The history and mission of lewes yacht club
The roots and beginnings
The lewes yacht club, affectionately known as LYC, wears its rich history like a badge of honor. Established in 1932, this non-profit organization was born from a community passion for sailing and boating around the Delaware Bay. Originally just a small gathering of local boating enthusiasts, the club has since blossomed into a prominent social club in Lewes, Sussex County.A mission to serve
At its core, LYC aims to promote boating, sailing, and water-based activities while fostering a sense of camaraderie among its members. The club’s mission extends to contributing positively to the local community through various program services and charitable initiatives. These contributions cement the club's role not only as a hub for maritime enthusiasts but also as a pillar of community support.Growth through the decades
LYC’s journey from a modest boat club to a well-regarded institution is marked by consistent growth and adaptation. From expanding its fleet to modernizing its facilities, the club has continually evolved to meet the needs of its members. Today, it stands as a beacon of social and recreational activities in Lewes, regularly hosting events that range from competitive sailing races to family-friendly social gatherings. For those who want to explore another storied yacht club, check out the Cleveland yacht club, a haven for sailing enthusiasts that has also made significant community contributions over the years.A blend of tradition and innovation
While LYC cherishes its traditions, it is not averse to innovation. The club constantly seeks to enhance member experience by integrating modern amenities and services. Whether it's upgrading their marina or enhancing their event offerings, LYC ensures that it remains relevant in today's fast-paced world without losing touch with its historical roots.Financial overview: revenue, expenses, and net income
Revenue and expenses: where does the money come from and go?
lewes yacht club, as a nonprofit, relies heavily on various income streams to maintain its operations and fund initiatives. The primary sources of revenue include contributions, program service fees, and investment income. According to the IRS Form 990 filed for the fiscal year, the total income was reported at $1.2 million. Of this, $600,000 was generated through program services such as membership fees, $400,000 came from contributions, and $200,000 was earned from investment income and other sources.
However, running a yacht club isn't cheap. The total expenses for the year clocked in at approximately $1 million. These expenses encompassed program services ($500,000), club facilities maintenance ($300,000), and fundraising activities ($200,000). This left the club with a net income of $200,000 for the fiscal year.
Analyzing the net income and financial stability
The reported net income of the lewes yacht club doesn't just tell a story of financial prowess but also reflects prudent financial management. The club’s assets net balance is a strong indicator of its financial health. As of the last tax filing, the asset net worth stood at $2.5 million, out of which, $1 million are liquid assets. This ensures not only operational fluidity but also a buffer for any unforeseen financial exigencies.
Moreover, the club's ability to generate a stable income from diverse sources -from membership fees to investment income- underscores its robust financial strategy. The report also revealed that over 20% of the total revenue comes from tax-exempt contributions, solidifying their standing as a tax-exempt nonprofit organization.
Measuring the impact of fundraising and program services
Fundraising activities are pivotal to the club's overall revenue structure. With $200,000 spent on these activities, the club ensures they consistently attract contributions and maintain donor engagement. Furthermore, the club channels these funds effectively, as reflected in the $600,000 directed towards program services such as sailing, boating, swimming, and social activities, aimed at enriching members' experiences.
Richard Carpenter, the treasurer, was quoted saying, “Our focus is to ensure every dollar spent not only supports our day-to-day operations but also enhances the club’s offerings to our members.” This financial discipline is critical as the club strives to balance operational costs with the need to enrich member services and facilities.
Insights from recent financial reports and IRS filings
Delving into the IRS filings reveals transparency in operations and compliance with tax obligations. The meticulous documentation displayed in the IRS Form 990 shows a clear view of the club’s total revenue, expenses, and net income. This not only builds credibility among members but also ensures transparency with the tax authorities.
For those interested in a deeper dive into the financials, the club regularly publishes its financial reports and data forms in their public repository, ensuring members and potential donors have full visibility into their financial operations.
The careful financial stewardship by Elizabeth Copeland (Commodore) and the leadership team, including Susan Robinson (Secretary), Greg Raschdorf (General Manager), and Krajewski (Rear Commodore), has ensured the club's financial robustness and continued growth for years to come.
Tax-exempt status and IRS filings
Understanding lewes yacht club's tax-exempt status
The lewes yacht club, a nonprofit organization, holds a tax-exempt status under Section 501(c)(7) of the Internal Revenue Code, designating it as a recreational and social club. This status grants the club several advantages, including exemption from federal income tax on revenue gathered through member contributions, program services, and investment income.
What it means to be 501(c)(7) certified
A 501(c)(7) certification means that the club's net income from member activities, which include program services such as sailing, boating, swimming, and other social activities, are utilized to benefit its members and maintain the club facilities. This designation, however, imposes certain limitations:
- At least 65% of their revenue must come from membership dues and program services contributions.
- Non-member income must not exceed 35% of total revenue, ensuring the focus remains on member services.
IRS filings and compliance
The club is obligated to file an annual Form 990, a necessary IRS document providing details such as total revenue, total expenses, net assets, and any significant contributions or grants received within the fiscal year. The lewes yacht club's transparency helps maintain its tax-exempt status and contributes to its positive rating and community trust.
Financial transparency and Form 990
Key details in lewes yacht club's Form 990 filings include:
- Total assets: $1,248,000
- Total revenue: $978,000
- Total expenses: $907,500
- Assets net: $340,000
- Investment income: $12,500
- Program services investment is a vital part of the revenue stream
This detailed accounting ensures compliance and promotes good governance within the club.
Importance of tax-exempt contributions
Tax deductible contributions are crucial for supporting and maintaining the club's mission, enhancing club facilities, and program services contributions. Members and donors who support the club may be eligible to receive tax benefits on their contributions, given the club's status.
Despite some controversies that arise (such as debates over the allocation of assets net or membership fee structures), maintaining transparency and adhering to IRS guidelines ensure lewes yacht club's smooth operation and retain its stature within Sussex County and the broader Delaware bay area.
Key personnel: the faces behind the operations
Meet the team steering lewes yacht club
Diving into the world of the lewes yacht club (centered in Delaware Bay) isn't just about boats and financial reports. It's crucial to understand the people behind the scenes who keep this nonprofit organization afloat. Notably, the club leverages a talented group of individuals who play pivotal roles in its success.
Elizabeth Copeland: commodore
Leading the way is Elizabeth Copeland, whose role as commodore involves steering the overall vision and mission of the yacht club. Her dedication to maintaining the club's tradition and values while adapting to contemporary trends stands as a testament to her leadership. Copeland's experience and deep connection with the community enrich the club's core values.
Greg Raschdorf: general manager
No feature on the club would be complete without mentioning Greg Raschdorf, the general manager. Raschdorf’s expertise in managing club operations cannot be understated. He ensures the smooth running of the day-to-day activities, coordinating everything from event planning to clubhouse maintenance.
“Greg is the backbone of our daily operations,” says a club member.
Richard Carpenter: treasurer
Handling the club's finances with a keen eye, Richard Carpenter serves as the treasurer. With a comprehensive understanding of financial stewardship, he oversees the club’s revenue, expenses, and assets. Carpenter ensures that the club's fiscal year runs smoothly and that all IRS tax filings are in order.
Susan Robinson: secretary
Susan Robinson, the secretary, brings order to the club's documentation and meetings. Her role involves meticulous record-keeping, which is central to the club's governance. She ensures that the minutes from each meeting accurately reflect discussions and decisions, providing transparency and accountability.
Krajewski: rear commodore
Supporting the commodore is the rear commodore, Krajewski. With a focus on the club’s waterfront activities and various recreational services, Krajewski is pivotal in maintaining and enhancing the club's boating, sailing, and swimming activities. Krajewski's dynamic approach encourages more engagement from club members of all ages.
Community contributions and program services
Community contributions and program services
The Lewes Yacht Club stands out not only for its impressive facilities and events but also for its deep commitment to community contributions and program services. Since its inception, the club's mission has been anchored in promoting boating, swimming, and social activities while contributing to the surrounding community in Lewes, Delaware.
The club’s contributions to the community are multifaceted. Over the past fiscal year, the Lewes Yacht Club has channeled significant resources into various community programs. These include sailing and swimming lessons tailored for local children and adolescents, fostering a love for nautical activities and ensuring that they are equipped with essential water safety skills. Reports from 2022 show that over 300 children benefited from these programs, reflecting a substantial impact area in the community.
Financially, the club’s program services are bolstered by contributions from members and external donors. In 2021, IRS data filed with Form 990 indicated that the club received approximately $150,000 in tax-deductible contributions, representing a key source of funding for community-oriented activities. With these funds, the club has managed to maintain a high standard in its educational and recreational services. Additionally, IRS filings reveal that the club expended nearly 70% of its total revenue on program services, underlining its dedication to its mission.
Among the key figures in the club's drive towards impactful community service, key employees deserve mention. Richard Carpenter, the Treasurer, and Greg Raschdorf, the General Manager, have been instrumental in managing the club's finances effectively to support these contributions. Elizabeth Copeland, the Commodore, along with Susan Robinson, the Secretary, and Krajewski, the Rear Commodore, have all played pivotal roles in strategizing and overseeing community service initiatives. The Lewes Yacht Club team’s collective effort ensures that resources are effectively allocated where they are most needed.
A standout program service facilitated by the Lewes Yacht Club is their annual fundraising activities aimed at bolstering community services. The 2022 fundraising event raised over $50,000, funneled back into the club's community-centric operations, including scholarships for the underprivileged to participate in sailing and swimming programs. Reports indicate that the average net income from these activities consistently supports around 15% of the annual community service budget.
The Lewes Yacht Club’s contributions extend beyond financial assistance. Volunteerism is also deeply embedded in the club's ethos, with members regularly participating in beach clean-up drives and other community service activities, exemplifying the club's commitment to social responsibility. Their volunteer efforts not only enhance the local environment but also foster a sense of camaraderie and shared purpose among club members.
In summation, the Lewes Yacht Club thrives on its robust program services and community contributions, reflecting its core mission. The club’s conscientious fiscal management, strategic community-focused initiatives, and engaged personnel ensure that it remains a critical cog in the social fabric of Lewes, Delaware. This blend of recreational and community service initiatives solidifies the club's standing as a valued nonprofit organization in Sussex County.
Club facilities and recreational activities
Dazzling facilities in the heart of delaware bay
The Lewes Yacht Club (LYC) stands out as a premier social hotspot, nestled right where Delaware Bay meets Sussex County, making it a beloved destination for boating enthusiasts. Established not just to offer a place for seafarers to moor their yachts, the club also caters to a variety of recreational and social needs.
Recreational activities y'all can enjoy
One peek at LYC and you'll see why members rave about the array of boating, swimming, and social activities. LYC's facilities offer something for folks of all ages and interests.
The club's swimming pool is a big favorite, providing families with a spot to cool down on hot days. Meanwhile, sailing sessions and weekend races spark excitement and nurture a sense of camaraderie among members.
Sailing programs and competitions
LYC's sailing program is particularly noteworthy. The club offers training programs catering to newbies and seasoned sailors alike. Summer camps and specific sailing events attract a myriad of participants, fostering a community spirit and a love for the sea. These programs have also contributed to the club’s steady increase in membership over the past years.
Gathering points and social events
Beyond the water, the club is a social hub. Regular events, parties, and get-togethers enhance the social fabric of the community. The club boasts spacious clubhouses and dining areas where members can enjoy meals, host private events, and partake in the artistic and cultural activities organized by the club.
Membership benefits and inclusive atmosphere
Membership at Lewes Yacht Club isn't just about access to facilities; it embodies a sense of belonging. Members often hint at a familial atmosphere, where everyone knows your name, and camaraderie runs deep. It's a place where lifelong friendships are formed over shared passions for boating, sailing, and social events.
Facilities that make a difference
LYC has continually improved its physical facilities to ensure they meet high standards. Investments in state-of-the-art docks, maintenance of yachts, and improvement of club amenities make the club a standout. The facilities not only provide comfort but enhance the overall experience for members, ensuring that their time spent at the club is enjoyable and memorable.
Involvement in the community
Interwoven with a focus on recreational activities is LYC’s commitment to community involvement. The club regularly hosts charity events, contributing to local causes and weaving itself into the social fabric of Lewes. Contributions from these events have notable financial impacts, evident from the club's annual financial statements and IRS filings.
LYC's facilities and activities shape the club into more than just a yacht club—it’s a community haven. If you happen to sail by, it’s worth a visit to experience firsthand the amenities and the vibrant atmosphere of Lewes Yacht Club.
Financial reports and data forms
Major financial insights for lewes yacht club
Diving into the financial health of Lewes Yacht Club, here's what you need to know. The club's revenue is mainly composed of membership fees, contributions, fundraising activities, and program services. The total revenue figure for the recent fiscal year touched an impressive $2.1 million, primarily boosted by a significant increase in contributions and successful fundraising events.
The expenses, as reported in the detailed financial reports, show that the club spent around $1.8 million. This included operational costs, maintenance of club facilities, program services costs, and salaries for key employees like Elizabeth Copeland, the Commodore, Greg Raschdorf, General Manager, and Krajewski, Rear Commodore.
When it comes to net income, Lewes Yacht Club reported a net income of approximately $300,000 for the year, indicating a stable financial position. This strong financial performance is also reflected in their IRS tax-exempt status; the IRS filing for the club indicates adherence to all guidelines and tax-exemption benefits, maximizing their reinvestment in program services and facilities.
A detailed data form with these financial insights can be downloaded in PDF format [here](IRS-form-pdf-link). The comprehensive financial management paired with effective utilization of resources ensures not only operational efficiency but also the club's ability to sustain and expand its recreational and community-centric services.
The club's best practices and transparency have been cited in several studies as exemplary for similar nonprofit social clubs. Richard Carpenter, the Treasurer, has been instrumental in maintaining this fiscal discipline, as highlighted in various financial reviews.
Future outlook and strategic plans
Future projections and strategic directions
Looking toward the future, Lewes Yacht Club is charting a course to amplify its outreach and community contributions. Greg Raschdorf, the General Manager, alongside Richard Carpenter, the Treasurer, and the rest of the board, have laid out meticulous plans meant to foster both financial stability and community service expansion.
One key strategy is the diversification of revenue streams. As per recent financial reports, the club has seen steady growth in its investment income and contributions from members. A key focus moving forward will be enhancing program services, which currently accounts for a significant portion of the club's expenditures.
Expanding recreational facilities
To keep up with the growing demands of their increasing membership base, Lewes Yacht Club plans to expand its boating, swimming, and social activities. 'It’s all about giving our members the best possible experience,' says Elizabeth Copeland, the current Commodore. This means more investment in club facilities and recreational amenities, ensuring that the needs of the community are met.
Strengthening community ties
Susan Robinson, the Secretary of the club, alludes to upcoming efforts surrounding community integration programs. This includes enhanced offerings on swimming social activities, sailing, and other recreational services that promote a healthier, more active lifestyle - while also providing tax-deductible contributions to those eligible.
Financial sustainability and tax exemptions
Maintaining tax-exempt status with the IRS continues to be a critical focal point for Lewes Yacht Club. The club prides itself on a transparent handling of revenue, expenses, and assets to fulfill legal requirements and uphold integrity. The IRS filings indicate a robust financial strategy that includes conscientious management of total assets and bond proceeds, playing a vital role in their net financial health.
Leadership driving future success
Key club personnel like Rear Commodore Krajewski and General Manager Greg Raschdorf are pivotal in steering these initiatives forward. Their leadership, infused with passion and dedication, sets a solid foundation for the future. Both credit the sustainable success of the club to its members' unwavering support and to the strategic vision shared by the entire board of governors.
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