Venice Yacht Club Inc

Nonprofit profile at a glance

EIN
590655991
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Venice, FL, USA
Phone
9414887708
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Recreational l Clubs

Reported finances

Revenue
$4,907,990
Expenses
$5,118,871
Assets
$9,964,304
Liabilities
$4,021,730

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

14 people listed

Highest reported compensation

  • BRUCE FURMAN (PREVIOUS GENERAL MANAGER): $153,662 total reported compensation
  • EDWARD TINDALL (GENERAL MANAGER/COO): $1,400 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

A. To encourage the proper use and enjoyment of yachts and boats and to assist in educating members in the science of navigation, boat design, and the skills of sailing.b. To own and operate an appropriate private waterfront club in the furtherance of the aforesaid purposes and to promote social communion among its members and guests.c. To encourage the education of the young people in the community in the science of navigation, the art of sailing, and small boat handling.d. To provide an opportunity for persons who share these purposes to join forces in the furtherance of such common pursuits.

What it reported doing in 2024

The club provides entertainment, food, beverage, and marina facilities for members and their guests to encourage yachting and proficiency in seamanship and navigation.

Operating model

Revenue model
Earned-program. 100% 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

STRONG - 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 73
  • Accountability: 84
  • Sustainability: 39
  • Growth: 100

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -4.3%; rating input score 21; 21st percentile among comparable filings
  • Total-asset coverage ratio: 1.95; rating input score 61; 61st percentile among comparable filings
  • Liabilities to assets ratio: 0.4; rating input score 26; 26th percentile among comparable filings
  • Officer compensation ratio: 3%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 7.8% per year; rating input score 100; 54th percentile among comparable filings
  • Revenue growth: 5.9% per year; rating input score 100; 47th percentile among comparable filings
  • Asset growth: 8.5% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 10 of 10 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $5.1M in reported program spending
  • Leadership: top reported pay $154K · 14 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 4 filed schedules · includes grants and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 21/100.
  • High — Sustainability: Liabilities to assets ratio scored 26/100.