Summit Lounge Corporation
- Assets
- $26.7k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Whitinsville, MA
- Founding
- 11/2019
- Data as of
- 12/2021
- EIN
- 82-1462251
Organization Overview
Summit Lounge Corporation is located in Whitinsville, MA. The organization was established in 2019. According to its NTEE Classification (N50) the organization is classified as: Recreational Clubs, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Summit Lounge Corporation 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, Summit Lounge Corporation generated $47.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (10.7%) each year. All expenses for the organization totaled $66.9k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (12.2%) per year over the past 4 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3
THE ORGANIZATION'S PURPOSE IS FOR THE CREATION AND MAINTENANCE OF A PRIVATE SOCIAL CLUB FOR THE INTELLECTUAL ENRICHMENT OF ITS MEMBERS. THE CORPORATION IS FURTHER AUTHORIZED TO CONDUCT ALL ACTIVITIES PERMITTED BY MGL C 180.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kyle Moon Clerk | 2 | $2,750 | |
Mark Moon President | 2 | $0 | |
Lisa Moon Treasurer | 2 | $0 | |
Ethan Moon Director | 2 | $0 | |
Jacob Moon Director | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $47,721 |
| Membership dues | $0 |
| Investment income | $2 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $47,723 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $5,529 |
| Professional fees and other payments to independent contractors | $2,475 |
| Occupancy, rent, utilities, and maintenance | $38,474 |
| Printing, publications, postage, and shipping | $870 |
| Other expenses | $19,520 |
| Total expenses | $66,868 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $24,237 |
| Other assets | $0 |
| Total assets | $26,737 |
| Total liabilities | $157,191 |
| Net assets or fund balances | -$130,454 |
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