Civic Intelligence

Stonington Harbor Yacht Club Incorporated

EIN 37-1431278 • 501(c)7 • Stonington, CT

Profile

Stonington harbor yacht club is a member organization promoting excellence in boating throughout the community. The club operates year round offering a full range of boating activities and events such as racing, cruising, fishing, kayaking, related social events, dock facilities and exclusive dining.

PO Box 87Stonington, CT 06378

www.shyc.us

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

98th percentile

1.40x

Higher debt load relative to assets than 98% of similar nonprofits.

501(c)7 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

91st percentile

2.24x

Higher debt load relative to revenue than 91% of similar nonprofits.

501(c)7 • $1M-$5M nonprofits • Source year 2024

Net Margin

61st percentile

9.9%

Higher net margin than 61% of similar nonprofits.

501(c)7 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

80th percentile

$0

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)7 • $1M-$5M nonprofits • Source year 2024

Asset Growth

22nd percentile

-3.6%

Faster asset growth than 22% of similar nonprofits.

501(c)7 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

71st percentile

13%

Faster revenue growth than 71% of similar nonprofits.

501(c)7 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Down

$1,962,801

Down $158,601 (-7.5%) from 2022

Liabilities

Down

$2,740,116

Down $179,226 (-6.1%) from 2022

Net Assets

Up

-$777,315

Up $20,625 (+2.6%) from 2022

Revenue

Up

$1,221,985

Up $24,601 (+2.1%) from 2022

Expenses

Down

$1,100,746

Down $186,719 (-15%) from 2022

Net Income

Up

$121,239

Up $211,320 (+235%) from 2022

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$4.0M$2.0M$0-$2.0MAssets 2011: $3,694,020Liabilities 2011: $3,566,489Net Assets 2011: $127,5312011Assets 2012: $3,586,368Liabilities 2012: $3,572,627Net Assets 2012: $13,7412012Assets 2013: $3,463,574Liabilities 2013: $3,612,044Net Assets 2013: -$148,4702013Assets 2015: $3,218,071Liabilities 2015: $3,038,083Net Assets 2015: $179,9882015Assets 2017: $2,975,963Liabilities 2017: $2,917,692Net Assets 2017: $58,2712017Assets 2018: $2,855,143Liabilities 2018: $2,995,477Net Assets 2018: -$140,3342018Assets 2019: $2,745,207Liabilities 2019: $2,953,746Net Assets 2019: -$208,5392019Assets 2020: $2,268,663Liabilities 2020: $2,982,820Net Assets 2020: -$714,1572020Assets 2021: $2,289,964Liabilities 2021: $2,997,823Net Assets 2021: -$707,8592021Assets 2022: $2,121,402Liabilities 2022: $2,919,342Net Assets 2022: -$797,9402022Assets 2024: $1,962,801Liabilities 2024: $2,740,116Net Assets 2024: -$777,3152024

Highlighted filing

2024

Assets$1,962,801
Liabilities$2,740,116
Net Assets-$777,315

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$2.0M$1.0M$0-$1.0MExpenses 2011: $1,146,3932011Expenses 2012: $1,171,3752012Revenue 2013: $943,192Expenses 2013: $1,105,403Net Income 2013: -$162,2112013Revenue 2015: $1,515,190Expenses 2015: $1,026,924Net Income 2015: $488,2662015Revenue 2017: $1,090,447Expenses 2017: $1,181,307Net Income 2017: -$90,8602017Revenue 2018: $1,099,794Expenses 2018: $1,298,399Net Income 2018: -$198,6052018Revenue 2019: $1,137,288Expenses 2019: $1,205,493Net Income 2019: -$68,2052019Revenue 2020: $431,540Expenses 2020: $937,158Net Income 2020: -$505,6182020Revenue 2021: $1,066,596Expenses 2021: $1,060,298Net Income 2021: $6,2982021Revenue 2022: $1,197,384Expenses 2022: $1,287,465Net Income 2022: -$90,0812022Revenue 2024: $1,221,985Expenses 2024: $1,100,746Net Income 2024: $121,2392024

Highlighted filing

2024

Revenue$1,221,985
Expenses$1,100,746
Net Income$121,239

Filings

Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2020 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
May 5, 2021
Return Version
2020v4.0
Gross Receipts
$1,043,280
Mission and Program Overview

Mission

Stonington harbor yacht club is a member organization promoting excellence in boating throughout the community. The club operates year round offering a full range of boating activities and events such as racing, cruising, fishing, kayaking, related social events, dock facilities and exclusive dining.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,592,315$2,042,330▼ $549,985
Cash and Non-Interest-Bearing Accounts$31,726$106,348▲ $74,622
Prepaid Expenses and Deferred Charges$34,434$55,482▲ $21,048
Accounts Receivable$47,938$28,318▼ $19,620
Inventories for Sale or Use$25,548$23,606▼ $1,942
Intangible Assets$10,704$10,036▼ $668
Savings and Temporary Cash Investments$2,542$2,543▲ $1
Total Assets$2,745,207$2,268,663▼ $476,544
Liabilities
Other Liabilities$2,367,500$2,331,500▼ $36,000
Mortgage Notes Payable Secured by Investment Property$432,886$497,603▲ $64,717
Deferred Revenue$104,140$125,992▲ $21,852
Accounts Payable and Accrued Expenses$49,220$27,725▼ $21,495
Total Liabilities$2,953,746$2,982,820▲ $29,074
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-208,539$-714,157▼ $505,618
Total Net Assets Fund Balance$-208,539$-714,157▼ $505,618
Total Liabilities and Net Assets / Fund Balance$2,745,207$2,268,663▼ $476,544

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,948,571$1,192,249$3,140,820
Equipment$93,759$647,147$740,906
Compensation and Service Providers

Board Members and Trustees

NameTitle
Michael WisemanCommodore
Matt GimpleFleet Captai
Amy Van De VeldeGovernor
Jay BenetGovernor
Katherine BallardGovernor
Suzanne CanslerGovernor
Ted BeckGovernor
Wayne BuchananGovernor
Trish WatsonQuartermaste
Mike LinharesRear Commodo
Sarah StarkweatherSecretary
Chris ErrichettiTreasurer
Ann BaldelliVice Commodo
Revenue and Support

Revenue Composition

Contributions and Grants
$608,588
Program Service Revenue
$1,218
Investment Income
$-338,050
Other Revenue
$159,784
Change in Net Assets
$-505,618
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$491,708
Salaries, Compensation, and Employee Benefits$445,450
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$390,868
Occupancy---$114,291
Depreciation Depletion---$109,168
Insurance---$49,116
Payroll Taxes---$41,247
All Other Expenses---$35,347
Interest---$23,079
Other Employee Benefits---$13,335
Other Expenses---$11,767
Office Expenses---$5,775
Fees for Services Accounting---$5,500
Advertising---$1,990
Fees for Services Legal---$1,378
Total Functional Expenses$0$0$0$937,158
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Bonds Payable$2,331,500
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

The organization is a private social club with approximately 300 members.

Form 990, Page 6, Part VI, Line 7A

The board of governors is elected at the annual meeting by the members.

Form 990, Page 6, Part VI, Line 11B

A draft of the 990 is given to the treasurer. It is reviewed by the treasurer and members of the finance committee. The treasurer presents the 990 to the board of governors and answers any questions. The board of governors approves the 990 prior to its filing.

Form 990, Page 6, Part VI, Line 12C

This is done informally through board discussions and review of financial data at monthly board meetings.

Form 990, Page 6, Part VI, Line 15A

The club's general mananger's performance and compensation are agreed by the board of governors. They review the compensation annually and make any changes as necessary.

Form 990, Page 6, Part VI, Line 19

Documents are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Stonington Harbor Yacht Club
EIN
37-1431278
Phone
8605350112
Address
PO BOX 87, STONINGTON, CT 06378

Signing Officer

Name
Chris Errichetti
Title
Treasurer
Phone
8605350112
Signed
2021-05-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Chris Errichetti
Formed
2002
Legal Domicile
Ct
Voting Board Members
13
Independent Board Members
13
Employees
23
Volunteers
120

Preparer

Firm
Hoyt Filippetti & Malaghan LLC
Address
1041 POQUONNOCK RD, GROTON, CT 06340-4211
Preparer
Susan K Jones
Phone
8605369685
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Stonington harbor yacht club is a member organization promoting excellence in boating throughout the community. The club operates year round offering a full range of boating activities and events such as racing, cruising, fishing, kayaking, related social events, dock facilities and exclusive dining.

Financial Statement Notes

Schedule D, Page 3, Part X

The internal revenue service has determined that the club is exempt from federal income taxes on exempt function income as a public charity under section 501(c)(7) of the internal revenue code. However, certain investment income and use of the club's facilities by non-members for a fee is subject to taxation as unrelated business taxable income. The club had no excise tax liability for the year. The club did not recognize any liability for uncertain tax positions as defined by accounting principles generally accepted in the united states of america.

Raw XML Appendix400 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ProgSrvcAccomActy2Grp/Desc0WATERFRONT ACCESS: THE CLUB PROVIDES MEMBERS WITH TEMPORARY WATERFRONT ACCESS BY RENTING THE WESTERN PERIMETER OF THE DOCKS IN FRONT OF THE CLUB HOUSE, AND BY PROVIDING A FLOAT WHICH IS ATTACHED TO THE NORTHEAST SECTION OF THESE SAME DOCKS, FOR USE BY THE OPTIMIST PRAMS. THIS ENABLES THE RACE COMMITTEE, THE RACERS, AND ALL MEMBERS WHO HAVE MOORINGS ELSEWHERE TO MOOR TEMPORARILY FOR CONVENIENCE AND LOGISTICS, AND FOR THE JUNIOR SAILORS TO ACCESS THE PRAMS WITHOUT HAVING TO TRAVEL TO A MOORING. THE DOCKS OFFER WATER & ELECTRICITY AND WELCOME VISITING YACHTSMEN FROM OTHER YACHT CLUBS WHO ARE ABLE TO STAY FOR SHORT PERIODS OF TIME OR OVERNIGHT IF DESIRED. THE CLUB OFFERS SHOWERS AND LAUNDRY FACILITIES.
IRS990/ProgSrvcAccomActy3Grp/Desc0THE CLUB HAS AN ACTIVE SOCIAL CALENDAR FOR ADULTS, JAN-DEC: YANKEE SWAP PARTY, SUPER BOWL PARTY, WEEKLY GAME NIGHTS, MOVIE NIGHTS, OPERA NIGHTS, MEMBERS' ART SHOWS, SEVERAL SEASONAL DINNER DANCES, INTER-CLUB EVENTS, PORTS OF CALL PARTIES, MEMBER TALENT NIGHTS, PLAYS, ANNUAL COMMISSIONING PARTY, CABARETS, KENTUCKY DERBY PARTY, SUMMER BBQ'S, DOCKSIDE BOAT PARTIES, FALL FARM FESTIVAL, ANNUAL AWARDS NIGHT DINNER, CLUB'S ANNIVERSARY PARTY, AND NEW YEARS EVE PARTY. THE JUNIOR COMMITTEE ORGANIZED BABY SITTERS IN THE CLUB EVERY FRIDAY AND SATURDAY EVENING AS WELL AS MOVIE NIGHTS, GAMES NIGHTS AND OTHER FUN ACTIVITIES.
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER BONDS PAYABLE
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE CLUB IS EXEMPT FROM FEDERAL INCOME TAXES ON EXEMPT FUNCTION INCOME AS A PUBLIC CHARITY UNDER SECTION 501(C)(7) OF THE INTERNAL REVENUE CODE. HOWEVER, CERTAIN INVESTMENT INCOME AND USE OF THE CLUB'S FACILITIES BY NON-MEMBERS FOR A FEE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS TAXABLE INCOME. THE CLUB HAD NO EXCISE TAX LIABILITY FOR THE YEAR. THE CLUB DID NOT RECOGNIZE ANY LIABILITY FOR UNCERTAIN TAX POSITIONS AS DEFINED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0STONINGTON HARBOR YACHT CLUB IS A MEMBER ORGANIZATION PROMOTING EXCELLENCE IN BOATING THROUGHOUT THE COMMUNITY. THE CLUB OPERATES YEAR ROUND OFFERING A FULL RANGE OF BOATING ACTIVITIES AND EVENTS SUCH AS RACING, CRUISING, FISHING, KAYAKING, RELATED SOCIAL EVENTS, DOCK FACILITIES AND EXCLUSIVE DINING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION IS A PRIVATE SOCIAL CLUB WITH APPROXIMATELY 300 MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF GOVERNORS IS ELECTED AT THE ANNUAL MEETING BY THE MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3A DRAFT OF THE 990 IS GIVEN TO THE TREASURER. IT IS REVIEWED BY THE TREASURER AND MEMBERS OF THE FINANCE COMMITTEE. THE TREASURER PRESENTS THE 990 TO THE BOARD OF GOVERNORS AND ANSWERS ANY QUESTIONS. THE BOARD OF GOVERNORS APPROVES THE 990 PRIOR TO ITS FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THIS IS DONE INFORMALLY THROUGH BOARD DISCUSSIONS AND REVIEW OF FINANCIAL DATA AT MONTHLY BOARD MEETINGS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE CLUB'S GENERAL MANANGER'S PERFORMANCE AND COMPENSATION ARE AGREED BY THE BOARD OF GOVERNORS. THEY REVIEW THE COMPENSATION ANNUALLY AND MAKE ANY CHANGES AS NECESSARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0CHRIS ERRICHETTI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum08605350112
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-05-05
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0STONINGTON HARBOR YACHT CLUB
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0INCORPORATED
ReturnHeader/Filer/BusinessNameControlTxt0STON
ReturnHeader/Filer/EIN0371431278
ReturnHeader/Filer/PhoneNum08605350112
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 87
ReturnHeader/Filer/USAddress/CityNm0STONINGTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CT
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0201696994
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0HOYT FILIPPETTI & MALAGHAN LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01041 POQUONNOCK RD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0GROTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0063404211
ReturnHeader/PreparerPersonGrp/PhoneNum08605369685
ReturnHeader/PreparerPersonGrp/PreparationDt02021-05-05
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0SUSAN K JONES
ReturnHeader/ReturnTs02021-05-07T15:24:27-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0CHRIS
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0ERRICHETTI
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

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