmond, VA | $8,429,552 | $3,737,460 |
Occoquan Swimming Inc Manassas, VA | $416,953 | $2,263,892 |
Usa Swimming Inc Rolling Meadows, IL | $1,062,881 | $1,962,511 |
American Canoe Association Fredericksburg, VA | $2,935,103 | $2,005,196 |
Swiminc Inc Worthington, OH | $829,638 | $1,806,874 |
Excel Aquatics Brentwood, TN | $851,394 | $1,571,381 |
Carmel Swim Club Carmel, IN | $1,078,759 | $1,620,809 |
Vermilion Boat Club Inc Vermilion, OH | $883,885 | $1,475,888 |
Old Dominion Boat Club Alexandria, VA | $11,245,214 | $1,105,837 |
Nashville Aquatic Club Nashville, TN | $573,153 | $1,290,870 |
New Trier Aquatics Winnetka, IL | $670,855 | $1,422,426 |