Civic Intelligence

Abyc Foundation Inc.

990 • Fiscal year 2018 • EIN 52-1596605

Oct 01, 2017 to Sep 30, 2018 • Filed on Aug 14, 2019

Organization ProfileWWW.ABYCINC.ORG
613 Third Street 10Annapolis, MD 21403

(410) 990-4460

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Down

$2,386,107

Down $38,566 (-1.6%) from 2017

Net Assets

Down

$1,570,752

Down $88,186 (-5.3%) from 2017

Liabilities

Up

$815,355

Up $49,620 (+6.5%) from 2017

Revenue And Expenses

Revenue

Up

$42,716

Up $18,919 (+80%) from 2017

Expenses

Up

$131,492

Up $45,038 (+52%) from 2017

Net Income

Down

-$88,776

Down $26,119 (-42%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0M$2.0M$1.0M$0Assets 2010: $2,872,273Liabilities 2010: $1,186,455Net Assets 2010: $1,685,8182010Assets 2011: $2,754,406Liabilities 2011: $1,089,670Net Assets 2011: $1,664,7362011Assets 2012: $2,678,044Liabilities 2012: $1,034,861Net Assets 2012: $1,643,1832012Assets 2013: $2,556,600Liabilities 2013: $965,776Net Assets 2013: $1,590,8242013Assets 2014: $2,578,695Liabilities 2014: $948,089Net Assets 2014: $1,630,6062014Assets 2015: $2,529,398Liabilities 2015: $869,245Net Assets 2015: $1,660,1532015Assets 2016: $2,565,716Liabilities 2016: $843,591Net Assets 2016: $1,722,1252016Assets 2017: $2,424,673Liabilities 2017: $765,735Net Assets 2017: $1,658,9382017Assets 2018: $2,386,107Liabilities 2018: $815,355Net Assets 2018: $1,570,7522018Assets 2019: $2,259,170Liabilities 2019: $787,933Net Assets 2019: $1,471,2372019Assets 2020: $2,112,010Liabilities 2020: $737,553Net Assets 2020: $1,374,4572020Assets 2021: $2,033,845Liabilities 2021: $749,419Net Assets 2021: $1,284,4262021Assets 2022: $1,947,275Liabilities 2022: $400,204Net Assets 2022: $1,547,0712022

Highlighted filing

2018

Assets$2,386,107
Liabilities$815,355
Net Assets$1,570,752
Open 2018 Filing

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$400K$200K$0-$200KRevenue 2010: $130,553Expenses 2010: $276,516Net Income 2010: -$145,9632010Revenue 2011: $123,171Expenses 2011: $143,765Net Income 2011: -$20,5942011Revenue 2012: $78,314Expenses 2012: $99,867Net Income 2012: -$21,5532012Revenue 2013: $49,266Expenses 2013: $100,059Net Income 2013: -$50,7932013Revenue 2014: $119,201Expenses 2014: $79,419Net Income 2014: $39,7822014Revenue 2015: $132,941Expenses 2015: $124,771Net Income 2015: $8,1702015Revenue 2016: $186,151Expenses 2016: $125,697Net Income 2016: $60,4542016Revenue 2017: $23,797Expenses 2017: $86,454Net Income 2017: -$62,6572017Revenue 2018: $42,716Expenses 2018: $131,492Net Income 2018: -$88,7762018Revenue 2019: $37,995Expenses 2019: $137,748Net Income 2019: -$99,7532019Revenue 2020: $57,648Expenses 2020: $150,945Net Income 2020: -$93,2972020Revenue 2021: $66,126Expenses 2021: $155,156Net Income 2021: -$89,0302021Revenue 2022: $372,002Expenses 2022: $109,357Net Income 2022: $262,6452022

Highlighted filing

2018

Revenue$42,716
Expenses$131,492
Net Income-$88,776
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2017 to Sep 30, 2018
Signed
Aug 14, 2019
Return Version
2017v2.3
Gross Receipts
$160,349
Mission and Program Overview

Mission

To support the american boat & yacht council, inc.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,229,873$2,219,757▼ $10,116
Cash and Non-Interest-Bearing Accounts$186,732$82,634▼ $104,098
Savings and Temporary Cash Investments-$51,091-
Pledges and Grants Receivable-$16,006-
Prepaid Expenses and Deferred Charges$3,267$11,229▲ $7,962
Investments in Publicly Traded Securities$4,801$5,390▲ $589
Total Assets$2,424,673$2,386,107▼ $38,566
Liabilities
Mortgage Notes Payable Secured by Investment Property$678,299$651,223▼ $27,076
Other Liabilities$84,709$157,152▲ $72,443
Accounts Payable and Accrued Expenses$2,727$6,980▲ $4,253
Total Liabilities$765,735$815,355▲ $49,620
Net Assets / Fund Balance
Unrestricted Net Assets$1,626,535$1,570,752▼ $55,783
Temporarily Rstr Net Assets$32,403--
Total Net Assets Fund Balance$1,658,938$1,570,752▼ $88,186
Total Liabilities and Net Assets / Fund Balance$2,424,673$2,386,107▼ $38,566

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,036,266$715,179$1,751,445
Land$795,000-$795,000
Leasehold Improvements$331,935$195,339$527,274
Other Land Buildings$11,581$125,615$137,196
Equipment$44,975$3,725$48,700
Compensation and Service Providers

Board Members and Trustees

NameTitle
John AdeySecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$67,553
Program Service Revenue
$60,000
Investment Income
$39
Other Revenue
$-84,876
All Other Contributions
$67,553
Change in Net Assets
$-88,776

Noncash Contribution Practices

Property subject to holding requirements
Yes
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Boats and Planes3$63,750Appraisal
Total Noncash Contributions3$63,750-

Audited Revenue Reconciliation

Revenue per Audited Statements
$42,716
Revenue Not Reported on Form 990
$179,217
Total Revenue per Audited Statements
$221,933
Total Revenue per Form 990
$42,716
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$131,492
Total Fundraising Expense$8,253
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$40,683--$40,683
Fees for Services Other$21,000--$21,000
Interest$15,427--$15,427
Other Expenses$5,699-$8,253$5,699
Fees for Services Accounting-$1,325-$1,325
All Other Expenses$1,050$175-$1,225
Insurance-$1,069-$1,069
Advertising$798--$798
Total Functional Expenses$120,670$2,569$8,253$131,492

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$310,119
Expenses Not Reported on Form 990$178,627
Expenses per Audited Statements$131,492
Total Expenses per Form 990$131,492
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
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Abyc$157,152
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“President of american boat & yacht council to review”

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

“Executive committee monitors activities and handles conflicts as they arise.”

Form 990, Page 6, Part VI, Line 19

“Made available at main office during normal business hours.”

Filing and Contact Details

Filer

Filer Name
Abyc Foundation
EIN
52-1596605
Phone
4109904460
Address
613 THIRD STREET 10, ANNAPOLIS, MD 21403

Signing Officer

Name
John Adey
Title
Secretary
Phone
4109904460
Signed
2019-08-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Adey
Formed
1989
Legal Domicile
Md
Voting Board Members
1
Independent Board Members
1
Employees
0

Preparer

Firm
Wolfe & Fiedler Pa
Address
634 FREDERICK RD STE 1, CATONSVILLE, MD 21228
Preparer
Brian T Wolfe
Phone
4107470789
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Professional fees 21,000 0 0”

Form 990, Part XI, Line 9

“Rental expenses 117,633 rental expenses -117,633”

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

“RENTAL EXPENSES 117,633”

Schedule D, Page 4, Part XII, Line 2D

“RENTAL EXPENSES 117,633”

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IRS990ScheduleM/SupplementalInformationDetail/ExplanationTxt01985 CALIFORNIAN BOAT IS REQUIRED TO BE HELD AT LEAST THREE (3) YEARS.
IRS990ScheduleM/SupplementalInformationDetail/ExplanationTxt1FOUNDATION CONTRACTED WITH CERTIFIED SALES, INC. TO MANAGE THE BOAT DONATIONS AND SUBSEQUENT SALES.
IRS990ScheduleM/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE M, PAGE 1, PART I, LINE 30B
IRS990ScheduleM/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE M, PAGE 1, PART I, LINE 32B
IRS990ScheduleM/ThirdPartiesUsedInd0true
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PRESIDENT OF AMERICAN BOAT & YACHT COUNCIL TO REVIEW
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1EXECUTIVE COMMITTEE MONITORS ACTIVITIES AND HANDLES CONFLICTS AS THEY ARISE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MADE AVAILABLE AT MAIN OFFICE DURING NORMAL BUSINESS HOURS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3PROFESSIONAL FEES 21,000 0 0
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4RENTAL EXPENSES 117,633 RENTAL EXPENSES -117,633
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9
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IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0131939929
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0MARINE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt010
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0613 THIRD STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0ANNAPOLIS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0MD
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IRS990ScheduleR/PaidEmployeesSharingInd0true
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0true
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IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0true
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0true
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0true
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0651223
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0FMV LOAN
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0AMERICAN BOAT & YACHT COUNCIL INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0E
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IRS990ScheduleR/TransferToOtherOrgInd0false
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IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt032403
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt02424673
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IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalContributionsAmt067553
IRS990/TotalEmployeeCnt00
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt02569
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0120670
IRS990/TotalFunctionalExpensesGrp/TotalAmt0131492
IRS990/TotalGrossUBIAmt0-84876
IRS990/TotalLiabilitiesBOYAmt0765735
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IRS990/TotalProgramServiceRevenueAmt060000
IRS990/TotalRevenueGrp/ExclusionAmt039
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt060000
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt042716
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0-84876
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02424673
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02386107
IRS990/TotReportableCompRltdOrgAmt0194208
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IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UnrestrictedNetAssetsGrp/BOYAmt01626535
IRS990/UnrestrictedNetAssetsGrp/EOYAmt01570752
IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0ANNAPOLIS
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IRS990/VotingMembersGoverningBodyCnt01
IRS990/VotingMembersIndependentCnt01
IRS990/WebsiteAddressTxt0WWW.ABYCINC.ORG
IRS990/WhistleblowerPolicyInd0false
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ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JOHN ADEY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0SECRETARY
ReturnHeader/BusinessOfficerGrp/PhoneNum04109904460
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-08-14
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Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,386,107
Liabilities
$815,355
Net assets
$1,570,752
Revenue
$42,716
Expenses
$131,492
Net income
-$88,776
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.95$0.40$1.55$0.37$0.11$0.26
2021Detailed filing. Detailed filing data is available for this year.$2.03$0.75$1.28$0.07$0.16$0.09
2020Detailed filing. Detailed filing data is available for this year.$2.11$0.74$1.37$0.06$0.15$0.09
2019Detailed filing. Detailed filing data is available for this year.$2.26$0.79$1.47$0.04$0.14$0.10
2018Detailed filing. Detailed filing data is available for this year.$2.39$0.82$1.57$0.04$0.13$0.09
2017Detailed filing. Detailed filing data is available for this year.$2.42$0.77$1.66$0.02$0.09$0.06
2016Detailed filing. Detailed filing data is available for this year.$2.57$0.84$1.72$0.19$0.13$0.06
2015Detailed filing. Detailed filing data is available for this year.$2.53$0.87$1.66$0.13$0.12$0.01
2014Detailed filing. Detailed filing data is available for this year.$2.58$0.95$1.63$0.12$0.08$0.04
2013Summary only. Only limited summary data is available for this year.$2.56$0.97$1.59$0.05$0.10$0.05
2012Summary only. Only limited summary data is available for this year.$2.68$1.03$1.64$0.08$0.10$0.02
2011Summary only. Only limited summary data is available for this year.$2.75$1.09$1.66$0.12$0.14$0.02
2010Summary only. Only limited summary data is available for this year.$2.87$1.19$1.69$0.13$0.28$0.15