Short Form. Return of Organization Exempt From Income Tax

Transcription

1 I Form 990-EZ Department of the Treasury Internal Revenue Service Short Form Return of Organization Exempt From Income Tax Under section 501(c ), 527, or 4947( a)(1) of the Internal Revenue Code (except black lung benefit trust or private foundation) Sponsoring organizations of donor advised funds, organizations that operate one or more hospital facilities. and certain controlling organizations as defined in section 512(b)(13) must file Form 990 (see instructions) All other organizations with gross receipts less than $200,000 and total assets less than $500,000 at the end of the year may use this form The oroanizahon may have to use a cony of this return to satisfy state renortmc reowrements OMB No Z2 11 r 0 LLl Tj A For the 2011 calendar year, or tax year beginning Janua ry 01 B Check if applicable C Name of organization q Address change OWASCO YACHT CLUB, INC q Name change Number and street (or P 0 box, if mail is not delivered to street address) q Initial return c/o Richard Knaul, 6112 Oakridge Road q Terminated City or town, state or country, and ZIP + 4 q Amended return Application pending AUBURN, NY , and ending December 31, Room/suite D Employer identification number E Telephone number F Group Exemption Number G Accounting Method. q Cash 21 Accrual Other (specify) H Check if the organization is not I Website : owascoyachtyclub.com required to attach Schedule B J Tax-exempt status (check only one) - q 501(c)(3) q 501(c) ( 7 ) (insert no. ) q 4947(a)(1) or q 527 (Form 990, 990-EZ, or 990-PF). K Check q If the organization Is not a section 509(a)(3) supporting organization or a section 527 organization and its gross receipts are normally not more than $50,000. A Form 990-EZ or Form 990 return is not required though Form 990-N (e-postcard) may be required (see Instructions). But If the organization chooses to file a return, be sure to file a complete return. L Add lines 5b, 6c, and 7b, to line 9 to determine gross receipts. If gross receipts are $200,000 or more, or if total assets (Part II, line 25, column (B) below) are $500,000 or more, file Form 990 Instead of Form 990-EZ $ Revenue, Expenses, and Changes in Net Assets or Fund Balances (see the instructions for Part I.) Check if the organization used Schedule 0 to respond to any cuestion in this Part I _ 11 1 Contributions, gifts, grants, and similar amounts received Program service revenue including government fees and contracts Membership dues and assessments ,094 4 Investment income a Gross amount from sale of assets other than inventory.... 5a 0!G" 7M b Less: cost or other basis and sales expenses b 0 ',:l c Gain or (loss) from sale of assets other than inventory (Subtract line 5b from line 5a).... 5c 0 6 Gaming and fundraising events ^^rx a Gross income from gaming (attach Schedule G if greater than `' 3 $15,000) a o > b Gross income from fundraising events (not including $ 0 of contributions from fundraising events reported on line 1) (attach Schedule G if the 14, sum of such gross income and contributions exceeds $15,000).. 6b 0 ;., c Less: direct expenses from gaming and fundraising events... 6c 0 d Net income or (loss) from gaming and fundraising events (add lines 6a and 6b and subtract line 6c) d 0 7a Gross sales of inventory, less returns and allowances a 0 ^.' b Less: cost of goods sold b 0 c Gross profit or (loss) from sales of inventory (Subtract line 7b from line 7a) c 0 8 Other revenue (describe in Schedule 0) ,270 9 Total revenue. Add lines 1, 2, 3, 4, 5c, 6d, 7c, and , Grants and similar amounts paid (list in Schedule 0) Benefits paid to or for members S l i th ti d l b fit R m a ar es, o er compensa on, an emp oyee ene s - -El. a ED , Professional fees and other payments to independent contra to W 13 19,853 a 14 Occupancy, rent, utilities, and maintenance..... o 0 MAY , Printing, publications, postage, and shipping , Other expenses (describe in Schedule 0) , Total expenses. Add lines 10 throu g h , Excess or (deficit) for the year (Subtract line 17 from line 9 ) , Net assets or fund balances at beginning of year (from line 27, column (A)) (must agree with ';' l1ti end-of-year figure reported on prior year ' s return ) ,794 ' 20 Other changes in net assets or fund balances (explain in Schedule 0) Z 21 Net assets or fund balances at end of y ear. Combine lines 18 throu g h ,639 For Paperwork Reduction Act Notice, see the separate instructions. Cat No Form 990-EZ (2011) i7

2 Form 990-EZ (2011) Page 2 Balance Sheets. (see the instructions for Part II.) Check if the organization used Schedule 0 to respond to any question in this Part II.. q (A) Beginning of year (B) Endof year 22 Cash, savings, and investments , , Land and buildings , , Other assets (describe in Schedule 0) , , Total assets , , Total liabilities (describe in Schedule 0) , o 27 Net assets or fund balances (line 27 of column ( B) must agree with line 21) 169, ,639 Statement of Program Service Accomplishments (see the instructions for Part III.) Expenses Check if the organization used Schedule 0 to res pond to any question in this Part III q (Required for section What is the organization's primary exempt purpose? Socia l, recreational and educational 501(c)(3) and 501(c)(4) Describe the organization's program service accomplishments for each of its three largest program services, as measured by expenses. In a clear and concise manner, describe the services provided, the nu mber of for others ) persons benefited, and other relevant information for each program title. 28 There were 10 Food /Music activities for families and 2 activities for youth.--the re were 10 Ladies' Day luncheons (Grants $ If this amount includes foreig n grants, check here. q 29 Sailing lessons were given to 24 youth and 1 adult. There were two saining events scheduled each week weather permitting Grants $ If this amount includes foreig n rants, check here q 30 One youth received swimming lessons Grants $ If this amount includes foreig n rants, check here. organizations and section 4947( a)(1) trusts, optional 28a 29a q Other program services (describe in Schedule 0) Grants $ If this amount includes foreig n grants, check here. q 31a 32 Total program service expenses (add lines 28a through 31 a). 32 4,424 List of Officers, Directors, Trustees, and Key Employees. List each one even if not compensated. (see the instructions for Part IV.) Check if the organization used Schedule 0 to respond to any question in this Part IV. q (b) Title and (c) Reportable (d) Health benefits, average compensation contributions (a) Name and address hours per week to employee (e) Estimated amount of devoted (Forms W-2/1099-MISC) benefit plans, to position and other compensation (if not paid, enter -0-) deferred compensation James Kusche Commodore Jordan Road, Skaneateles, NY Brad Wilson Vice Commodore 2 8 Walnut Street Ext., Auburn, NY Louise - Wilson Secretary 3 8 Walnut Street Ext., Auburn, NY Richard Knaul Treasurer Oakrtdge Road, Auburn, NY Hobie Romig Web Site Stryker Avenue, Auburn, NY Gary Robertson News Letter 1 P0 Box 1571, Auburn, NY John J. Buter Buildings East Laker Road, Auburn, NY Mark Querns Grounds 2 71 North Fulton Street, Auburn, NY Ellen Cotter Swimming South Street, Auburn, NY Ken Rescott Waterfront 2 37 Melrose Road, Auburn, NY Joan Macholl Social 1 18 Alden Avenue, Auburn, NY Adele Keegan Kitchen 1 63 South Street, Auburn, NY Form 990-EZ (2011)

3 Form 990-EZ (2011) Page 3 Other Information (Note the Schedule A and personal benefit contract statement requirements in the instructions for Part V. ) Check if the org anization used Schedule 0 to respond to any q uestion in this Part V 21 Yes No 33 Did the organization engage in any significant activity not previously reported to the IRS? If "Yes," provide a detailed description of each activity in Schedule Were any significant changes made to the organizing or governing documents? If "Yes," attach a conformed copy of the amended documents if they reflect a change to the organization's name. Otherwise, explain the change on Schedule 0 (see instructions) a Did the organization have unrelated business gross income of $1,000 or more during the year from business activities (such as those reported on lines 2, 6a, and 7a, among others)? a 3 b If "Yes," to line 35a, has the organization filed a Form 990-T for the year? If "No," provide an explanation in Schedule 0 35b c Was the organization a section 501 (c)(4), 501 (c)(5), or 501 (c)(6) organization subject to section 6033(e) notice, reporting, and proxy tax requirements during the year? If "Yes," complete Schedule C, Part III c 3 36 Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year? If "Yes," complete applicable parts of Schedule N a Enter amount of political expenditures, direct or indirect, as described in the instructions. 37a b Did the organization file Form 1120-POL for this year? b 3 38a Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return?. 38a 3 b If "Yes," complete Schedule L, Part II and enter the total amount involved b 2, Section 501 (c)(7) organizations. Enter: a Initiation fees and capital contributions included on line a 6,950 b Gross receipts, included on line 9, for public use of club facilities b 0..r.a i i.^+f P. s r, 40a Section 501 (c)(3) organizations. Enter amount of tax imposed on the organization during the year under: section 4911 section 4912 section 4955 ^n; _. b Section 501 OO c 3 and 501 OO c 4 organizations. Did the organization en g age in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ? If "Yes," complete Schedule L, Part I b c Section 501(c)(3) and 501(c)(4) organizations. Enter amount of tax imposed on organization managers or disqualified persons during the year under sections 4912, rte' "i 4955, and d Section 501(c)(3) and 501(c)(4) organizations. Enter amount of tax on line 40c R h" reimbursed by the organization e All organizations. At any time during the tax year, was the organization a party to a prohibited tax shelter transaction? If "Yes," complete Form 8886-T e List the states with which a copy of this return is filed. 42a The organization's books are in care of Richard Knaul Telephone no Located at 6112 Oakridge Road, Auburn, NY ZIP b At any time during the calendar year, did the organization have an interest in or a signature or other authority over Yes No a financial account in a foreign country (such as a bank account, securities account, or other financial account)? 42b 3 If "Yes," enter the name of the foreign country: See the instructions for exceptions and filing requirements for Form TD F , Report of Foreign Bank and Financial Accounts. ` '' t c At any time during the calendar year, did the organization maintain an office outside the U.S.? c 3 If "Yes," enter the name of the foreign country: 43 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-EZ in lieu of Form Check here... q and enter the amount of tax-exempt interest received or accrued during the tax year a Yes No Did the organization maintain any donor advised funds during the year? If "Yes, " Form 990 must be ^L _, ` ^' ^ completed instead of Form 990-EZ a 3 b Did the organization operate one or more hospital facilities during the year? If "Yes," Form 990 must be " 1 completed instead of Form 990-EZ b 3 c Did the organization receive any payments for indoor tanning services during the year? c 3 d If "Yes" to line 44c, has the organization filed a Form 720 to report these payments? If "No," provide an explanation in Schedule d - 45a Did the organization have a controlled entity within the meaning of section 512(b)(13)? a 3 45b Did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If "Yes," Form 990 and Schedule R may need to be completed instead of Form 990-EZ (see instructions) b 3 Form 990-EZ (2011)

4 Form 990-EZ (2011) Page 4 No 46 Did the organization engage, directly or indirectly, in political campaign activities on behalf of or in opposition 'A-" to candidates for public office? If "Yes," complete Schedule C, Part I Section 501(c )(3) organizations and section 4947(a)(1) nonexempt charitable trusts only. All section 501 (c)(3) organizations and section 4947(a)(1) nonexempt charitable trusts must answer questions 47-49b and 52, and complete the tables for lines 50 and 51. Check if the organization used Schedule 0 to respond to any q uestion in this Part VI. q Yes No 47 Did the organization engage in lobbying activities or have a section 501(h) election in effect during the tax year? If "Yes," complete Schedule C, Part II Is the organization a school as described in section 170(b)(1)(A)(ii)? If "Yes," complete Schedule E a Did the organization make any transfers to an exempt non-charitable related organization? a 3 b If "Yes," was the related organization a section 527 organization? b 50 Complete this table for the organization's five highest compensated employees (other than officers, directors, trustees and key employees) who each received more than $100,000 of compensation from the organization. If there is none, enter "None." (a) Name and address of each employee paid more than $100,000 NA _ (b) Title and average hours per week devoted to position (c) Reportable compensation (Forms W MISC) (d) Health benefits, contributions to employee benefit plans, and deferred compensation (e) Estimated amount of other compensation Total number of other employees paid over $100, Complete this table for the organization's five highest compensated independent contractors who each received more than $100,000 of compensation from the organization. If there is none, enter "None." Total number of other independent contractors each receivin Did the organization complete Schedule A? Note : All section Under penalties of perjury, I declare that I have examined this return, including true. correct, and complete. Decl arationpf preparer (other than $fficer) is base

5 SCHEDULE L Transactions With Interested Persons OMB No (Form 990 or 990-EZ ) Complete if the organization answered "Yes" on Form 990, Part IV, line 25a, 25b, 26, 27, 28a, 28b, or 28c, 01 1 Department of the Treasury or Form EZ, Part V, line 38a or 40b... - Internal Revenue Service Attach to Form 990 or Form 990-EZ. See separate instructions. Name of the organization Employer identification number OWASCO YACHT CLUB, INC Jj Excess Benefit Transactions (section 501 (c)(3) and section 501 (c)(4) organizations only). Complete if the organization answered "Yes" on Form 990, Part IV, line 25a or 25b, or Form 990-EZ, Part V, line 40b. 1 (a) Name of dis q ualified person (b) Descri ption of transaction 1 (2) (3) (4) (5 ) (6) Z Inter me amount ot tax Imposes on the organization managers or alsquaunea persons auring ine year under section $ 3 Enter the amount of tax, if any, on line 2, above, reimbursed by the organization $ Lj^ Loans to and /or From Interested Persons. Complete if the organization answered "Yes" on Form 990, Part IV, line 26, or Form 990-EZ, Part V, line 38a. (o) Corrected? Yes No (a) Name of interested person and purpose (b) Loan to or from the organization? (c ) Original principal amount (d) Balance due (e) In default? (f) Approved by board or committee? (g) Written agreement? To From Yes No Yes No Yes No (1) SHIRLEY BAYUS (2) RICHARD KNAUL (3) WILLIAM WHITING (4) (5) (6) (7) (8) (9) (10 ) Total $ " LiWAW (grants or Assistance tienenting interested Persons. Complete if the organization answered "Yes" on Form 990, Part IV, line 27. For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ. Cat No 50056A Schedule L (Form 990 or EZ) 2011

6 SCHEDULE 0 (Form 990 or 990-E7 Department of the Treasury Internal Revenue Service Name of the organization Supplemental Information to Form 990 or 990-EZ Complete to provide information for responses to specific questions on Form 990 or 990-EZ or to provide any additional information. Attach to Form 990 or 990-EZ. OMB No Employer identification number OWASCO YACHT CLUB, INC Part Line 8 OTHER REVENUE Finance - charges Sale of Scrap metal Use of Facility by member Sale of abandon boat Misc Sale of unused Disposal TOTAL Line 16 OTHER EXPENSES Boat Insurance Program Expenses 4, Deprecation Expense 13, Interest Expense Boat Repairs Contributions - & dues Licenses & Permits Misc. Expenses Unpaid dues TOTAL OTHER EXPENSES 20, For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990 -EZ. Cat. No K Schedule 0 (Form 990 or EZ) (2011)