2021-07-22T15:50:50-05:00 2020-09-30 591753337 KERKERING BARBERIO & CO PO BOX 49348 SARASOTA FL 342306348 990 2019-10-01 590436199 SARASOTA YACHT CLUB SARA 9419529451 1100 JOHN RINGLING CAUSEWAY SARASOTA FL 34236 NICHOLAN MARTIN TREASURER 9413654191 2021-07-14 1 REBECCA U STONER P00585910 9413654617 2019 2022-09-23 18:48:47Z NICHOLAN MARTIN 1100 JOHN RINGLING CAUSEWAY SARASOTA FL 34236 8864239 0 X WWW.SARASOTAYACHTCLUB.ORG X 1926 FL RECREATIONAL ACTIVITIES 9 9 105 100 441982 11117 0 0 5898425 6030903 28473 -12946 2136587 1566646 8063485 7584603 0 0 0 0 3933500 3949842 0 0 0 3395185 3598983 7328685 7548825 734800 35778 17491345 17080595 12733692 12295130 4757653 4785465 X THE WORLD-CLASS, AWARD WINNING SARASOTA YACHT CLUB IS HOME TO A DIVERSE MEMBERSHIP AND PROFESSIONAL STAFF WHO INSPIRE LIFELONG FRIENDSHIPS AND EXTRAORDINARY EXPERIENCES IN OUR CULTURALLY-RICH WATERFRONT CITY. 0 0 SYC BRAND STATEMENTTO PEOPLE WHO ENJOY BEING ON OR AROUND THE WATER AND CONNECTING WITH FRIENDS THAT HAVE SIMILAR INTEREST, SARASOTA YACHT CLUB IS THE PREMIEW WORLD-CLASS YACHT CLUB THAT DELIVERS THE YACHTING LIFESTYLE EXPERIENCE INSPIRING LIFELONG FRIENDSHIPS AND EXTRAORDINARY EXPERIENCES IN AN UPSCALE, WATERFRONT LOCATION WITH AWARD WINNING DINING, A CLEAN, FULL-SERVICE MARINA, AND ENGAGEING ACTIVITIES IN A FAMILY-FRIENDLY WELCOMING ENVIRONMENT. IN OUR CULTURALLY RICH CITY, ONLY SYC HAS A UNIQUE WATERFRONT LOCATION, DIVERSE ACTIVE MEMBERS, AND PROFESSIONAL STAFF. SYC VISION STATEMENTAN ESSENTIAL PART OFOUR MEMBERS' LIVES OUR COMMUNITY'S FABRIC AND OUR STAFF'S WELLBEING, INSPIRING LIFELONG CONNECTIONS THAT CAN'T BE DUPLICATED. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 16 0 1 105 1 1 1 0 0 0 0 2425109 741545 0 0 0 X 9 9 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 FL X JENNY HECHEVERRIA 9413654191 1100 JOHN RINGLING CAUSEWAY SARASOTA FL 34236 LAURIE BIRNBACH DIRECTOR 2.00 X 0 0 0 RYAN LODGE DIRECTOR 2.00 X 0 0 0 JANE THOMPSON FLEET CAPTAIN 2.00 X 0 0 0 DR WILL STEIN FLEET SURGEON 2.00 X 0 0 0 TIM CLARKE REAR COMMODORE 2.00 X X 0 0 0 HUGH MCILREVEY COMMODORE 2.00 X X 0 0 0 BRIAN WILL VICE COMMODORE 2.00 X X 0 0 0 COLLEEN KENEFICK TREASURER 2.00 X X 0 0 0 ROBERT MILLIGAN SECRETARY 2.00 X X 0 0 0 BENJAMIN WAGNER CHIEF FINANCIAL OFFICER 40.00 X 229000 0 15831 KAREN HARMON GM/COO 40.00 X 329581 0 19854 KAREN ROMAN CATERING DIRECTOR 40.00 X 101389 0 10727 ANTHONY PUCCIO FOOD & BEVERAGE DIRECTOR 40.00 X 181364 0 13926 STEPHANIA FELTZ MEMBER RELATIONS DIRECTOR 40.00 X 133535 0 12012 974869 0 72350 5 0 1 0 DOOLEY MACK CONSTRUCTORS OF FL INC 2750 STICKNEY POINT RD 106 SARASOTA FL 34231 GENERAL CONTRACTOR 635012 SYSCO FOOD SERVICE 3000 69TH STREET EAST PALMETTO FL 34221 FOOD PURCHASES 341481 CHENEY BROTHERS 2801 W SILVER SPRINGS BLVD OCALA FL 34475 FOOD PURCHASES 249498 LYNCH OIL COMPANY INC PO BOX 450669 KISSIMMEE FL 34745 FUEL PURCHASES 169851 BRADENTON FUEL OIL INC 6116 21ST ST E BRADENTON FL 34203 FUEL PURCHASES 124168 7 MEMBER DUES AND INITIATION FEES 713990 5210243 5210243 MARINA REVENUE 713990 796330 796330 SAILING PROGRAM 713990 24330 24330 6030903 18179 18179 31125 -31125 -31125 -31125 2716349 1248511 1467838 1047635 420203 MINIMUM INCOME 713990 42940 42940 FINANCE CHARGES 713990 21924 21924 ADVERTISING 713990 3600 3600 30344 30344 98808 7584603 7173746 441982 -31125 555253 2615449 85483 366032 327625 4258 42141 172102 64339 64287 67186 249457 480086 934676 198286 SUPPLIES 314234 TAXES AND LICENSES 275176 GIFTS OF GRATITUDE CERT 271856 REPAIRS AND MAINTENANCE 202449 258450 7548825 1585648 1519654 1285654 1303534 809821 851171 167006 172600 229835 218843 21985950 8996710 13379375 12989240 15681 7128 18325 18425 17491345 17080595 967743 1103310 445888 427717 11040215 10499899 279846 264204 12733692 12295130 X 4757653 4785465 4757653 4785465 17491345 17080595 X 35778 -7966 X X 0 1 X 1 0 137338 137338 14726710 3915228 10811482 3985143 2587276 1397867 3136759 2494206 642553 12989240 DEPOSITS 58230 INTEREST RATE SWAP AGREEMENT 205974 264204 X 8856273 -7966 -7966 8864239 -1279636 -1279636 7584603 8828461 1279636 1279636 7548825 0 7548825 PART X, LINE 2: UNDER THE INCOME TAXES TOPIC OF THE FASB ACCOUNTING STANDARDS CODIFICATION, THE CLUB HAS REVIEWED AND EVALUATED THE RELEVANT TECHNICAL MERITS OF EACH OF ITS TAX POSITIONS IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA FOR ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, AND DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL IMPACT ON THE FINANCIAL STATEMENTS OF THE CLUB. PART XI, LINE 2D - OTHER ADJUSTMENTS: ADJUSTMENT FOR INTEREST RATE SWAP -7,966. PART XI, LINE 4B - OTHER ADJUSTMENTS: COGS INCLUDED IN EXPENSE PER FS -1,248,511. LOSS ON DISPOSAL OF FIXED ASSETS INCLUDED IN EXPENSE PER FS -31,125. PART XII, LINE 2D - OTHER ADJUSTMENTS: COGS INCLUDED IN REVENUE PER 990 1,248,511. LOSS ON DISPOSAL OF FIXED ASSETS INCLUDED IN REVENUE PER 990 31,125. X X X X 0 0 0 BENJAMIN WAGNER CHIEF FINANCIAL OFFICER 173000 0 56000 0 0 0 9160 0 6671 0 244831 0 0 0 KAREN HARMON GM/COO 246581 0 83000 0 0 0 13183 0 6671 0 349435 0 0 0 ANTHONY PUCCIO FOOD & BEVERAGE DIRECTOR 156279 0 25085 0 0 0 7255 0 6671 0 195290 0 0 0 FORM 990, PART I, LINE 6 THE CLUB UTILIZES THE SERVICES OF 100+ VOLUNTEERS IN A VARIETY OF WAYS. THE 9 MEMBERS OF THE BOARD OF DIRECTORS, BOTH THE EXECUTIVE COMMITTEE AND SITTING MEMBERS, ARE CLASSIFIED AS VOLUNTEERS. IN ADDITION TO THE BOARD THERE ARE 17 COMMITTEES WHICH GOVERN ALL ASPECTS OF THE CLUB. ANY MEMBER MAY SIT ON A COMMITTEE AND EACH COMMITTEE IS LED BY A BOARD MEMBER AS THE COMMITTEE CHAIR. ALL COMMITTEE MEMBERS ARE VOLUNTEERS WHO PROVIDE VALUABLE SERVICES TO THE CLUB. CLUB AMBASSADORS ARE MEMBERS WHO VOLUNTARILY CONTRIBUTE THEIR EFFORTS TO ENGAGING NEW MEMBERS AND INTRODUCING THEM TO THE CLUB AND ALL THAT THE CLUB HAS TO OFFER. WITHIN THE CLUB THERE ARE SEVERAL GROUPS WHO MEET AND PARTICIPATE IN A WIDE RANGE OF ACTIVITIES THAT INCLUDE FISHING, CYCLING, KAYAKING, AND MORE. THE MEMBERS WHO ORGANIZE THESE ACTIVITIES WORK WITH THE STAFF TO SECURE FUNDS AND COORDINATE EVENTS, VOLUNTEERING THEIR TIME TO ENRICHING THE SOCIAL ENVIRONMENT OF THE CLUB. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION'S MOST RECENT AMENDED AND RESTATED BYLAWS WERE MADE EFFECTIVE ON OCTOBER 22, 2019. ARTICLE I - NAME AND PURPOSES THIS ARTICLE HAS BEEN EXPANDED TO INCLUDE THE ORGANIZATION'S BRAND, VISION AND MISSION STATEMENTS: THE PURPOSES OF THE SARASOTA YACHT CLUB ("CLUB") ARE: (1) TO IMPROVE CLUB MEMBERS' ("MEMBERS") CONFIDENCE AND COMPETENCE ON THE WATERWAYS, AND (2) TO PROVIDE A RELATIONSHIP-BUILDING ENVIRONMENT OF SOCIAL INTERACTION AND WELLBEING. MEMBERS WILL BENEFIT FROM EVENTS AND EDUCATIONAL PROGRAMS CONSISTENT WITH BOATING PROFICIENCY AND INTERPERSONAL SOCIAL OPPORTUNITIES, WHILE CONTINUOUSLY ADDRESSING MEMBER NEEDS. SYC BRAND STATEMENT: THE SARASOTA YACHT CLUB IS THE WATERFRONT CONNECTION FOR A DIVERSE GROUP OF "FUN-LOVING" PEOPLE WHO ENJOY AWARD-WINNING DINING, EXTRAORDINARY EXPERIENCES, AND ENGAGING ACTIVITIES IN A WELCOMING ENVIRONMENT. MISSION STATEMENT: THE SARASOTA YACHT CLUB IS A PREMIER, FULL-SERVICE, FAMILY-ORIENTED, PRIVATE YACHT CLUB DEDICATED TO THE ENJOYMENT OF ITS MEMBERS, THEIR FAMILIES, AND THEIR GUESTS. VISION STATEMENT: SARASOTA YACHT CLUB WILL BE A VIBRANT, MEMBER-DRIVEN, MULTI-GENERATIONAL YACHT CLUB PROVIDING ALL MEMBERS WITH EXTRAORDINARY EXPERIENCES AND LEGENDARY SERVICES. ARTICLE VIII - GOVERNANCE AND MANAGEMENT SECTION 1 - BOARD TERM THE MINIMUM NUMBER OF BOARD MEMBERS HAS BEEN REUCED TO SEVEN, AS FOLLOWS: PREVIOUS SECTION 1: THE BOARD SHALL CONSIST OF A MINIMUM OF NINE (9) AND A MAXIMUM OF FIFTEEN (15) DIRECTORS ELECTED BY THE VOTING MEMBERS. THE BOARD SHALL ESTABLISH THE SIZE OF THE BOARD BY A TWO-THIRDS (2/3) VOTE. EACH DIRECTOR SHALL SERVE FOR THREE (3) YEARS, EXCEPT AS HEREIN OTHERWISE PROVIDED, AND NO DIRECTOR SHALL BE ELIGIBLE TO SERVE FOR MORE THAN TWO (2) CONSECUTIVE ELECTED TERMS, AFTER WHICH THAT DIRECTOR SHALL BE INELIGIBLE TO SERVE FOR A PERIOD OF ONE (1) YEAR. IN THE EVENT A MEMBER IS APPOINTED BY THE BOARD TO FILL A VACANCY, THEY SHALL STILL BE ELIGIBLE TO STAND FOR ELECTION FOR TWO (2) CONSECUTIVE THREE (3) YEAR TERMS AS PROVIDED ABOVE. THE COMMODORE'S TERM OF OFFICE AS A DIRECTOR SHALL TERMINATE UPON COMPLETION OF THE TERM AS COMMODORE. IF THE VICE COMMODORE'S TERM WILL EXPIRE AT THE END OF THE WATCH YEAR, THE VICE COMMODORE'S TERM SHALL BE AUTOMATICALLY EXTENDED UNTIL AFTER SUBSEQUENTLY SERVING THE TERM AS COMMODORE. AMENDED AND RESTATED SECTION 1: THE BOARD SHALL CONSIST OF A MINIMUM OF SEVEN (7) AND A MAXIMUM OF FIFTEEN (15) DIRECTORS ELECTED BY THE VOTING MEMBERS. THE BOARD SHALL ESTABLISH THE SIZE OF THE BOARD BY A MAJORITY VOTE. EACH DIRECTOR SHALL SERVE FOR THREE (3) YEARS, EXCEPT AS HEREIN OTHERWISE PROVIDED, AND NO DIRECTOR SHALL BE ELIGIBLE TO SERVE FOR MORE THAN TWO (2) CONSECUTIVE ELECTED TERMS, AFTER WHICH THAT DIRECTOR SHALL BE INELIGIBLE TO SERVE FOR A PERIOD OF ONE (1) YEAR. IN THE EVENT A MEMBER IS APPOINTED BY THE BOARD TO FILL A VACANCY, THEY SHALL STILL BE ELIGIBLE TO STAND FOR ELECTION FOR TWO (2) CONSECUTIVE THREE (3) YEAR TERMS AS PROVIDED ABOVE. THE COMMODORE'S TERM OF OFFICE AS A DIRECTOR SHALL TERMINATE UPON COMPLETION OF THE TERM AS COMMODORE. IF THE VICE COMMODORE'S TERM WILL EXPIRE AT THE END OF THE WATCH YEAR, THE VICE COMMODORE'S TERM AS A DIRECTOR SHALL BE AUTOMATICALLY EXTENDED UNTIL AFTER SUBSEQUENTLY SERVING THE TERM AS COMMODORE. BOARD MEETINGS OUTLINED IN SECTION 6 OF ARTICLE VIII ARE NOW DIRECTED TO BE HELD ON AN AS-NEEDED BASIS; THE OLD MINIMUM OF TWELVE (12) MONTHLY MEETINGS PER WATCH YEAR HAS BEEN REMOVED. PREVIOUS TEXT FROM SECTION 6 - BOARD MEETINGS THE BOARD SHALL HOLD AT LEAST TWELVE (12) MONTHLY MEETINGS DURING THE WATCH YEAR AT DATES AND TIMES ESTABLISHED AT THE START OF THE WATCH YEAR. AMENDED AND RESTATED TEXT FROM SECTION 6 - BOARD MEETINGS THE BOARD SHALL MEET ON AN AS-NEEDED BASIS DURING THE WATCH YEAR, USUALLY EVERY OTHER MONTH, AT DATES AND TIMES ESTABLISHED AT THE START OF THE WATCH YEAR. THE COMMODORE MAY CALL SPECIAL BOARD MEETINGS AS NECESSARY. FORM 990, PART VI, SECTION A, LINE 6 THE CORPORATION IS A PRIVATE YACHT AND SOCIAL CLUB THAT ALLOWS MEMBERS TO USE ITS FACILITIES BY PAYING DUES. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE BOARD OF DIRECTORS ARE ELECTED BY ACCLAMATION UNLESS THERE IS A PETITION. FORM 990, PART VI, SECTION A, LINE 7B FIFTEEN (15) PERCENT OF THE VOTING MEMBERS ENTITLED TO VOTE MAY PRESENT A PROPOSAL FOR AMENDMENT TO THESE BYLAWS, USING THE FOLLOWING PROCEDURES: A) THE SPECIFIC PROPOSAL SHALL BE DELIVERED TO THE CLUB'S SECRETARY AT LEAST SIXTY (60) DAYS PRIOR TO THE ANNUAL MEETING; B) AT LEAST 30 DAYS PRIOR TO THE MEETING AT WHICH THE PROPOSAL WILL BE CONSIDERED, THE SPECIFIC PROPOSAL SHALL BE POSTED ON THE CLUB'S BULLETIN BOARD AND PROVIDED TO ALL MEMBERS ENTITLED TO VOTE, TOGETHER WITH AN EXPLANATION OF THE PURPOSE OF THE PROPOSED AMENDMENT AND THE BOARD'S STATEMENT ON ITS MERITS; C) THE BALLOT FOR THE VOTE MUST PERMIT THE MEMBER TO VOTE FOR OR AGAINST THE SPECIFIC PROPOSAL. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CFO, TREASURER AND COO, COMPARED TO THE AUDITED FINANCIAL STATEMENTS AND INTERNAL REPORTS, THEN PRESENTED TO THE GOVERNING BOARD FOR SUBSEQUENT REVIEW AND APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C THE WRITTEN CONFLICT OF INTEREST POLICY IS GIVEN TO OFFICERS, DIRECTORS AND KEY EMPLOYEES AT THE TIME OF HIRE OR APPOINTMENT AND ON AN ANNUAL BASIS. THE OFFICERS, DIRECTORS AND KEY EMPLOYEES ARE REQUESTED TO DISCLOSE ANY POSSIBLE CONFLICTS OF INTEREST AT THAT TIME. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE, WHICH IS MADE UP OF INDEPENDENT MEMBERS ELECTED BY THE BOARD OF DIRECTORS, USES COMPARABILITY DATA AND AVAILABLE RESOURCES TO THE CLUB TO DELIBERATE AND DETERMINE COMPENSATION OF THE COO. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION IS A PRIVATE CLUB AND THEREFORE ONLY MAKES ITS POLICIES AND AUDITED FINANCIAL STATEMENT AVAILABLE TO ITS MEMBERS. POLICIES AND FINANCIAL STATEMENTS ARE PROVIDED TO FINANCIAL INSTITUTIONS, POTENTIAL MEMBERS, AND OTHER PERSONS OR ENTITIES AS THE BOARD OF DIRECTORS SEES FIT. FORM 990, PART XI, LINE 9: ADJUSTMENT FOR INTEREST RATE SWAP -7,966. FORM 990, PART XII, LINE 2C NO CURRENT YEAR CHANGES TO AUDIT OVERSIGHT PROCESS.