2021-06-01T09:29:22-05:00 2020-12-31 IR-2021-43 EEPB 2950 NORTH LOOP W SUITE 1200 HOUSTON TX 77092 990 2020-01-01 741224480 Lakewood Yacht Club % KELLY HOLST LAKE 2814742511 2425 Nasa Road One Seabrook TX 77586 KELLY HOLST GENERAL MANAGER 2814742511 2021-06-15 true KELLY HOLST 999009999 KYLE DOUGHERTY P01682560 7136220016 2 2020 2022-09-23 18:48:47Z KELLY HOLST 2425 Nasa Road One Seabrook TX 77586 5397950 false X WWW.LAKEWOODYACHTCLUB.COM X 1955 TX THE PURPOSE OF LAKEWOOD YACHT CLUB IS TO PROVIDE AN EXCLUSIVE YACHTING ENVIRONMENT FOR THE BENEFIT OF ITS MEMBERS, BY FOSTERING COMARADERIE WHILE SATISFYING DIVERSE NEEDS. 18 18 119 150 179389 0 0 5856966 5388133 83568 9817 0 0 5940534 5397950 0 0 0 0 2619726 2151262 0 0 0 3858964 3656658 6478690 5807920 -538156 -409970 10732611 9975371 5088718 4274904 5643893 5700467 X LAKEWOOD YACHT CLUB PROVIDES AN EXCLUSIVE YACHTING ENVIRONMENT FOR THE BENEFIT OF ITS MEMBERS. DIVERSE SOCIAL AND RECREATIONAL NEEDS ARE MET WHILE FOSTERING A SENSE OF COMARADERIE. MEMBER PARTICIPATION ENSURES THAT THE CLUB PROVIDES SERVICES AND FACILITIES THAT CATER TO THEIR MUTUAL INTERESTS. false false LAKEWOOD YACHT CLUB IS LOCATED ON 38 BEAUTIFULLY LANDSCAPED ACRES WITH OVER 300 COVERED AND OPEN BOAT SLIPS. LAKEWOOD IS MORE THAN JUST A YACHT CLUB. IT IS A HAVEN FOR MEMBERS, THEIR FAMILIES AND GUESTS. THE BERMUDA-STYLE CLUBHOUSE PROVIDES LAKEWOOD'S 500 PLUS MEMBERS WITH QUIET HARBOR-VIEW DINING FACILITIES AND EXCELLENT CUISINE PROVIDED BY A PROFESSIONALLY TRAINED EXECUTIVE CHEF. THE CLUBHOUSE HAS A NEWLY REMODELED BAR AND PIANO LOUNGE WITH LARGE SCREEN TELEVISIONS THAT INVITES MEMBERS TO RELAX BY THE FIRE. THE BEAUTIFUL BALLROOM OVERLOOKING THE INNER HARBOR IS THE VENUE FOR MANY OF LAKEWOOD'S SOCIAL EVENTS AS WELL AS WEDDINGS, MEETINGS AND SUNDAY BRUNCH. A GAME ROOM PROVIDES SUPERVISED ACTIVITIES FOR MEMBERS' CHILDREN. THERE IS SOMETHING FOR EVERYONE AT LAKEWOOD, BEGINNING WITH A STRONG AGENDA OF REGATTAS AND CRUISES ORGANIZED ANNUALLY BY LAKEWOOD'S ENTHUSIASTIC VOLUNTEERS. AN ACTIVE LADIES ASSOCIATION HAS A BUSY MONTHLY AGENDA WHICH INCLUDES A SPECIAL SUMMER ACTIVITY. THE YOUTH PROGRAM, KNOWN AS THE SEAHORSES, IS GUIDED YEAR-ROUND BY THE CLUB'S PARENT VOLUNTEERS AND FULL-TIME SAILING DIRECTOR. THREE LIGHTED TENNIS COURTS AND FRIENDLY BUT COMPETITIVE MONTHLY TENNIS SOCIALS AND WEEKLY MATCHES ADD TO THE ALLURE OF LAKEWOOD. false false false false false false false false false true false false false true true true false false true false false false false false false false false false true false false false false false true false false false false false false false false true X 18 0 119 true true true false false false false false X 18 18 false false false false true true true true true false false true false false false false true false X KELLY HOLST 2814742511 2425 NASA ROAD ONE SEABROOK TX 77586 KELLY HOLST GENERAL MANAGER 40.0 0.0 X 207289 0 14781 TERRY CHAPMAN ASST GENERAL MANAGER 40.0 0.0 X 101923 0 13267 MIKE DOWNS VICE COMMODORE 5.0 0.0 X X 0 0 0 REX BETTIS COMMODORE 5.0 0.0 X X 0 0 0 GARROW WESSENDORFF DIRECTOR/TREASURER 2.0 0.0 X X 0 0 0 DWIGHT BENGTSON DIRECTOR 5.0 0.0 X 0 0 0 DUANE GUIDRY DIRECTOR, SECRETARY 5.0 0.0 X X 0 0 0 THOMAS MCANDREW DIRECTOR 2.0 0.0 X 0 0 0 MARGIE CLARK DIRECTOR 2.0 0.0 X 0 0 0 ELIZABETH MORRELL DIRECTOR 2.0 0.0 X 0 0 0 ED BRAUER DIRECTOR 2.0 0.0 X 0 0 0 AL POINDEXTER DIRECTOR 2.0 0.0 X 0 0 0 GARY ROMER REAR COMMODORE 5.0 0.0 X X 0 0 0 PAUL DUNPHEY FLEET CAPTAIN 5.0 0.0 X X 0 0 0 DAVID COMEAUX DIRECTOR 2.0 0.0 X 0 0 0 KATY PEEPLES DIRECTOR 2.0 0.0 X 0 0 0 RICHARD TOMLINSON DIRECTOR 2.0 0.0 X 0 0 0 JAY JOHNSON DIRECTOR 2.0 0.0 X 0 0 0 309212 0 28048 2 false true false MARINE INC 402 Bay KEMAH TX 77565 161506 CARR CONSTRUCTION SERVICES 3111 BROADWAY AVENUE J GALVESTON TX 77550 287600 2 X 0 MEMBERSHIP DUES 2329614 2329614 FOOD & BEVERAGE SALES 713910 1301528 1193242 108286 HARBOR & CABANA FEES 1507749 1507749 RECREATION & YOUTH FEES 713910 153471 103090 50381 LADIES ASSOCIATION REVENUE 31509 31509 64262 53357 10905 5388133 9817 9817 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5397950 5218561 179389 X 0 0 0 0 337260 0 1385565 34926 222005 171506 0 0 22285 0 0 0 0 17581 59918 18503 0 253298 0 0 0 168615 0 864929 521846 FOOD AND BEVERAGE 564843 REPAIRS & MAINTENANCE 322902 LICENSES & FEES 126717 OTHER PROGRAM SERVICES 586139 129082 5807920 X 1602931 1303508 1818034 1666240 0 0 438082 337779 0 0 0 0 0 0 109900 99301 253267 271698 20729746 14432901 6510397 6296845 0 0 0 0 0 0 0 0 0 0 10732611 9975371 279135 187856 0 0 678694 155082 0 0 0 0 0 0 4127994 3924656 0 0 2895 7310 5088718 4274904 X 5643893 5700467 0 0 5643893 5700467 10732611 9975371 X -409970 482159 -15615 X false true X true false 521066 521066 15210240 11532733 3677507 2241329 1321790 919539 2358360 1578379 779981 398752 398752 6296845 0 DEPOSITS 7310 7310 5397950 5397950 5397950 5823535 15615 15615 5807920 5807920 RECONCILIATION TO AUDITED STATEMENTS PART XII, LINE 2D - OTHER EXPENSE PER AUDITED FINANCIAL STATEMENTS, NOT ON FORM 990,PART IX, LINE 25: PROVISION FOR INCOME TAX 15,764 BAD DEBT RECORDED AS DECREASE IN A/R ALLOWANCE 149 TOTAL 15,615 FIN 48 FOOTNOTE FROM AUDITED STATEMENTS FORM 990, SCHEDULE D, PART X, LINE 2 The Club did not have unrecognized tax benefits as of December 31, 2020 and does not expect this to change significantly over the next twelve months. In accordance with FASB ASC 740-10-25, the Club will recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of December 31, 2020, the Club has not accrued interest or penalties related to uncertain tax positions. The Club's U.S. federal tax returns are open to audit under the statute of limitations for the years ended December 31, 2017 and beyond. X false false false TERRY CHAPMAN ASST GENERAL MANAGER 101923 13267 115190 KELLY HOLST GENERAL MANAGER 207289 14781 222070 COMPENSATION SCHEDULE J, PART I, LINE 3: COMPENSATION OF THE GENERAL MANAGER, WHO IS NOT AN OFFICER OR DIRECTOR, IS REVIEWED ANNUALLY BY THE EXECUTIVE COMMITTEE, GENERALLY IN DECEMBER. THE EXECUTIVE COMMITTEE CONSISTS OF THE COMMODORE, VICE COMMODORE, REAR COMMODORE, FLEET CAPTAIN, SECRETARY, AND TREASURER OF THE CLUB. LYC CONCOURS CORPORATION common board member some years 0 MGMT FEES, RENT & LICENSE FEES FORM 990, PAGE 6, PART VI GOVERNING BODY AND MANAGEMENT, POLICIES AND DISCLOSURE SECTION A, LINE 6 THERE ARE MULTIPLE CLASSES OF MEMBERS: RESIDENT, JUNIOR, CORPORATE SPONSORED, NONRESIDENT, ASSOCIATE, STUDENT, WIDOW(ER), HONORARY, PAST COMMODORE HONORARY AND ACTIVE DUTY MILITARY. SECTION A, LINE 7A. RESIDENT AND JUNIOR MEMBERS HAVE VOTING RIGHTS. SECTION A, LINE 7B. THE MEMBERS ELECT THE DIRECTORS BY BALLOT AND CHANGES TO THE BYLAWS MUST BE VOTED ON BY THE MEMBERS. POLICIES: SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE BOARD TREASURER, THE CLUB'S GENERAL MANGER AND THE CLUB'S ACCOUNTANT. A COPY OF THE APPROVED FORM 990 IS DISTRIBUTED TO ALL BOARD MEMBERS PRIOR TO FILING. DISCLOSURE: SECTION C, LINE 19 GOVERNING DOCUMENTS, POLICIES, FINANCIAL STATEMENTS AND TAX RETURNS ARE ALL AVAILABLE UPON REQUEST. FORM 990, PAGE 5, PART V STATEMENTS REGARDING OTHER IRS FILINGS AND TAX COMPLIANCE LINE 10B - GROSS RECEIPTS FOR PUBLIC USE OF CLUB FACILITIES. THERE IS NO SPECIFIC CHARGE FOR PUBLIC USE OF THE CLUB FACILITIES. THE PUBLIC HAS LIMITED ACCESS TO THE FACILITIES THROUGH BANQUETS OR CERTAIN YOUTH ACTIVITES AND FEES FOR THOSE ACTIVITIES INCLUDE THE USE OF THE FACILITIES. RECEIPTS FROM NONMEMBER USE ARE REPORTED ON FORM 990-T AS UNRELATED BUSINESS REVENUE. FORM 990, PAGE 9, PART VIII, LINE 7D LAKEWOOD YACHT CLUB IS A 501(c)(7) ORGANIZATION. IT SOLD LAND USED IN ITS EXEMPT FUNCTION IN AUGUST 2018 AND REALIZED A GAIN ON THE SALE OF $1,406,043. UNDER INTERNAL REVENUE CODE SECTION 512(a)(3)(D), THIS GAIN POTENTIALLY QUALIFIES FOR NONRECOGNITION. THE PROPERTY SOLD WAS USED DIRECTLY IN THE PERFORMANCE OF THE EXEMPT FUNCTION OF THE ORGANIZATION. UNDER IRC SECTION 512(a)(3)(D), GAIN FROM THE SALE IS RECOGNIZED TO THE EXTENT THAT THE SALES PRICE IS NOT REINVESTED IN OTHER PROPERTY WITHIN A PERIOD BEGINNING ONE YEAR FROM THE SALE AND ENDING THREE YEARS AFTER THE DATE OF THE SALE. THE THREE YEAR PERIOD FOR REPLACEMENT HAS NOT YET OCCURRED SO NONE OF THE GAIN IS SUBJECT TO TAX ON THIS RETURN. REPLACEMENT PROPERTY IN THE AMOUNT OF $1,355,826 HAD BEEN PURCHASED THROUGH DECEMBER 31, 2020. FORM 990, PAGE 12, PART XI, LINE 8 EXPLANATION OF PRIOR PERIOD ADJUSTMENT In January 2019, the Club adopted ASC 606 - Revenue from Contracts with Customers (ASC 606) using the modified retrospective method and has applied the standard to all existing contracts. ASC 606 supersedes previous revenue recognition requirements in ASC 605 and includes a five-step revenue recognition model to depict the transfer of goods or services to customers in an amount that reflects the consideration in exchange for those goods or services. The Club subsequently changed their accounting policy for recognizing initiation fees. After further guidance, the Club believes that the initiation fee transaction contains a single performance obligation, admittance to the club, and no allocation of the transaction price is deemed necessary. Additionally, the performance obligation is the admittance of the individual to membership. Initiation fees are typically not related to any future goods or services and establish the member's right to be included on the membership rolls and to be billed their monthly dues. The sole performance obligation is satisfied at the point the Club admits the individual into membership. Upon adding the member to the membership roster, the Club has present right to payment, in accordance with the Club's initiation fee billing policy. Additionally, upon admittance to membership, the individual has assumed the risks of membership, including the non-refundable initiation fee, and the Club has no obligation to provide future services. The effect of this restatement resulted in an net increase to net assets of $482,159.