2019-05-15T10:12:10-05:00 2018-10-31 271728945 PKF O'CONNOR DAVIES LLP PO BOX 156 PROVIDENCE RI 029010156 990 2017-11-01 043252612 NANTUCKET COMMUNITY SAILING INC NANT 5082286600 PO BOX 2424 NANTUCKET MA 02584 DIANA L BROWN CEO 5082286600 2019-04-26 1 EDWARD F MCCRORY CPA P01469593 4016216200 98.191.59.165 2019-04-26 12:25:41 ED P EAA6C0CE1C16EB319C1E1336FDBB38404ACCCDB2 A1CA35A53A3E8031A584C89231126F415BEA9E78 2017 2019-02-21 02:37:17Z DIANA L BROWN PO BOX 2424 NANTUCKET MA 02584 2875713 0 X WWW.NANTUCKETCOMMUNITYSAILING.ORG X 1994 MA TO PROVIDE AFFORDABLE SAILING INSTRUCTION AND ACCESS TO WATER SPORTS FOR THE NANTUCKET COMMUNITY. 24 24 51 424 -46323 -46323 1282454 1907389 427054 454554 11869 20616 -150649 -165896 1570728 2216663 81573 90949 0 0 641434 710540 0 0 73763 516789 673478 1239796 1474967 330932 741696 3794910 4620699 878101 976701 2916809 3643998 TO PROVIDE AFFORDABLE SAILING INSTRUCTION AND ACCESS TO WATER SPORTS FOR THE NANTUCKET COMMUNITY. 0 0 1062944 90949 455339 OPERATION OF AN EDUCATIONAL PROGRAM TEACHING RESIDENTS OF NANTUCKET AND YOUNG PEOPLE SAILING AND MARINE SAFETY. 1062944 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 20 0 51 1 1 1 0 0 0 0 1 1 0 0 0 1 0 X 24 24 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X DIANA L BROWN 5082286600 PO BOX 2424 NANTUCKET MA 02584 BILL DRUCKEMILLER PRESIDENT 1.00 X X 0 0 0 SCOTT ULM VICE PRESIDENT 1.00 X X 0 0 0 MAUREEN CROWLEY VICE PRESIDENT 1.00 X X 0 0 0 JOHN SCHWANBECK TREASURER 1.00 X X 0 0 0 BRIAN CAREY SECRETARY 1.00 X X 0 0 0 BILL BIRCH DIRECTOR 1.00 X 0 0 0 PELL JAMES BURNS DIRECTOR 1.00 X 0 0 0 POSIE CONSTABLE DIRECTOR 1.00 X 0 0 0 BARBARA DESAI DIRECTOR 1.00 X 0 0 0 PENNY DEY DIRECTOR 1.00 X 0 0 0 BRADFORD FLEMING DIRECTOR 1.00 X 0 0 0 CECE FOWLER DIRECTOR 1.00 X 0 0 0 PAUL GAUCHER DIRECTOR 1.00 X 0 0 0 BILL GRIEDER DIRECTOR 1.00 X 0 0 0 SUSAN HUTCHESON DIRECTOR 1.00 X 0 0 0 ARTHUR READE DIRECTOR 1.00 X 0 0 0 HARRY REIN DIRECTOR 1.00 X 0 0 0 TOM RICHARDS DIRECTOR 1.00 X 0 0 0 STEVE SIEGLER DIRECTOR 1.00 X 0 0 0 SUSAN STOREY DIRECTOR 1.00 X 0 0 0 JEPHTHA TAUSIG VALCIC DIRECTOR 1.00 X 0 0 0 ROGER VANDENBERG DIRECTOR 1.00 X 0 0 0 TRACI WEAVER DIRECTOR 1.00 X 0 0 0 CAROLYN GRANT ZARRELLA DIRECTOR 1.00 X 0 0 0 DIANA BROWN CEO 40.00 X 117500 0 19242 117500 0 19242 1 0 0 0 0 99697 431837 1375855 353089 1907389 EDUCATIONAL PROGRAMS O 711300 454554 454554 454554 6801 6801 36548 82871 -46323 -46323 -46323 85965 72150 13815 13815 13815 362681 431837 487479 -124798 -124798 20990 16550 4440 4440 785 0 785 785 2216663 455339 -46323 -99742 90949 90949 117018 7896 57575 51547 544993 429105 108346 7542 21672 7489 9325 4858 26857 11692 13415 1750 16300 16300 14736 12027 2709 9389 1448 2549 5392 4579 1872 2265 442 132393 112979 19414 44115 44115 15662 15662 112744 112744 70735 70735 REPAIRS & MAINTENANCE 111697 111697 LOSS ON IMPAIRMENT 81730 81730 SUPPLIES AND OTHER 43633 33886 7515 2232 CREDIT CARD PROCESSING 13810 13810 1955 500 1455 1474967 1062944 338260 73763 7859 4627 512264 734572 8000 246855 19966 28849 1625 325 4523684 1034307 3130222 3489377 114974 116094 3794910 4620699 35713 136185 842388 840516 878101 976701 X 2858694 2637965 58115 1006033 2916809 3643998 3794910 4620699 X 741696 -1276 584 -13815 X X 0 1 X 1 0 X 1094543 921360 917137 1282454 1907389 6122883 1094543 921360 917137 1282454 1907389 6122883 883487 5239396 5585 115554 59828 101024 43349 325340 6448223 2302582 0.81250 0.80610 X 1340000 1340000 1337629 135766 1201863 1324802 867588 457214 521253 30953 490300 3489377 X 2697057 -1276 584 585850 585158 2111899 104764 104764 2216663 1969868 585850 585850 1384018 90949 90949 1474967 PART X, LINE 2: UNCERTAINTY IN INCOME TAXES: THE ORGANIZATION RECOGNIZES AND MEASURES ITS UNRECOGNIZED TAX BENEFITS IN ACCORDANCE WITH GAAP. UNDER THAT GUIDANCE THE ORGANIZATION ASSESSES THE LIKELIHOOD, BASED ON THEIR TECHNICAL MERIT, THAT TAX POSITIONS WILL BE SUSTAINED UPON EXAMINATION BASED ON THE FACTS, CIRCUMSTANCES AND INFORMATION AVAILABLE AT THE END OF EACH PERIOD. THE MEASUREMENT OF UNRECOGNIZED TAX BENEFITS IS ADJUSTED WHEN NEW INFORMATION IS AVAILABLE, OR WHEN AN EVENT OCCURS THAT REQUIRES A CHANGE. MANAGEMENT ANNUALLY REVIEWS ITS TAX POSITIONS AND HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING & GAMING EXPENSES 502,979. RENTAL EXPENSES 82,871. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS NET WITH REVENUE ON FINANCIAL STATEMENTS 90,949. VARIANCE IN INVESTMENT LOSS 13,815. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING & GAMING EXPENSES 502,979. RENTAL EXPENSES 82,871. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS NET WITH REVENUE ON FINANCIAL STATEMENTS 90,949. NANTUCKET RACE WEEK 644814 370999 273815 11599 45026 800 297393 OPERA HOUSE CUP 98415 55549 42866 43018 54760 2200 8531 2 51289 5289 46000 4495 15530 2875 1252 794518 431837 362681 59112 115316 5875 307176 487479 -124798 20990 15500 1050 1 1.00000 20990 15500 1050 16550 4440 MA 1 0 0 0 1.00000 0.00000 DIANA L BROWN PO BOX 2424 NANTUCKET MA 02584 0 0 1 SCHOLARSHIPS 156 90949 PART I, LINE 2: THE SCHOLARSHIP COMMITTEE AWARDS SCHOLARSHIP GRANTS TO YEAR ROUND NANTUCKET CHILDREN BASED ON NCS'S POLICY OF FIRST WEEK OF CLASSES FOR FREE, SECOND WEEK AT 50% OFF, THIRD AND FOURTH WEEKS AT 25% OFF AND ADDITIONAL AMOUNTS BASED ON THE STUDENT'S SCHOLARSHIP APPLICATION. RACE TEAM STUDENTS RECEIVE 25% OFF AFTER THE SECOND WEEK. SCHOLARSHIPS ARE APPLIED TO NCS PROGRAM FEES ON AN ON-GOING BASIS AS STUDENTS APPLY FOR SCHOLARSHIPS. SCHOLARSHIPS ARE REVIEWED MONTHLY BY THE CEO. X 6 46690 FAIR MARKET VALUE X 14 85524 PUBLIC STOCK EXCHANGE X OTHER 50 103106 FAIR MARKET VALUE X MERCHANDISE 5 67769 WHOLESALE VALUE X BUILDING MATERIALS 1 50000 FAIR MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B ELECTRONIC COPY OF FORM 990 PROVIDED TO THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS FOR THEIR COMMENTS PRIOR TO THE SUBMISSION OF THE FORM TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS AND YEAR-ROUND EMPLOYEES SIGN A CONFLICT OF INTEREST FORM ANNUALLY. SEASONAL EMPLOYEES RECEIVE THE CONFLICT OF INTEREST POLICY IN THE EMPLOYEE HANDBOOK, AND SIGN THAT THEY HAVE READ THE HANDBOOK AND AGREE TO ABIDE BY NCS POLICIES. FORM 990, PART VI, SECTION B, LINE 15 COMPARABILITY DATA WITH OTHER NOT-FOR-PROFIT AND SAILING ORGANIZATIONS BY THE PRESIDENT AND APPROVAL OF THE EXECUTIVE COMMITTEE FOR THE TOP OFFICIALS. PERFORMANCE REVIEW BY MANAGEMENT AND APPROVAL OF THE CEO FOR OTHER EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE FORM 990 (EXCEPT FOR SCHEDULE B) IS MADE AVAILABLE FOR ANYONE UPON REQUEST. IT IS ALSO POSTED ON THE NANTUCKET COMMUNITY SAILING WEBSITE. FORM 990, PART XI, LINE 9: BOOK/TAX DIFFERENCE FOR LOSS ON SALE OF INVESTMENTS -13,815. FORM 990, PART XII, LINE 2C THE AUDIT COMMITTEE RECOMMENDS THE CPA FIRM AND REVIEWS THE AUDIT. THE BOARD APPROVES THE AUDITED FINANCIAL STATEMENTS. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.