2020-09-10T18:23:57-05:00 2019-10-31 271728945 PKF O'CONNOR DAVIES LLP 40 WESTMINSTER STREET SUITE 600 PROVIDENCE RI 02903 990 2018-11-01 043252612 NANTUCKET COMMUNITY SAILING INC NANT 5082286600 PO BOX 2424 NANTUCKET MA 02584 DIANA L BROWN CEO 5082286600 2020-09-08 1 EDWARD F MCCRORY P01469593 4016216200 2020-09-08 98.191.59.165 2020-09-08 07:56:34 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 1F9955982BA2235091053AB973B2B4999F16CC09 2018 2020-11-19 02:30:22Z DIANA L BROWN PO BOX 2424 NANTUCKET MA 02584 2471231 0 X WWW.NANTUCKETCOMMUNITYSAILING.ORG X 1994 MA TO PROVIDE AFFORDABLE SAILING INSTRUCTION AND ACCESS TO WATER SPORTS FOR THE NANTUCKET COMMUNITY. 24 24 52 424 -27757 -27757 1907389 1419587 454554 482002 20616 34218 -165896 -169866 2216663 1765941 90949 90108 0 0 710540 703100 0 0 76649 673478 506950 1474967 1300158 741696 465783 4620699 4948891 976701 852200 3643998 4096691 TO PROVIDE AFFORDABLE SAILING INSTRUCTION AND ACCESS TO WATER SPORTS FOR THE NANTUCKET COMMUNITY. 0 0 955216 90108 482202 OPERATION OF AN EDUCATIONAL PROGRAM TEACHING RESIDENTS OF NANTUCKET AND YOUNG PEOPLE SAILING AND MARINE SAFETY. 955216 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 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 16 0 52 1 1 1 0 0 0 0 1 1 0 0 0 1 0 0 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 DIRECTOR 1.00 X 0 0 0 MAUREEN CROWLEY VICE PRESIDENT 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 BARBARA DESAI DIRECTOR 1.00 X 0 0 0 PENELOPE DEY TREASURER 1.00 X X 0 0 0 CRAIG VENTER 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 SUSANNE 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 LINDA MCGRATH VICE PRESIDENT 1.00 X X 0 0 0 WEST RIGGS DIRECTOR 1.00 X 0 0 0 JULIE STEINDLER DIRECTOR 1.00 X 0 0 0 DIANA BROWN CEO 40.00 X 117500 0 19311 117500 0 19311 1 0 0 0 0 96825 480683 842079 322644 1419587 EDUCATIONAL PROGRAMS ON SAILING A 711300 482002 482002 482002 6425 6425 44852 72609 -27757 -27757 -27757 53100 25307 27793 27793 27793 465065 480683 607374 -142309 -142309 200 0 200 200 1765941 482202 -27757 -108091 90108 90108 117500 8225 57575 51700 513827 403911 103063 6853 22845 8173 9705 4967 48928 33945 13255 1728 17000 17000 30525 27454 3071 11810 4488 2351 4971 3631 1484 1796 351 25673 24474 1199 46805 46805 18800 18800 122364 85643 32484 4237 75780 75780 REPAIRS & MAINTENANCE 97347 97347 SUPPLIES AND OTHER 38112 28276 7994 1842 CREDIT CARD PROCESSING 17103 17103 RESERVE FOR UNCOLLECTIB 2000 2000 1300158 955216 268293 76649 4627 4627 734572 328813 246855 237705 28849 51456 325 2223 5335296 1139692 3489377 4195604 116094 128463 4620699 4948891 136185 52200 840516 800000 976701 852200 X 2637965 3609499 1006033 487192 3643998 4096691 4620699 4948891 X 465783 9329 -22419 X X 0 1 X 1 0 X 921360 917137 1282454 1907389 1419587 6447927 921360 917137 1282454 1907389 1419587 6447927 778778 5669149 115554 59828 101024 43349 51277 371032 6818959 2342082 0.83140 0.81250 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 700000 700000 3154581 196461 2958120 1302678 907252 395426 178037 35979 142058 4195604 X 2342726 9329 679983 689312 1653414 112527 112527 1765941 1890033 679983 679983 1210050 90108 90108 1300158 PART X, LINE 2: INCOME TAXES AND ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES: EXCEPT FOR TAXES THAT MAY BE DUE FOR UNRELATED BUSINESS INCOME, THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND FROM STATE AND LOCAL INCOME TAXES UNDER COMPARABLE LAWS. THE ORGANIZATION RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION AND/OR DISCLOSURE. THE ORGANIZATION IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO FISCAL 2016. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING & GAMING EXPENSES 607,374. RENTAL EXPENSES 72,609. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS NET WITH REVENUE ON FINANCIAL STATEMENTS 90,108. VARIANCE IN INVESTMENT LOSS 22,419. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING & GAMING EXPENSES 607,374. RENTAL EXPENSES 72,609. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS NET WITH REVENUE ON FINANCIAL STATEMENTS 90,108. NANTUCKET RACE WEEK 463193 174140 289053 18207 33223 366862 OPERA HOUSE CUP 84906 21194 63712 30295 61741 7583 1 397649 285349 112300 7945 59334 8100 14084 945748 480683 465065 56447 154298 8100 388529 607374 -142309 1 SCHOLARSHIPS 163 90108 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 2 7900 FAIR MARKET VALUE X 8 51724 PUBLIC STOCK EXCHANGE X OTHER 74 239040 FAIR MARKET VALUE X MERCHANDISE 4 17180 WHOLESALE VALUE X BOATING EQUIPMENT 6 6800 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 -22,419. 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.