Bald Head Island Yacht Club

Nonprofit profile at a glance

EIN
562229687
IRS 990 coverage
2010–2023
Forms available
Form 990 2023
Location
Bald Head Island, NC, USA
Phone
9104577380
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Recreational l Clubs

Reported finances

Revenue
$574,055
Expenses
$441,261
Assets
$2,611,441
Liabilities
$282,687

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

6 people listed

People named in this filing

  • VANCE S JOHNSON (DIRECTOR)
  • GEORGE LYNN DERRICK JR (DIRECTOR)
  • JOHN F MUNROE (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Social and recreational - to encourage the sport of boating, to promote the science of seamanship and navigation, and to provide and maintain a suitable anchorage for the pleasure and recreation of its members and their guests.

What it reported doing in 2023

In 2023, the bald head island yacht club members held numerous private socials throughout the year, with three major socials during the summer months held on memorial day weekend, 4th of july weekend, and labor day weekend. Members discussed each other's vessels, and various accomplishments with these vessels. There was an annual meeting of the membership to discuss the approved budget and various marina maintenance items, both past and future.

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 76
  • Transparency & Controls: 82
  • Accountability: 70
  • Sustainability: 78
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 76.8%; rating input score 77
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 8th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 23.1%; rating input score 80; 80th percentile among comparable filings
  • Total-asset coverage ratio: 5.92; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0.11; rating input score 43; 43rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 47.2% per year; rating input score 100; 95th percentile among comparable filings
  • Revenue growth: 2.4% per year; rating input score 100; 29th percentile among comparable filings
  • Asset growth: 0.9% per year; rating input score 100; 22nd percentile among comparable filings

Details

  • Where the money goes: 76.8% of revenue deployed · 100% of spending went to programs
  • Governance: 7 of 7 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 17 of 18 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 12 filing years from 2010 to 2023
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 4 of 6 not reported.
  • Moderate — Transparency & Controls: Schedule D land buildings reconciliation did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 43/100.