Friends Of Basin Harbor Golf Inc

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.

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)Compensation
Joseph Cromarty
Secretary
$0
Treadway Mink
Vice Preside
$0
Daniel Morris
President
$0
Edward Stein
Treasurer
$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

Peer Organizations

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