Treasure Island Tennis & Yacht Club in Treasure Is, Florida (FL)

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Treasure Island Tennis & Yacht Club
Employer Identification Number (EIN)592670733
Name of OrganizationTreasure Island Tennis & Yacht Club
Address400 Treasure Island Cswy, Treasure Is, FL 33706-1131
SubsectionPleasure, Recreational, or Social Club
Ruling Date10/2007
DeductibilityContributions are not deductible
FoundationAll organizations except 501(c)(3)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2007
Assets$10,000,000 to $49,999,999
Income$1,000,000 to $4,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$11,754,251
Amount of Income$3,103,974
Form 990 Revenue Amount$2,437,551
National Taxonomy of Exempt Entities (NTEE)Recreation, Sports, Leisure, Athletics: Recreational, Pleasure, or Social Club


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Amount of income in 2007: $3,103,974
Treasure Island Tennis & Yacht Club: 

 $3,103,974
Other organizations performing similar types of work: 

 $62,479

Assets in 2007: $11,754,251
This organization: 

 $11,754,251
Other organizations performing similar types of work: 

 $41,400

Expenses in 2007: $2,595,914
This organization: 

 $2,595,914
Other organizations performing similar types of work: 

 $49,751

Income to expenses ratio in 2007: 0.9
Treasure Island Tennis & Yacht Club: 

 0.9
Other organizations performing similar types of work: 

 0.9

Number of employees in 2007: 41
This organization: 

 41
Other organizations performing similar types of work: 

 1

Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2007
Total revenue$2,437,551
Contributions, gifts, grants, and similar amounts received$0
Contributions to donor advised funds$0
Direct public support$0
Indirect public support$0
Government contributions (grants)$0
Program service revenue including government fees and contracts$277,298
Membership dues and assessments$1,687,021
Interest on savings and temporary cash investments$4,361
Dividends and interest from securities$0
Net rental income or (loss)$0
Gross rents$0
Less: rental expenses$0
Other investment income$0
Gain or (loss) from sales of assets other than inventory$0
Gross amount from sales of assets other than inventory$0
Less: cost or other basis and sales expenses$0
Net income or (loss) from special events and activities$0
Gross revenue$0
Less: direct expenses other than fundraising expenses$0
Gross profit or (loss) from sales of inventory$409,258
Gross sales of inventory, less returns and allowances$1,075,681
Less: cost of goods sold$666,423
Other revenue$59,613
Total expenses$2,595,914
Program services$0
Management and general$0
Fundraising$0
Payments to affiliates$0
Net assets or fund balances at end of year$1,630,720
Excess or (deficit) for the year$-158,363
Net assets or fund balances at beginning of year$1,789,083
Other changes in net assets or fund balances$0
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$2,595,914$0$0$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$1,098,857$0$0$0
Pension plan contributions not included above$6,002$0$0$0
Employee benefits not included above$154,725$0$0$0
Payroll taxes$96,884$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$0$0$0$0
Legal fees$33,141$0$0$0
Supplies$37,033$0$0$0
Telephone$13,345$0$0$0
Postage and shipping$12,797$0$0$0
Occupancy$322,990$0$0$0
Equipment rental and maintenance$103,035$0$0$0
Printing and publications$22,824$0$0$0
Travel$331$0$0$0
Conferences, conventions, and meetings$0$0$0$0
Interest$214,890$0$0$0
Depreciation, depletion, etc.$197,940$0$0$0
Other expenses not covered above$281,120$0$0$0
Balance Sheets
2007
Total assets$11,754,251
Cash - non-interest-bearing$256,579
Savings and temporary cash investments$659,517
Accounts receivable less allowance for doubtful accounts$449,961
Pledges receivable less allowance for doubtful accounts$0
Grants receivable$0
Receivables from current and former officers, directors, trustees, and key employees$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0
Other notes and loans receivable less allowance for doubtful accounts$0
Inventories for sale or use$89,409
Prepaid expenses and deferred charges$29,932
Investments - publicly-traded securities$0
Investments - other securities$0
Investments - land, buildings, and equipment less accumulated depreciation$0
Investments - other$0
Land, buildings, and equipment less accumulated depreciation$9,366,734
Other assets, including program-related investments$902,119
Total liabilities$10,123,531
Accounts payable and accrued expenses$700,792
Grants payable$0
Deferred revenue$99,115
Loans from officers, directors, trustees, and key employees$0
Tax-exempt bond liabilities$0
Mortgages and other notes payable$8,800,000
Other liabilities$523,624
Total liabilities and net assets/fund balances$11,754,251
Total net assets or fund balances$1,630,720
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2007
Total revenue$2,437,551
Total revenue, gains, and other support per audited financial statements$3,103,974
Other expenses$666,423
Net unrealized gains on investments$0
Donated services and use of facilities$0
Recoveries of prior year grants$0
Other$666,423
Other revenue$0
Investment expenses$0
Other$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2007
Total expenses$2,595,914
Total expenses and losses per audited financial statements$3,262,337
Other revenue$666,423
Donated services and use of facilities$0
Prior year adjustments$0
Losses$0
Other$666,423
Other expenses$0
Investment expenses$0
Other$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings16
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?No
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$132,826
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 200641
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$0$2,437,551
Program service revenue
Program service revenue 1000000$000$0$39,837
Program service revenue 2000000$000$0$183,153
Program service revenue 3000000$000$0$44,483
Program service revenue 4000000$000$0$9,825
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$1,687,012
Interest on savings and temporary cash investments000000$000$0$4,361
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$409,258
Other revenue000000$000$0$59,613
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
2006
Total$0
Gifts, grants, and contributions received$0
Membership fees received$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0
Net income from unrelated business activities not included above$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0
Other income$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Treasure Island Tennis & Yacht Club400 Treasure Island Cswy, Treasure Is, FL 33706-1131FL2007-10$3,103,974
2Tau Kappa Epsilon Fraternity Inc, 298 Iota Zeta Colony747 Comstock Ave, Syracuse, NY 13210-2820NY2004-02$249,224
3Bonita Bay Club Inc26660 Country Club Dr, Bonita Spgs, FL 34134-4398FL2010-06$23,514,402
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7Venice Yacht Club Inc1330 Tarpon Center Dr, Venice, FL 34285-1119FL1965-12$3,504,903
8Sea Oaks Bath And Tennis Club Inc8811 Highway A1a, Vero Beach, FL 32963-4041FL2008-02$3,237,829
9New Indian River Club Inc800 Carolina Cir Sw, Vero Beach, FL 32962-6900FL2011-09$3,005,650
10Pelican Isle Yacht Club Inc410 Dockside Dr, Naples, FL 34110-3600FL2010-08$2,517,687
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16Tanglewood At Sun N Lake Master Activities Committee Inc3000 Tanglewood Pkwy, Sebring, FL 33872-9216FL2001-11$219,081
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Number of organizations performing similar types of work
Alaska51
Alabama146
Arkansas73
Arizona233
California1,398
Colorado245
Connecticut207
District of Columbia42
Delaware48
Florida770
Georgia222
Hawaii70
Iowa129
Idaho65
Illinois344
Indiana230
Kansas70
Kentucky136
Louisiana156
Massachusetts271
Maryland275
Maine70
Michigan383
Minnesota178
Missouri239
Mississippi43
Montana53
North Carolina261
North Dakota33
Nebraska53
New Hampshire83
New Jersey357
New Mexico62
Nevada97
New York650
Ohio422
Oklahoma84
Oregon203
Pennsylvania668
Rhode Island59
South Carolina168
South Dakota32
Tennessee143
Texas646
Utah62
Virginia337
Vermont55
Washington327
Wisconsin264
West Virginia67
Wyoming36
International6
Total11,322

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