Texas Corinthian Yacht Club
- Assets
- $4.6m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 40
- Location
- Kemah, TX
- Founding
- 05/1939
- Data as of
- 12/2021
- EIN
- 74-0939397
Organization Overview
Texas Corinthian Yacht Club is located in Kemah, TX. The organization was established in 1939. 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 12/2021, Texas Corinthian Yacht Club employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Texas Corinthian 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 12/2021, Texas Corinthian Yacht Club generated $1.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $2.2m during the year ending 12/2021. While expenses have increased by 6.5% 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
TEXAS CORINTHIAN YACHT CLUB'S MISSION IS TO PROVIDE FOR THE EDUCATION AND RECREATION OF THEIR YOUTH AND ADULTS, IN THE ARTS OF SAILING,
Describe the Organization's Program Activity:
Part 3 - Line 4a
TCYC PROVIDES A CLUBHOUSE AND RESTAURANT WHICH PROVIDE FOR SOCIAL GATHERING AND INTER-ACTION, AND AN EDUCATIONAL FACILITY FOR ITS APPROXIMATELY 180 MEMBERS AND THEIR FAMILIES. DURING 2021, TCYC HOSTED LIMITED (DUE TO COVID) SOCIAL EVENTS FOR ITS MEMBERS, AND THE CLUBHOUSE AND RESTAURANT PROVIDED A GATHERING VENUE AS SUPPORT FOR THE YOUTH AND SENIOR PROGRAMS. ADDITIONALLY, THE FACILITY IS FREQUENTLY USED FOR DAY AND OVER-NIGHT YOUTH OUTINGS, PROVIDING SOCIAL INTER-ACTION AND AN EDUCATIONAL ENVIRONMENT.
TCYC'S YOUTH PROGRAM PROVIDES FOR THE EDUCATION AND LEADERSHIP DEVELOPMENT OF THE CLUB'S YOUTH, VIA SAILBOAT RACING AND EDUCATIONAL SEMINARS WHICH TEACH BOAT HANDLING AND NAVIGATIONAL SKILLS, AND BY LEARNING WEATHER PATTERNS AND RELATED WEATHER SAFETY. THE JUNIOR SAILORS ANNUALLY ELECT A JUNIOR COMMODORE AND JUNIOR VICE COMMODORE WHO HELP CO-ORDINATE AND PLAN THE JUNIOR ACTIVITIES. MOST OF THE ACTIVITIES ARE CONCENTRATED IN THE SUMMER MONTHS AND INCLUDE SAILING INSTRUCTION, SAILBOAT RACING, & OTHER EVENTS AIMED TO ENHANCE THE ENJOYMENT AND CAMARADERIE OF BEING "AT THE BAY". EACH YEAR, THE CLUB CO-HOSTS TEXAS YOUTH RACE WEEK. ADDITIONAL PROGRAM SERVICES IN 2021 INCLUDED SUMMER BAIT CAMP (YOUNGER SAILORS) & COMPETITIONS IN SUNFISH, SONARS, WINDSURFERS AND OTHER SAILING VESSELS.
TCYC PROVIDES A PIER AND RELATED FACILITIES FOR THE SAFE AND ACCESSIBLE STORAGE OF RACING SAILBOATS, AND TO PROVIDE A GATHERING PLACE TO FOSTER THE CLUB'S EDUCATIONAL AND RECREATIONAL PURPOSES. THE CLUB HOSTS THE ANNUAL TEXAS SHOOTOUT REGATTA WHICH IS AN ADULT TEAM RACING EVENT AND WAS ATTENDED BY CLUBS FROM THE SOUTH & NORTHEAST. THE SENIORS ALSO PARTICIPATED IN SEVERAL OUT OF TOWN COMPETITIONS, INCLUDING THE HINMAN & TEXAS SHOOTOUT DURING 2021. THERE IS FLEET RACING IN SONARS AND SUNFISH CLASS SAILBOATS THROUGHOUT THE SEASON. THE PIER IS USED BY CLUB FAMILIES TO FISH AND CRAB AND SERVES AS A VENUE FOR MEMBERS TO SOCIALIZE OVER THE WATERS OF GALVESTON BAY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stacy Steglich General Mgr | Officer | 60 | $139,954 |
Henry May III Commodore | OfficerTrustee | 20 | $0 |
J Carter Perrin Vice Commodore | OfficerTrustee | 15 | $0 |
Clark Thompson Jr Rear Commodore | OfficerTrustee | 10 | $0 |
Matthew Wright Treasurer | OfficerTrustee | 10 | $0 |
Whitney Mears Secretary | OfficerTrustee | 10 | $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 | $15,600 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,600 |
| Total Program Service Revenue | $1,926,235 |
| Investment income | $142 |
| 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 | $1,941,977 |
| 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. | $139,954 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $323,656 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $29,243 |
| Payroll taxes | $46,881 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,650 |
| 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 | $74,581 |
| Information technology | $16,756 |
| Royalties | $0 |
| Occupancy | $250,452 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $49,236 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $240,000 |
| Insurance | $146,653 |
| All other expenses | $188,394 |
| Total functional expenses | $2,244,963 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $285,713 |
| Savings and temporary cash investments | $117,655 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $159,507 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $19,883 |
| Prepaid expenses and deferred charges | $126,687 |
| Net Land, buildings, and equipment | $3,883,620 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,593,065 |
| Accounts payable and accrued expenses | $82,934 |
| 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 | $1,212,002 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $20,035 |
| Total liabilities | $1,314,971 |
| Net assets without donor restrictions | $3,278,094 |
| 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 | $4,593,065 |
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