The Racquet Club
- Assets
- $5.8m
- Revenue
- $4.4m
- Investments
- $0.0
- Employees
- 91
- Location
- Midland, TX
- Founding
- 08/1961
- Data as of
- 12/2022
- EIN
- 75-1042627
Organization Overview
The Racquet Club is located in Midland, TX. The organization was established in 1961. 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 12/2022, Racquet Club employed 91 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Racquet Club is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 12/2022, Racquet Club generated $4.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $3.8m during the year ending 12/2022. While expenses have increased by 3.9% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TENNIS AND DINING SOCIAL CLUB
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE RACQUET CLUB OPERATES A TENNIS, SWIMMING, AND DINING FACILITY FOR SOCIAL BENEFIT OF ITS MEMBERS. THESE FACILITIES BENEFIT IN EXCESS OF 300 MEMBERS AND THEIR FAMILIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Stewart General Manager | Officer | 50 | $208,490 |
Larry Gates Director | Trustee | 1 | $0 |
Nate Brignon Vice President | OfficerTrustee | 1 | $0 |
Spencer Blake Secretary | OfficerTrustee | 1 | $0 |
Liz Mcgehee Director | Trustee | 1 | $0 |
Julie Edwards Director | Trustee | 1 | $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 | $114,510 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $114,510 |
| Total Program Service Revenue | $2,790,559 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$9,833 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,140,375 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,444,074 |
| 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. | $208,490 |
| Compensation of current officers, directors, key employees. | $125,094 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,846,253 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $319,444 |
| Payroll taxes | $165,868 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $270 |
| Fees for services: Accounting | $31,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,200 |
| Advertising and promotion | $0 |
| Office expenses | $116,969 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $353,078 |
| Insurance | $109,744 |
| All other expenses | $146,781 |
| Total functional expenses | $3,817,480 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $394,240 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $921,502 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $83,621 |
| Prepaid expenses and deferred charges | $76,512 |
| Net Land, buildings, and equipment | $4,302,689 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,778,564 |
| Accounts payable and accrued expenses | $262,071 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $262,071 |
| Net assets without donor restrictions | $5,516,493 |
| 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 | $5,778,564 |