2023-05-16T09:06:00-07:00 2022-12-31 990EZ 2022-01-01 943078439 SIERRA POINT YACHT CLUB SIER 4157103022 500 Sierra Point Parkway Brisbane CA 94005 Lee Panza Treasurer 4157103022 2023-05-15 1 1 11 0 AAL2 2022 2023-04-26 12:10:37Z X X https://spyc.clubexpress.com/content.axpx?page_id=0&club_id=292277 X X 102875 X 3077 480 37000 0 0 0 0 0 0 0 0 62278 35165 27113 40 67710 765 0 0 1000 58352 758 17753 78628 -10918 125615 -16092 98605 X 69715 75099 59356 50452 274 1361 129345 126912 3730 28307 125615 98605 Social club to promote safe and enjoyable boating and fellowship Provide a clubhouse for apx. 250 members for social gatherings and club meetings. 39226 Social activities, incl. food and beverage service, open to members and to guests from local community 36864 Arrange cruising and racing events open to members and to others from the local boating community 2946 Charitable activities (see Schedule O for Part 1 Line 10) 765 79801 Martin Tali Commodore 6 0 0 0 Brian Hudon Vice-Commodore 8 0 0 0 Jim Lawrie Secretary 3 0 0 0 Lee Panza Treasurer 20 0 0 0 Jack Ritter Port Captain 4 0 0 0 Larry Bushwalter Rear Commodore 4 0 0 0 Ron Davis Fleet Captain 4 0 0 0 Melissa Vivas Director 2 0 0 0 Nigel Baker Director and Spyglass Editor 2 0 0 0 Terry O'Connell Director 2 0 0 0 Dave Gremaux Director 2 0 0 0 Stephen Murphy Director 2 0 0 0 Dariusz Wodziak Director 2 0 0 0 0 0 0 0 0 0 0 0 4800 0 0 CA Lee Panza 15 Ross Way Brisbane CA 94005 4157103022 0 0 0 0 0 0 0 0 Form 990-EZ, Part I, Line 8 BofA Merchant Rewards Form 990-EZ, Part I, Line 10 Club match of donations from members at Holiday Party: given to Community Overcoming Relationship Abuse (C.O.R.A.); 2211 Palm Ave., San Mateo, CA 94403 (415) 652-0800 Form 990-EZ, Part I, Line 16 Description;Amount^Members personal items;2843|Regatta Day expenses;2975|Entertainment;1670|Memberships;643|Office expenses;670|Licenses and filing fees;664|Sales tax;5859|Bank charges;2463|Reconciled discrepancies;-34^Total;17753^ Form 990-EZ, Part I, Line 20 Our balance sheet includes a substantial new "payable" in current liabilities, and our Revenue and Expenses statement shows a substantial net loss for 2022. Both of these result from a transition to a different way of recording Dues revenue, and this needs explanation. In order to show our monthly operations realistically to our Board of Directors, we are now recording Dues payments as revenue distributed throughout the year instead of just when that money is actually received. Our Dues revenue is expected to sustain the organization for a full year, even though it is received in the middle of the fiscal year (payments are delinquent after July 31). In conventional bookkeeping we had historically shown large spikes in revenue during mid-Summer and a series of net losses for the much of the rest of the year and for the first half of the following fiscal year. This obscures true losses when they do occur, and it interferes with the board being able to monitor our actual financial activity on a month-to-month basis. Now, when Dues revenue is received, it is posted to our "Cash" asset account as it comes in (to keep that account in synch with our bank balance), but it is also recorded in a separate holding fund. Each month a roughly equal portion of that fund is transferred to the Dues Revenue account (the fund receives relatively minor influxes as new members join during the year). At the end of July, one twelfth of the Dues Fund is transferred; at the end of August one eleventh of the balance at that point is transferred; at the end of September the transfer is one tenth of the remaining balance, and by the end of the following June the last of the fund is transferred. The mechanics of dual-entry bookkeeping require this fund to be shown as a temporary liability account (as revenue is recorded, assets must increase or liabilities must decrease, but our Cash asset account is already showing the money that we actually have). It seems counter-intuitive, unless one considers this to be "money that we owe to ourselves in future months." This is "outside-of-the-box thinking", but it presents our board with monthly Revenue & Expenses reports that more realistically show our actual gains and losses. The consequence of transitioning to this procedure is that only half of the Dues money collected this year is shown on our books as revenue for this fiscal year, resulting in an apparent net loss for the year (the full amount of money received is reported on this return). However, in 2023 we will show the other half of the 2022 revenue and half of the 2023 revenue, and from then on we will be back on track. Therefore, the balance of $16,092 remaining in the 2022-2023 Dues Fund is cash that was collected in 2022 but is not being taken as revenue during 2022; it is shown as a current liability instead (see Line 26). Form 990-EZ, Part II, Line 24 Accts. receivable (mainly deposits not processed by bank as of 12/31) Form 990-EZ, Part II, Line 26 In addition to our conventional accounts payables, our balance sheet includes a substantial new item in current liabilities: see the description above in Schedule O at Line 20 explaining how our 2022-23 Dues Fund operates to distribute our Dues revenue over the twelve months from July 1, 2022 to June 30, 2023. Other than this $16,092, our current liabilities total includes conventional expenses incurred in 2022 but to be paid in January, 2023. Our 2022 Form 990 had been prepared manually, and it was ready to file electronically, but while filling-in our CA Form 199 we recognized a significant error in our data. The revision took longer to straighten-out than we had anticipated, and our filing was not completed by the midnight deadline on May 15.