2022-11-01T12:54:00-05:00 2021-12-31 271728945 PKF O'CONNOR DAVIES LLP 40 WESTMINSTER STREET SUITE 600 PROVIDENCE RI 02903 990 2021-01-01 301128021 GREAT HARBOR YACHT CLUB FOUNDATION INC GREA 5086805033 96 WASHINGTON STREET NANTUCKET MA 02254 ELLIOT GEWIRTZ PRESIDENT 5086805033 2022-10-28 1 ELLIOT GEWIRTZ 999009999 KERRI RAWCLIFFE P01398485 4016216200 2022-10-28 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z ELLIOT GEWIRTZ 96 WASHINGTON STREET NANTUCKET MA 02254 566954 0 X HTTPS://WWW.GHYC.COM/PUBLIC/GHYC-FOUNDATION X 2018 MA THE ORGANIZATION WILL WORK WITH THE NANTUCKET NATURAL RESOURCES DEPARTMENT AND OTHER ORGANIZATIONS TO PROMOTE THE HEALTH OF NANTUCKET HARBOR AND ITS MARINE ENVIRONMENT. POSSIBLE PROJECTS FOR FUNDING INCLUDE THE EXPANSION OF OYSTER BEDS WHICH HELP CLEAN THE HARBOR AND PROMULGATION OF EEL GRASS IN THE HARBOR WHICH SUPPORTS THE GROWTH OF NATIVE BAY SCALLOPS. FUNDING FOR AN ON-ISLAND WATER TEST FACILITY IS ALSO UNDER CONSIDERATION AS IS SUPPORT FOR THE EXISTING SHELL-FISH PROMULGATOIN STATION. 9 9 0 15 0 0 141902 275107 0 0 7853 19169 -27506 150807 122249 445083 0 0 0 0 0 0 0 0 0 57385 22961 57385 22961 64864 422122 1788896 2192563 18455 0 1770441 2192563 X THE PURPOSE OF THE CORPORATION IS TO ACT AS A NOT-FOR-PROFIT ORGANIZATION WITH A PRIMARY MISSION OF PROMOTING THE HEALTH OF NANTUCKET ISLANDS HARBOR AND ITS MARINE ECOSYSTEM. THE CORPORATION WILL WORK WITH THE NANTUCKET DEPARTMENT OF NATURAL RESOURCES AND OTHER GOVERNMENTAL AND NONGOVERNMENTAL ORGANIZATIONS, GROUPS AND INDIVIDUALS IN FURTHERANCE OF ITS PRIMARY MISSION AND OTHER ACTIVITIES. THE CORPORATION MAY SOLICIT DONATIONS, MAKE GRANTS AND OTHERWISE ENGAGE IN ANY AND ALL ACTIVITIES PERMITTED TO A NOT-FOR-PROFIT CORPORATION WHETHER IN FURTHERANCE OF ITS MISSION OR OTHER CHARITABLE ENDEAVORS, OTHER ACTIONS AS MAY BE NECESSARY OR EXPEDIENT FOR THE ADMINISTRATION OF THE AFFAIRS AND ATTAINMENT OF THE PURPOSES OF THE CORPORATION, AND FOR ALL OTHER ACTIVITIES LEGAL AND CONSISTENT WITH THE OPERATION OF A NON-PROFIT CORPORATION IN THE COMMONWEALTH OF MASSACHUSETTS. 0 0 THE GREAT HARBOR YACHT CLUB FOUNDATION WAS FORMED IN 2018 AND IS DEDICATED TO THE PROMOTION AND PRESERVATION OF NANTUCKET HARBOR AND ITS MARINE ECOSYSTEM. THE FOUNDATION WILL WORK WITH THE TOWN OF NANTUCKET'S DEPARTMENT OF NATURAL RESOURCES AND OTHERS TO FUND PROJECTS WHICH MIGHT OTHERWISE GO UNFUNDED IN FURTHERANCE OF THE FOUNDATION'S MISSION AND THE TOWN OF NANTUCKET'S STRATEGIC HARBOR PLAN. DURING THE YEAR THE FOUNDATION HAD ITS INITIAL GALA AND CAPITAL CAMPAIGN TO RAISE MONEY TO SUPPORT ITS MISSION MOVING FORWARD. 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 8 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 CA FL MA MD NJ PA VA X X KERRY TILTON 5086805033 96 WASHINGTON STREET NANTUCKET MA 02254 X ELLIOT GEWIRTZ PRESIDENT 1.00 X X 0 0 0 CYNTHIA FOWLER VICE PRESIDENT 1.00 X X 0 0 0 B GRADY DURHAM TREASURER 1.00 X X 0 0 0 MATT DWYER CLERK 1.00 X X 0 0 0 RON ZARRELLA BOARD MEMBER 1.00 X 0 0 0 JEFFREY PARKER BOARD MEMBER 1.00 X 0 0 0 KAREN KETTERER BOARD MEMBER 1.00 X 0 0 0 JOSEPH SMIALOWSKI DIRECTOR 1.00 X 0 0 0 VALERIE MCCARTHY DIRECTOR 1.00 X 0 0 0 0 0 0 0 0 0 0 0 76808 198299 275107 19169 19169 272678 76808 121871 150807 150807 445083 0 0 169976 8651 8651 6400 6400 910 910 GRANT EXPENSE 7000 7000 22961 0 22961 0 412806 235755 1085260 1851895 290830 103663 0 1250 1788896 2192563 18455 0 18455 0 X 1503037 2143332 267404 49231 1770441 2192563 1788896 2192563 422122 0 X X 0 1 X 1 0 X 68000 1782420 141902 198299 2190621 68000 1782420 141902 198299 2190621 564683 1625938 2796 7853 19169 29818 2220439 X SCHEDULE A, PART II, COLUMN (D) 2018: THE ORGANIZATION IS REPORTING A SHORT YEAR FOR THE YEAR ENDING 12/31/18. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 X 445083 0 445083 0 445083 22961 0 22961 0 22961 PART X, LINE 2: THE FOUNDATION RECOGNIZED THE EFFECTS OF INCOME TAX POSITIONS WHEN THEY ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE FOUNDATION HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE FOUNDATION IS SUBJECT TO FEDERAL OR STATE INCOME TAX EXAMINATIONS FOR PERIODS SINCE INCEPTION. REGATTA 349486 76808 272678 27716 16898 21432 32535 23290 349486 76808 272678 27716 16898 21432 32535 23290 121871 150807 FORM 990, PART VI, SECTION B, LINE 11B THE FOUNDATION HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED AND REVIEWED BY MANAGEMENT, IT IS ELECTRONICALLY SENT TO THE MEMBERS OF THE FINANCE COMMITTEE FOR ANY COMMENTS. ANY COMMENTS ARE THEN GROUPED, SUMMARIZED AND REVIEWED WITH MANAGEMENT AND THE ACCOUNTING FIRM. ALL ISSUES ARE DOCUMENTED AND ADDRESSED. THE FORM 990 IS THEN SUBMITTED TO THE FULL BOARD OF DIRECTORS FOR THEIR REVIEW AND APPROVAL. EACH ISSUE IS DOCUMENTED AND ADDRESSED UNTIL THE RETURN IS FINALIZED AND APPROVED FOR FILING. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION HAS A WRITTEN CONFLICT OF INTEREST POLICY, WHICH APPLIES TO ALL BOARD MEMBERS AND OFFICERS, THAT IS MONITORED AND ENFORCED ANNUALLY. ALL BOARD MEMBERS AND OFFICERS ARE REQUIRED TO COMPLETE AN ANNUAL CONFLICT OF INTEREST DISCLOSURE STATEMENT. IN THE EVENT THAT THE BOARD SHOULD ESTABLISH THAT A PROPOSED TRANSACTION OR ARRANGEMENT ESTABLISHES A CONFLICT OF INTEREST, THE BOARD SHALL THEN PROCEED WITH THE FOLLOWING ACTIONS: (1) ANY INTEREST INDIVIDUAL MAY RENDER A REQUEST OR REPORT AT THE BOARD MEETING, BUT UPON COMPLETION OF SAID REQUEST OR REPORT THE INDIVIDUAL SHALL BE EXCUSED WHILE THE BOARD DISCUSSES THE INFORMATION AND/OR MATERIAL PRESENTED, AND THEN VOTES ON THE TRANSACTION OR ARRANGEMENT PROPOSED INVOLVING THE POSSIBLE CONFLICT OF INTEREST; (2) THE PRESIDENT OF THE BOARD SHALL, IF DEEMED NECESSARY AND APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT; (3) AFTER EXERCISING DUE DILIGENCE, THE BOARD SHALL DETERMINE WHETHER THE FOUNDATION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST; (4) IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE BOARD SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTEREST DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE FOUNDATION'S BEST INTEREST, FOR ITS OWN BENEFIT AND WHETHER IT IS FAIR AND REASONABLE. IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION ARRANGEMENT IN CONFORMITY WITH THIS DETERMINATION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. FORM 990 IS POSTED GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES. IN ADDITION, GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE ALSO AVAILABLE UPON WRITTEN REQUEST AT 96 WASHINGTON STREET, NANTUCKET, MA 02554 OR BY CALLING THE ORGANIZATION DIRECTLY AT 508-680-5033. PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE ORGANIZATION'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS DID NOT CHANGE FROM THE PRIOR YEAR.