Fairhope Yacht Club
- Assets
- $6.8m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 83
- Location
- Fairhope, AL
- Founding
- 10/1986
- Data as of
- 12/2023
- EIN
- 63-0249756
Organization Overview
Fairhope Yacht Club is located in Fairhope, AL. The organization was established in 1986. 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 12/2023, Fairhope Yacht Club employed 83 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fairhope 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 12/2023, Fairhope Yacht Club generated $2.2m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $2.3m during the year ending 12/2023. While expenses have increased by 5.6% per year over the past 5 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
THE ORGANIZATION PURPOSE IS TO SUPPORT AND ENCOURAGE THE SPORT OF YACHTING INCLUDING SAILING RACING POWER BOATING AND CRUISING
Describe the Organization's Program Activity:
Part 3 - Line 4a
HARBOR SLIPS: SAILING AND POWER BOAT SLIPS WITH BOAT RAMP AND ONE HOIST 400+ MEMBERS INVOLVED
JR SAILING AND TRAINING PROGRAMS FOR 3 HIGH SCHOOL PROGRAMS FOR LOCAL HIGH SCHOOL STUDENTS ALSO WITH JR YACHT CLUB MEMBERS. RACE AND REGATTA INCLUDING FLEET COMMITTEE BOAT AND OTHER SPONSORED REGATTAS.
MAINSHEET - INFORMATION PUBLICATION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Pat Colvin Office Manager | Officer | 40 | $55,689 |
David Willits General Manager | Officer | 40 | $90,000 |
Dan Herzog Board Chairman | Trustee | 8 | $0 |
Cathy Cromartie Board Member | Trustee | 8 | $0 |
Scott Hartweel Board Member | Trustee | 8 | $0 |
Ellis Ollinger Board Member | Trustee | 8 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $707,175 |
| Fundraising events | $3,662 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $261,642 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $972,479 |
| Total Program Service Revenue | $303,040 |
| Investment income | $20,376 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $18,535 |
| 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 | $918,859 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,246,405 |
| 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. | $287,889 |
| Compensation of current officers, directors, key employees. | $236,234 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $547,753 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $23,137 |
| Payroll taxes | $95,020 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,336 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $19,432 |
| Office expenses | $70,230 |
| Information technology | $25,714 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $8,554 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $38,931 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $365,594 |
| Insurance | $165,091 |
| All other expenses | $196,379 |
| Total functional expenses | $2,273,960 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $373,062 |
| Savings and temporary cash investments | $637,522 |
| Pledges and grants receivable | $115,077 |
| Accounts receivable, net | $510,400 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $32,892 |
| Prepaid expenses and deferred charges | $61,122 |
| Net Land, buildings, and equipment | $5,041,723 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,771,798 |
| Accounts payable and accrued expenses | $90,002 |
| Grants payable | $0 |
| Deferred revenue | $407,613 |
| 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 | $1,009,723 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,544,790 |
| Total liabilities | $5,052,128 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $1,719,670 |
| Total liabilities and net assets/fund balances | $6,771,798 |