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Nonprofit · EIN 04-1700347

PALMERS COVE YACHT CLUB INC

Tax-exempt · SALEM, MA 01970

Financials

$515K$549K2023$685K$565K2024
Revenue Expenses · by fiscal year end
Financials of PALMERS COVE YACHT CLUB INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$684,944$564,820$120,124$2,221,424$546,039$1,675,385
December 31, 2023990$515,336$548,545-$33,209$2,063,508$570,528$1,492,980
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$548,874
Investment income
$36,770
Net income from sales of inventory
$99,300
Other revenue
$99,300

Expenses

Grants and similar amounts paid
$0
Other salaries and wages
$84,401
Salaries, compensation and benefits (total)
$93,320
Professional fundraising fees
$0
Accounting fees
$2,162
Occupancy
$107,523
Depreciation
$61,573

Balance sheet and other

Total assets, start of year
$2,063,508
Total assets, end of year
$2,221,424
Total liabilities, end of year
$546,039
Net assets, end of year
$1,675,385
Land, buildings and equipment
$1,186,134
Gross unrelated business income
$36,770
Gross receipts
$863,837
Employees
10
Volunteers
270
Year formed
1934
State of legal domicile
MA

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensation
RICHARD MOURNEAUDIRECTOR
Trustee or director
5$0
MARK BELANGERDIRECTOR
Trustee or director
5$0
JAMES TANCHCOMMODORE/DIRECTOR
Trustee or director, Officer
5$0
ERIC BERUBESECRETARY/DIRECTOR
Trustee or director, Officer
5$0
LAURENCE ROBERTIETREASURER/DIRECTOR
Trustee or director, Officer
5$0
SCOTT FLEETDIRECTOR
Trustee or director
5$0
MAURA VARNEYVICE COMMODORE/DIRECTOR
Trustee or director, Officer
5$0
JEFFREY PLOUFFREAR COMMODORE/DIRECTOR
Trustee or director, Officer
5$0
FRED PFEIL IIIDIRECTOR
Trustee or director
5$0
990 for the year ended December 31, 2023: 9 people
NameTitleHours / weekCompensation
RICHARD MOURNEAUDIRECTOR
Trustee or director
5$0
TIMOTHY BOUCHERDIRECTOR
Trustee or director
5$0
T ERIC BERUBECOMMODORE/DIRECTOR
Trustee or director, Officer
5$0
MICHAEL MCMAHONSECRETARY/DIRECTOR
Trustee or director, Officer
5$0
LAURENCE ROBERTIETREASURER/DIRECTOR
Trustee or director, Officer
5$0
SCOTT FLEETDIRECTOR
Trustee or director
5$0
JAMES TANCHVICE COMMODORE/DIRECTOR
Trustee or director, Officer
5$0
MAURA VARNEYREAR COMMODORE/DIRECTOR
Trustee or director, Officer
5$0
FRED PFEIL IIIDIRECTOR
Trustee or director
5$0

Address and contacts

Address (IRS master file)
74 LEAVITT ST, SALEM, MA 01970-5548
Principal officer (990 for 2024)
MAURA VARNEY, 74 LEAVITT STREET, SALEM, MA 01970
Signed the 990
RICHARD B NYE, CURRENT TREASURER
Phone
(978) 741-2566
Return prepared by
EAG NEW ENGLAND LLC

Mission

TO SERVE THE BOATING NEEDS OF THE MEMBERSHIP OF THE PALMER COVE YACHT CLUB.

990 for the year ended December 31, 2024

Program accomplishments

  • SUPPORTED THE BOATING ACTIVITIES OF THE MEMBERSHIP OF THE PALMER COVE YACHT CLUB

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
04-1700347
Tax-exempt status
501(c)(7): Social or recreational club
Donations deductible
No
Exempt since
1953
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$2,221,424
Income (IRS master file)
$863,837

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$684,944$564,820$2,221,424XML
990December 2023$515,336$548,545$2,063,508XML
990December 2022$553,515$477,563$2,031,921IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––IRS
990December 2017–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 04-1700347).

Questions about PALMERS COVE YACHT CLUB INC

What is the EIN of PALMERS COVE YACHT CLUB INC?
The employer identification number (EIN) of PALMERS COVE YACHT CLUB INC is 04-1700347.
Is PALMERS COVE YACHT CLUB INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(7) since 1953.
Are donations to PALMERS COVE YACHT CLUB INC tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does PALMERS COVE YACHT CLUB INC file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of PALMERS COVE YACHT CLUB INC due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did PALMERS COVE YACHT CLUB INC last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of PALMERS COVE YACHT CLUB INC?
The 990 for the year ended December 31, 2024 names MAURA VARNEY.
Who are the officers and directors of PALMERS COVE YACHT CLUB INC?
The 990 for the year ended December 31, 2024 lists 9 people; 0 received compensation from the organization.
How much revenue does PALMERS COVE YACHT CLUB INC have?
On its 990 for the year ended December 31, 2024 it reported revenue of $684,944, expenses of $564,820 and total assets of $2,221,424 at year end.

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