2022-09-01T15:38:13-05:00 2021-12-31 050405576 OTRANDO PORCARO & ASSOCIATES LTD 2258 POST ROAD WARWICK RI 02886 990 2021-01-01 050133674 EAST GREENWICH YACHT CLUB EAST 4018847700 PO BOX 267 EAST GREENWICH RI 02818 WILLIAM HERTEL TREASURER 4018847700 2022-08-19 1 WILLIAM HERTEL 999009999 GREGORY PORCARO CPAABV MST P00633303 4017399250 2022-08-18 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z JOHN MOLLICONE PO BOX 267 EAST GREENWICH RI 02818 2765813 0 X N/A X 1909 RI TO PROVIDE FACILITIES NECESSARY FOR RI FAMILIES TO ENJOY MARINE ACTIVITIES 11 11 31 0 122227 51728 0 0 1426786 1510554 169 508 87229 597111 1514184 2108173 0 0 0 0 398436 446621 0 0 0 1001078 1225367 1399514 1671988 114670 436185 5724345 5810857 3348473 2998801 2375872 2812056 TO PROVIDE NECESSARY FACILITIES AND SERVICES FOR ENJOYMENT OF MARINE ACTIVITIES 0 0 DOCKAGE & RELATED MARINE SERVICES - PROVIDE NECESSARY FACILITIES AND SERVICES FOR ENJOYMENT OF MARINE ACTIVITIES BY APPROXIMATELY 350 MEMBERS AND THEIR FAMILIES WINTER STORAGE OF MEMBERS' BOATS - PROVIDED ADEQUATE AND SECURE FACILITIES FOR WINTER BOAT STORAGE FOR APPROXIMATELY 300 MEMBERS RACE COMMITTEE/CLUB FUNCTIONS AND EVENTS - ESTABLISHED A RACE COMMITTEE TO PLAN, MONITOR AND JUDGE SAILBOAT RACES TO PROMOTE THE SPORT. THE FACILITIES ARE USED TO HOLD MEMBER EVENTS AND TO PROMOTE AND ENHANCE COMRADERY AMONGST MEMBERS 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 12 0 31 1 1 1 0 0 0 0 75113 417356 0 0 0 X 11 11 0 0 0 0 1 1 1 1 0 0 0 1 1 0 0 0 0 1 1 0 X WILLIAM HERTEL 4018847700 EAST GREENWICH YACHT CLUB EG RI EAST GREENWICH RI 02818 X TODD JOHNSTON TRUSTEE 1.00 X 0 0 0 WILLIAM CLEGG TRUSTEE 1.00 X 0 0 0 PATRICK KILLIAN RACE COMMITTEE CHAIR 1.00 X 0 0 0 LEN PETRUSKA FINANCE COMMITTEE CHAIR 1.00 X 0 0 0 KEVIN COUGHLIN IMMEDIATE PAST COMMODORE 1.00 X 0 0 0 SANDRA BISSITT TRUSTEE 1.00 X 0 0 0 WILLIAM WATERSON TRUSTEE 1.00 X 0 0 0 JOHN MOLLICONE COMMODORE 10.00 X 0 0 0 WILLIAM HERTEL TREASURER 15.00 X 0 0 0 ALAN MIANO SECRETARY 3.00 X 0 0 0 ROB HAMLIN VICE COMMODORE 3.00 X 0 0 0 VINCENT MCATEER III REAR COMMODORE 3.00 X 0 0 0 0 0 0 0 0 0 0 0 MEMBER DOCKAGE 713990 837666 837666 MEMBERSHIP DUES 713990 630108 630108 CLUB FUNCTION 713900 37300 37300 GUEST DOCKAGE 713990 5480 5480 1510554 508 508 152920 107249 45671 45671 45671 858318 550391 307927 237359 70568 CHANGE IN VALUE OF INT 900001 121193 121193 PPP LOAN FORGIVENESS 900000 103000 103000 MISCELLANEOUS REVENUE 713990 11134 11134 8186 8186 243513 2108173 1985946 122227 0 399875 399875 46746 46746 12375 12375 10961 10961 85612 85612 281770 281770 PROPERTY TAXES, INSURAN 337928 337928 REPAIRS AND MAINTENANCE 223460 223460 HAUL, STORAGE AND SECUR 127044 127044 CLUB FUNCTIONS, EVENTS, 123609 123609 22608 22608 1671988 1671988 0 0 494175 494009 250390 405472 105436 151508 25000 25000 64074 82164 41168 15848 9418745 4813672 4709775 4605073 34327 31783 5724345 5810857 230617 124480 2529243 2383494 588613 490827 3348473 2998801 X 2375872 2812056 2375872 2812056 5724345 5810857 436185 0 X 1 X 0 0 0 213698 213698 603719 440294 163425 2611559 2013663 597896 768821 662678 106143 5220948 1697037 3523911 4605073 SECURITY DEPOSITS 3950 ADVANCE MOORING, SLIP, DEPOSITS, DE 426988 INTEREST RATE SWAP 59889 490827 X PART X, LINE 2: THE CLUB IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(7) OF THE INTERNAL REVENUE CODE EXCEPT FOR AMOUNTS REPRESENTING UNRELATED BUSINESS INCOME. FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020, THE CLUB DID INCUR FEDERAL AND STATE INCOME TAX EXPENSES. IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA, THE ORGANIZATION IS REQUIRED TO RECOGNIZE AND DISCLOSE ITS UNCERTAIN TAX POSITIONS WHEN IT IS "MORE LIKELY THAN NOT" THAT SUCH POSITION, BASED UPON ITS TECHNICAL MERITS, WILL BE SUSTAINED UPON EXAMINATION. THE BOARD HAS EVALUATED ANY POTENTIAL LIABILITY THAT MIGHT ARISE FROM THE VALIDITY OF ITS STATUS AS A NON-PROFIT ORGANIZATION AND ASSESSMENTS RELATED TO UNRELATED BUSINESS TAXABLE INCOME, WHICH RESULTS WHEN AN ORGANIZATION GENERATES INCOME FROM AN ACTIVITY THAT IS NOT IN FURTHERANCE OF ITS EXEMPT PURPOSE. A TAX ACCRUAL IS DEEMED NECESSARY, THEREFORE, THE TAX AND RELATED PENALTIES AND INTEREST WERE INCLUDED IN INCOME TAX EXPENSE ON THE FINANCIAL STATEMENTS. THE STATUTE OF LIMITATIONS FOR ALL TAXING JURISDICTIONS IS THREE YEARS FROM THE DATE OF FILING. FORM 990, PART VI, SECTION A, LINE 6 THE VOTING MEMBERS ARE THE OFFICERS AND TRUSTEES. FORM 990, PART VI, SECTION A, LINE 7A THE ORGANIZATION HAS MEMBERS THAT MAY ELECT THE GOVERNING PARTY. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS ARE SUBJECT TO APPROVAL BY THE MEMBERS FORM 990, PART VI, SECTION A, LINE 8B A SINGLE MEMBER CAN NOT MAKE DECISIONS FOR THE GOVERNING PARTY FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 WAS PROVIDED TO BILL HERTEL FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12 THE BOARD REVIEWS KEY EMPLOYEES FOR COMPENSATION ADJUSTMENT ANNUALLY FORM 990, PART VI, SECTION B, LINE 15 THE BOARD REVIEWS KEY EMPLOYEES FOR COMPENSATION ADJUSTMENT ANNUALLY FORM 990, PART VI, SECTION C, LINE 19 A COPY OF THE FORM 990 WAS PROVIDED TO BILL HERTEL FOR REVIEW. FORM 990, PART VI, LINE 19: FINANCIALS ARE AVAILABLE UPON REQUEST.