Lakewood Yacht Club
- Assets
- $9.6m
- Revenue
- $6.2m
- Investments
- $0.0
- Employees
- 144
- Location
- Seabrook, TX
- Founding
- 04/1958
- Data as of
- 12/2021
- EIN
- 74-1224480
Organization Overview
Lakewood Yacht Club is located in Seabrook, TX. The organization was established in 1958. 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 12/2021, Lakewood Yacht Club employed 144 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lakewood 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, Lakewood Yacht Club generated $6.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $6.4m during the year ending 12/2021. While expenses have increased by 1.0% 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
THE PURPOSE OF LAKEWOOD YACHT CLUB IS TO PROVIDE AN EXCLUSIVE YACHTING ENVIRONMENT FOR THE BENEFIT OF ITS MEMBERS, BY FOSTERING COMARADERIE WHILE SATISFYING DIVERSE NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LAKEWOOD YACHT CLUB IS LOCATED ON 38 BEAUTIFULLY LANDSCAPED ACRES WITH OVER 300 COVERED AND OPEN BOAT SLIPS. LAKEWOOD IS MORE THAN JUST A YACHT CLUB. IT IS A HAVEN FOR MEMBERS, THEIR FAMILIES AND GUESTS.
THE BERMUDA-STYLE CLUBHOUSE PROVIDES LAKEWOOD'S 500 PLUS MEMBERS WITH QUIET HARBOR-VIEW DINING FACILITIES AND EXCELLENT CUISINE PROVIDED BY A PROFESSIONALLY TRAINED EXECUTIVE CHEF. THE CLUBHOUSE HAS A NEWLY REMODELED BAR AND PIANO LOUNGE WITH LARGE SCREEN TELEVISIONS THAT INVITES MEMBERS TO RELAX BY THE FIRE. THE BEAUTIFUL BALLROOM OVERLOOKING THE INNER HARBOR IS THE VENUE FOR MANY OF LAKEWOOD'S SOCIAL EVENTS AS WELL AS WEDDINGS, MEETINGS AND SUNDAY BRUNCH. A GAME ROOM PROVIDES SUPERVISED ACTIVITIES FOR MEMBERS' CHILDREN.
THERE IS SOMETHING FOR EVERYONE AT LAKEWOOD, BEGINNING WITH A STRONG AGENDA OF REGATTAS AND CRUISES ORGANIZED ANNUALLY BY LAKEWOOD'S ENTHUSIASTIC VOLUNTEERS. AN ACTIVE LADIES ASSOCIATION HAS A BUSY MONTHLY AGENDA WHICH INCLUDES A SPECIAL SUMMER ACTIVITY. THE YOUTH PROGRAM, KNOWN AS THE SEAHORSES, IS GUIDED YEAR-ROUND BY THE CLUB'S PARENT VOLUNTEERS AND FULL-TIME SAILING DIRECTOR. THREE LIGHTED TENNIS COURTS AND FRIENDLY BUT COMPETITIVE MONTHLY TENNIS SOCIALS AND WEEKLY MATCHES ADD TO THE ALLURE OF LAKEWOOD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kelly Holst General Manager | Officer | 40 | $151,286 |
Terry Chapman Asst General Manager | Officer | 40 | $42,307 |
Mike Downs Commodore | OfficerTrustee | 5 | $0 |
Dwight Bengtson Fleet Captain | OfficerTrustee | 5 | $0 |
Paul Dunphey Rear Commodore | OfficerTrustee | 5 | $0 |
Gary Romer Vice Commodore | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Marine Inc | 12/30/20 | $161,506 |
Carr Construction Services | 12/30/20 | $287,600 |
Marine Inc | 12/30/20 | $161,506 |
Carr Construction Services | 12/30/20 | $287,600 |
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 | $6,203,285 |
| Investment income | $612 |
| 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 | $6,203,897 |
| 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. | $208,402 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,712,750 |
| Pension plan accruals and contributions | $30,442 |
| Other employee benefits | $223,675 |
| Payroll taxes | $177,915 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,560 |
| Fees for services: Accounting | $22,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $25,237 |
| Office expenses | $65,846 |
| Information technology | $21,159 |
| Royalties | $0 |
| Occupancy | $252,095 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $161,453 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $826,495 |
| Insurance | $614,192 |
| All other expenses | $142,413 |
| Total functional expenses | $6,431,122 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,400,254 |
| Savings and temporary cash investments | $1,681,498 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $409,718 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $108,857 |
| Prepaid expenses and deferred charges | $209,470 |
| Net Land, buildings, and equipment | $5,751,433 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,561,230 |
| Accounts payable and accrued expenses | $247,981 |
| Grants payable | $0 |
| Deferred revenue | $164,173 |
| 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 | $3,689,274 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,425 |
| Total liabilities | $4,103,853 |
| Net assets without donor restrictions | $5,457,377 |
| 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 | $9,561,230 |
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