Clagett Sailing FY2022 filing

Tax-deductible

Portsmouth, RI501(c)(3)Recreation & SportsEIN 27-1789166Revenue $281K in FY2022

On file with the IRSclagettregatta.org231 Indian Ave, 02871-5152 · Portsmouth, RITax-exempt since Mar 2010Publicly supported charity — 170(b)(1)(A)(vi)

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To foster national and international amateur competitive sailing opportunities for sailors with physical disabilities and help them achieve their individual goals in sailing through world-class coaching and competition.

501(c)(3) charity; gifts are tax-deductible.
69¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $32K a year · 11% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
69%
of spending
Fine: 69% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
7 mo
of spending, in cash
Looks good: 7.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
6
named funders · $29K
Looks good: 6 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$160
0.03% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
22
of 22 voting members
Looks good: 22 of 22 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$281K
-21% vs prior year
Spent
$315K
To programs
69%
Net assets
$630K
By yearFY2020–FY2024
Revenue
$281K
FY2022▼ -21%
Tap a bar for its year
Revenue by fiscal year
FY2020$258K
FY2021$356K
FY2022$281K
FY2023$299K
FY2024$298K
Expenses
$315K
FY2022▲ +33%
Tap a bar for its year
Expenses by fiscal year
FY2020$199K
FY2021$237K
FY2022$315K
FY2023$276K
FY2024$306K
Net assets
$630K
FY2022▼ -12%
Tap a bar for its year
Net assets by fiscal year
FY2020$654K
FY2021$713K
FY2022$630K
FY2023$694K
FY2024$686K

From the FY2022 Form 990 · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 2010.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

69 cents of each dollar spent went to programs.

Program services 69% · $218K Management & general 19% · $60K Fundraising 12% · $37K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

22 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Enables disabled sailors to compete nationally and internationally with expert coaching.

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Provided by the organization

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1 program · $218K · in their own filed words · FY2022
01

The c. Thomas clagett, JR. Memorial clinic and regatta changed its name to clagett sailing in 2022. Clagett sailings celebrated its 20TH anniversary this year. In 2022, clagett sailing presented its fleet racing clinic and regatta in newport, ri; a match racing clinic and regatta in oyster bay, new york, and a fleet racing regatta in…

$218Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
See all 6 funders →

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$281K
Ln 12
Gifts and grantsLn 1h$241K
Other incomeLn 4–11$32K
Investment incomeLn 3$11K
Money outPt IX
$315K
Ln 25
Programscol B$218K
Managementcol C$60K
Fundraisingcol D$37K
Owns and owesPt X
$630K
net assets · Ln 32
Cash and savingsLn 1–2$186K
Total assetsLn 16$630K
LiabilitiesLn 26$160
PeoplePt VI, VII
22
listed · VII A
PaidVII A0
Voting boardVI 1a22
IndependentVI 1b22
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$241K
Fundraising eventsLn 1c$25K
Fees for servicesLn 2g$7K
Investment incomeLn 3$11K
Other incomeLn 4–11$32K
Gains on assetsLn 7−$24K
Total revenueLn 12$281K
Assets in detailPt X, end of year
CashLn 1$186K
Cash and savings togetherLn 1–2$186K
InvestmentsLn 11–13$336K
Land, buildings, equipmentLn 10c$108K
Total assetsLn 16$630K
LiabilitiesLn 26$160
Net assetsLn 32$630K
OperationsPt I, VI
EmployeesI 51
VolunteersI 6132
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$213K$186K
InvestmentsLn 11–13$377K$336K
Land, buildings, equipmentLn 10c$121K$108K
Total assetsLn 16$713K$630K
LiabilitiesLn 26$88$160
Net assetsLn 32$713K$630K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$43K$43K
Other salaries and wagesLn 7$52K$26K$16K$10K
Other employee benefitsLn 9$2K$906$543$362
Payroll taxesLn 10$5K$3K$2K$1K
Legal feesLn 11b$947$947
Accounting feesLn 11c$14K$14K
Investment management feesLn 11f$5K$5K
Other fees for servicesLn 11g$128K$88K$15K$26K
Advertising and promotionLn 12$3K$3K
Office expensesLn 13$3K$3K
Information technologyLn 14$1K$1K
TravelLn 17$706$706
Depreciation, depletion and amortizationLn 22$28K$28K
InsuranceLn 23$30K$30K
Total functional expensesLn 25$315K$218K$60K$37K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $298K$306K−$7K$686K 990 PDF
FY2023 $299K$276K$23K$694K 990 PDF
FY2022 Viewing $281K$315K−$35K$630K 990 PDF
FY2021 $356K$237K$120K$713K 990 PDF
FY2020 $258K$199K$60K$654K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (6 parts)
Part I · Summary $280,572 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $272,988$241,157
I-9 Program service revenuePrior year $7,250$7,250
I-10 Investment incomePrior year $50,135−$12,336
I-11 Other revenuePrior year $26,079$44,501
I-12 Total revenuePrior year $356,452$280,572
I-13 Grants and similar amounts paidPrior year $4,470$43,136
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $73,124$59,197
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $158,947$212,975
I-18 Total expensesPrior year $236,541$315,308
I-19 Revenue less expensesPrior year $119,911−$34,736
Part VI · Governance 22 of 22 board members independent, 3 to look at
VI-1a Voting members of the governing body22
VI-1b Independent voting members22
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $280,572 across 9 lines filed
VIII-1c Fundraising events$24,585
VIII-1f All other contributions, gifts and grants$216,572
VIII-1h Total contributions, gifts and grants$241,157
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $7,250$7,250
VIII-3 Investment incomeExcluded from tax $11,165$11,165
VIII-7 Net gain or loss on sales of assetsRelated to mission −$23,501−$23,501
VIII-8 Net income from fundraising eventsExcluded from tax $29,425$42,260
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $2,241$2,241
VIII-12 Total revenueRelated to mission −$16,251 · Excluded from tax $42,831$280,572
Part IX · Statement of functional expenses $315,308 across 14 lines filed
IX-2 Grants to domestic individualsPrograms $43,136$43,136
IX-7 Other salaries and wagesPrograms $26,063 · Management $15,638 · Fundraising $10,425$52,126
IX-9 Other employee benefitsPrograms $906 · Management $543 · Fundraising $362$1,811
IX-10 Payroll taxesPrograms $2,630 · Management $1,578 · Fundraising $1,052$5,260
IX-11b Legal feesManagement $947$947
IX-11c Accounting feesManagement $13,725$13,725
IX-11f Investment management feesManagement $5,325$5,325
IX-11g Other fees for servicesPrograms $87,909 · Management $14,510 · Fundraising $25,598$128,017
IX-12 Advertising and promotionManagement $2,679$2,679
IX-13 Office expensesManagement $2,753$2,753
IX-14 Information technologyManagement $1,200$1,200
IX-17 TravelManagement $706$706
IX-22 Depreciation, depletion and amortizationPrograms $27,965$27,965
IX-23 InsurancePrograms $29,658$29,658
IX-25 Total functional expensesPrograms $218,267 · Management $59,604 · Fundraising $37,437$315,308
Part X · Balance sheet $629,963 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $213,362$186,151
X-10c Land, buildings and equipment, netStart of year $120,599$107,966
X-12 Other securitiesStart of year $376,782$335,846
X-16 Total assetsStart of year $712,758$629,963
X-17 Accounts payable and accrued expensesStart of year $88$160
X-26 Total liabilitiesStart of year $88$160
X-32 Total net assets or fund balancesStart of year $712,670$629,803
X-33 Total liabilities and net assetsStart of year $712,758$629,963
Part XI · Reconciliation of net assets $629,803 net assets at year end
XI-1 Total revenue$280,572
XI-2 Total expenses$315,308
XI-3 Revenue less expenses−$34,736
XI-4 Net assets at start of year$712,670
XI-5 Net unrealized gains (losses) on investments−$48,131
XI-10 Net assets at end of year$629,803

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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