Friends Of Basin Harbor Golf Inc
- Assets
- $27.0k
- Revenue
- $14.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Waltham, VT
- Founding
- Data as of
- 12/2022
- EIN
- 85-4231681
Organization Overview
Friends Of Basin Harbor Golf Inc is located in Waltham, VT. 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. Friends Of Basin Harbor Golf Inc 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, Friends Of Basin Harbor Golf Inc generated $14.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (61.5%) each year. All expenses for the organization totaled $57.6k during the year ending 12/2022. 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
THE PRIMARY PURPOSE OF THE ORGANIZATION IS TO SUPPORT THE GOLF CLUB AT BASIN HARBOR AND TO ENSURE ITS VIABILITY AND USE FOR THE BENEFIT OF THIS ORGANIZATION'S MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN THE SPRING OF 2020, THE COVID-19 PANDEMIC THREATENED THE SURVIVAL OF THE BASIN HARBOR RESORT. THE OWNERS OF THE RESORT MADE THE DIFFICULT DECISION TO CLOSE THE GOLF COURSE. FRIENDS OF BASIN HARBOR GOLF, INC. (FBHG) WAS FORMED TO AID IN HELPING TO SAVE THE GOLF COURSE AFTER THIS DECISION WAS MADE BY BASIN HARBOR RESORT. A NEW OPERATING AGREEMENT WAS EXECUTED BETWEEN CLARK GOLF MANAGEMENT LLC (CGM) AND BASIN HARBOR RESORT. IT IS A FIVE YEAR MANAGEMENT AGREEMENT WITH A DURATION OF 5 YEARS AND AN OPTION TO RENEW. CGM IS THE NEW OPERATOR OF THE GOLF COURSE AND ASSUMES ALL REVENUES, RISK AND PROFIT/LOSS. BASIN HARBOR/BEACH PROPERTIES, INC. CONTINUES TO OWN THE PROPERTY BUT RECEIVES NO REVENUES FROM THE GOLF OPERATION. DUE TO THE CURRENT FINANCIAL SUPPORT OF FBHG, INC. AND THE NEW OPERATING MODEL, IT APPEARS THE GOLF COURSE WILL SURVIVE. MEMBERS PLAY GOLF IN SEASON. BASED ON THEIR INITIAL ASSESSMENTS, MEMBERS PLAY FOR UP TO FOUR YEARS BASED ON DUES PAID TO FBHG, INC. OR THEY PAY SEPARATELY TO CGM TO PLAY. THE MAJORITY OF THE MEMBERS' DUES, MEMBERSHIP FEES AND ASSESSMENTS ARE PAID, OR WILL BE PAID TO CGM FOR DIRECT COSTS ASSOCIATED WITH THE OPERATION OF THE FACILITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Cromarty Secretary | OfficerTrustee | 2 | $0 |
Treadway Mink Vice Preside | OfficerTrustee | 2 | $0 |
Daniel Morris President | OfficerTrustee | 5 | $0 |
Edward Stein Treasurer | OfficerTrustee | 2 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $14,000 |
| Investment income | $0 |
| 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 | $14,000 |
| 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 | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,939 |
| 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 | $0 |
| 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 | $1,543 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $57,561 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,991 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $26,991 |
| Accounts payable and accrued expenses | $1,939 |
| 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 | $14,000 |
| Total liabilities | $15,939 |
| Net assets without donor restrictions | $11,052 |
| 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 | $26,991 |