St Thomas Yacht Club Inc
- Assets
- $984.0k
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 56
- Location
- St Thomas, VI
- Founding
- Data as of
- 08/2024
- EIN
- 67-0253644
Organization Overview
St Thomas Yacht Club Inc is located in St Thomas, VI. As of 08/2024, St Thomas Yacht Club Inc employed 56 individuals. St Thomas Yacht 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 08/2024, St Thomas Yacht Club Inc generated $1.6m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $1.6m during the year ending 08/2024. While expenses have increased by 5.9% 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE AND FOSTER THE SPORTS OF SAILING, YACHT RACING AND COURT SPORTS ON A LOCAL, NATIONAL, AND INTERNATIONAL LEVEL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ANNUAL JUNIOR SAILING PROGRAM INCLUDES BOTH LESSONS ON THE WATER AND IN THE CLASSROOM. THIS PROGRAM HAS BEEN IN EXISTENCE SINCE 1967, AND HAS RESULTED IN THE DEVELOPMENT OF WORLD-CLASS SAILERS WHO HAVE WON AMATEUR AND PROFESSIONAL YACHT RACING REGATTAS THROUGHOUT THE WORLD. THIS PROGRAM SERVED OVER 85 YOUNG PERSONS DURING THE FISCAL YEAR ENDED AUGUST 31, 2023. THE HIGH SCHOOL SAILING PROGRAM WAS ESTABLISCHED TO DEVELOP A LOVE OF SAILING AND COMPETITION AMONG STUDENTS FROM 9TH THRU 12TH GRADES. THE STUDENTS ARE TAUGHT HOW TO SAIL TWO TYPES OF WATER CRAFT. THE GOAL OF THIS PROGRAM IS TO DEVELOP A TEAM THAT IS ABLE TO COMPETE ON A NATIONAL LEVEL.
THE SUMMER CAMP PROGRAM PROVIDES A RECREATIONAL ENVIRONMENT FOR CHILDREN DURING THE SUMMER MONTHS. IN ADDITION TO SAILING AND YACHTING ACTIVITIES, THIS PROGRAM OFFERS TENNIS INSTRUCTION, GAMES AND ARTS AND CRAFTS, SAFETY AND ENJOYMENT ARE EMPHASIZED DURING THE FISCAL YEAR ENDED AUGUST 31, 2023. THE CAMP WAS FILLED TO CAPACITY WITH AN EXTENSIVE WAITING LIST, SERVING APPROXIMATELY 37 YOUNG PERSONS PER WEEK FOR SIX WEEKS.
THE MOORINGS AND STORAGE LOCKERS ARE AN INTEGRAL PART OF THE FACILITIES REQUIRED TO OPERATE VARIOUS SAILING PROGRAMS. THESE PROGRAMS INCLUDE COMMUNITY OUTREACH, SPONSORSHIP OF TWO HIGH SCHOOL SAILING PROGRAMS, JUNIOR AND ADULT SAILING PROGRAMS, AND YOUTH SUMMER CAMP. WITHOUT THIS INFRASTRUCTURE WE WOULD NOT BE ABLE TO MEET OUR MISSION STATEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Newbold Governor | Trustee | 2 | $0 |
Robert Wardrop Governor | Trustee | 2 | $0 |
Laura Martin Governor | Trustee | 2 | $0 |
Hollis Jenkins Governor | Trustee | 2 | $0 |
Maggie Mitchelle Governor | Trustee | 2 | $0 |
Andrew Johnson Governor | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $589,136 |
| Fundraising events | $4,925 |
| Related organizations | $0 |
| Government grants | $80,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $27,094 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $701,155 |
| Total Program Service Revenue | $771,915 |
| Investment income | $1 |
| 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 | $88,473 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,561,544 |
| 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 | $35,767 |
| Other salaries and wages | $589,686 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $39,080 |
| Payroll taxes | $96,023 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,806 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $16,272 |
| Office expenses | $158,837 |
| Information technology | $3,445 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $7,919 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,000 |
| Interest | $18,745 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $39,046 |
| Insurance | $110,661 |
| All other expenses | $38,886 |
| Total functional expenses | $1,561,171 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $269,689 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $88,759 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $11,536 |
| Prepaid expenses and deferred charges | $53,421 |
| Net Land, buildings, and equipment | $561,386 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | -$825 |
| Total assets | $983,966 |
| Accounts payable and accrued expenses | $97,742 |
| 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 | $726,770 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $824,512 |
| 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 | $159,454 |
| Total liabilities and net assets/fund balances | $983,966 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
St Thomas East End Medical Center Corporation St Thomas, VI | $1,609,668 | $8,773,440 |
Antilles School Inc St Thomas, VI | $13,255,035 | $9,370,465 |
Lutheran Social Services Of The Virgin Islands Inc Frederiksted, VI | $27,324,906 | $21,412,248 |
Virgin Islands Montessori School Inc St Thomas, VI | $10,780,530 | $3,983,026 |
Good Hope Country Day School Inc Kingshill, VI | $5,588,655 | $4,879,937 |
The Foundation For Te College Of The Virgin Islands Inc St Thomas, VI | $54,434,719 | $3,561,167 |
Meeting The Needs Of Our Community Inc St Thomas, VI | $1,027,856 | $4,465,565 |
Community Foundation Of The Virgin Islands Inc St Thomas, VI | $14,923,448 | $4,268,383 |
Gifft Hill School Inc St John, VI | $7,446,421 | $3,215,239 |
Legal Services Of The Virgin Islands Inc St Croix, VI | $6,717,341 | $3,600,989 |