Nonprofit · EIN 56-1377052
FIGURE EIGHT ISLAND YACHT CLUB INC
Tax-exempt · WILMINGTON, NC 28411
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| September 30, 2025 | 990 | $6,413,174 | $6,482,333 | -$69,159 | $7,400,791 | $1,214,248 | $6,186,543 |
| September 30, 2024 | 990 | $5,720,719 | $5,929,681 | -$208,962 | $7,509,175 | $1,253,473 | $6,255,702 |
| September 30, 2023 | 990 | $5,407,481 | $5,836,945 | -$429,464 | $7,512,451 | $1,047,787 | $6,464,664 |
Financial details: 990 for the year ended September 30, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $5,596,844
- Investment income
- $95,075
- Net rental income
- $650,730
- Net gain from sales of assets
- -$2,729
- Net income from sales of inventory
- $70,497
- Other revenue
- $721,255
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $374,165
- Other salaries and wages
- $2,071,677
- Salaries, compensation and benefits (total)
- $2,980,106
- Professional fundraising fees
- $0
- Accounting fees
- $46,312
- Occupancy
- $317,280
- Depreciation
- $231,685
Balance sheet and other
- Total assets, start of year
- $7,509,175
- Total assets, end of year
- $7,400,791
- Total liabilities, end of year
- $1,214,248
- Net assets, end of year
- $6,186,543
- Land, buildings and equipment
- $3,268,011
- Net assets without donor restrictions
- $6,186,543
- Gross unrelated business income
- $819,612
- Gross receipts
- $6,502,500
- Employees
- 151
- Volunteers
- 11
- Year formed
- 1983
- State of legal domicile
- NC
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 September 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PETER GUSHANAS | GENERAL MANAGER Officer | 50 | $224,816 | $8,373 |
| PAULA DURANT | ACCOUNTING MANAGER Officer | 50 | $111,943 | $16,249 |
| AUSTIN STEPHENS | PRESIDENT Trustee or director, Officer | 4 | $0 | $0 |
| PHILLIP WAUGH | TREASURER (TERM 6/14/25) Trustee or director, Officer | 1 | $0 | $0 |
| JOHN RUFFIN | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| ABNEY BOXLEY | VP Trustee or director, Officer | 1 | $0 | $0 |
| DARA FOLAN | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| KAREN PIGMAN | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| VALERIE GAMMAGE | BOARD MEMBER (TERM 6/14/25) Trustee or director | 1 | $0 | $0 |
| PAM EDMONDS | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| JULIE KING | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| ROB EDWARDS | BOARD MEMBER (START 6/14/25) Trustee or director | 1 | $0 | $0 |
| JENNY LUCAS | BOARD MEMBER (START 6/14/25) Trustee or director | 4 | $0 | $0 |
990 for the year ended September 30, 2024: 14 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PETER GUSHANAS | GENERAL MANAGER Officer | 50 | $214,929 | $8,234 |
| PAULA DURANT | ACCOUNTING MANAGER Officer | 50 | $109,612 | $17,560 |
| CRAIG LABRECHE | CHEF/CHEF ASST. Highest-paid employee | 40 | $119,429 | $5,272 |
| AUSTIN STEPHENS | PRESIDENT (STARTING 6/15/24) Trustee or director, Officer | 4 | $0 | $0 |
| DEBORAH LONG | PRESIDENT (UNTIL 6/15/24) Trustee or director, Officer | 4 | $0 | $0 |
| ABNEY BOXLEY | VP Trustee or director, Officer | 1 | $0 | $0 |
| PAM EDMONDS | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| PHILLIP WAUGH | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| JAMES DOUGLAS | DIRECTOR (UNTIL 6/15/24) Trustee or director | 1 | $0 | $0 |
| DARA FOLAN | DIRECTOR (STARTING 6/15/24) Trustee or director | 1 | $0 | $0 |
| VALERIE GAMMAGE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JULIE KING | DIRECTOR (STARTING 6/15/24) Trustee or director | 1 | $0 | $0 |
| KAREN PIGMAN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JOHN RUFFIN | DIRECTOR Trustee or director | 1 | $0 | $0 |
990 for the year ended September 30, 2023: 12 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PETER GUSHANAS | GENERAL MANAGER Officer | 50 | $197,495 | $18,698 |
| CRAIG LABRECHE | CHEF/CHEF ASST. Highest-paid employee | 40 | $123,800 | $5,538 |
| PAULA DURANT | ACCOUNTING MANAGER Officer | 50 | $103,010 | $18,538 |
| DEBORAH LONG | PRESIDENT Trustee or director, Officer | 4 | $0 | $0 |
| ABNEY BOXLEY | VP Trustee or director, Officer | 1 | $0 | $0 |
| PAM EDMONDS | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| PHILLIP WAUGH | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| JAMES DOUGLAS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| VALERIE GAMMAGE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| KAREN PIGMAN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JOHN RUFFIN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| AUSTIN STEPHENS | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 15 BRIDGE RD, WILMINGTON, NC 28411-9253
- Principal officer (990 for 2024)
- AUSTIN STEPHENS, 15 BRIDGE ROAD, WILMINGTON, NC 284119253
- Signed the 990
- PETER GUSHANAS, GM/COO
- Phone
- (910) 686-0631
- Website
- WWW.F8IYC.COM
- Return prepared by
- CHERRY BEKAERT ADVISORY LLC
Mission
SOCIAL CLUB PROVIDING RECREATIONAL FACILITIES FOR ITS MEMBERS INCLUDING SWIMMING, TENNIS, BOAT SLIP RENTALS, DINING AND SOCIAL ACTIVITIES.
Program accomplishments
- FIGURE EIGHT ISLAND YACHT CLUB IS AN EXEMPT SOCIAL CLUB EXISTING SOLELY FOR THE BENEFIT OF ITS MEMBERS. ALL REVENUE AND EXPENSES ARE USED FOR THAT EXEMPT PURPOSE.
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 September, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | September 30, 2026 | February 16, 2027 | Not due yet |
| 2024 | September 30, 2025 | February 17, 2026 | 990 on file |
| 2023 | September 30, 2024 | February 18, 2025 | 990 on file |
IRS record
- EIN
- 56-1377052
- Tax-exempt status
- 501(c)(7): Social or recreational club
- Donations deductible
- No
- Exempt since
- 1985
- Accounting year ends
- September
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $7,400,791
- Income (IRS master file)
- $6,502,500
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | September 2025 | $6,413,174 | $6,482,333 | $7,400,791 | XML |
| 990 | September 2024 | $5,720,719 | $5,929,681 | $7,509,175 | XML |
| 990 | September 2023 | $5,407,481 | $5,836,945 | $7,512,451 | XML |
| 990 | September 2022 | $4,846,980 | $5,257,490 | $7,801,731 | IRS |
| 990 | September 2021 | – | – | – | IRS |
| 990 | September 2020 | – | – | – | IRS |
| 990 | September 2019 | – | – | – | IRS |
| 990 | September 2018 | – | – | – | 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 56-1377052).
Questions about FIGURE EIGHT ISLAND YACHT CLUB INC
- What is the EIN of FIGURE EIGHT ISLAND YACHT CLUB INC?
- The employer identification number (EIN) of FIGURE EIGHT ISLAND YACHT CLUB INC is 56-1377052.
- Is FIGURE EIGHT ISLAND YACHT CLUB INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(7) since 1985.
- Are donations to FIGURE EIGHT ISLAND YACHT CLUB INC tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does FIGURE EIGHT ISLAND 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 FIGURE EIGHT ISLAND YACHT CLUB INC due?
- The return for tax year 2025 (the year ending September 30, 2026) is due February 16, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did FIGURE EIGHT ISLAND YACHT CLUB INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended September 2025.
- Who is the principal officer of FIGURE EIGHT ISLAND YACHT CLUB INC?
- The 990 for the year ended September 30, 2025 names AUSTIN STEPHENS.
- Who are the officers and directors of FIGURE EIGHT ISLAND YACHT CLUB INC?
- The 990 for the year ended September 30, 2025 lists 13 people; 2 received compensation from the organization, the highest $224,816 (PETER GUSHANAS, GENERAL MANAGER).
- How much revenue does FIGURE EIGHT ISLAND YACHT CLUB INC have?
- On its 990 for the year ended September 30, 2025 it reported revenue of $6,413,174, expenses of $6,482,333 and total assets of $7,400,791 at year end.
Other nonprofits in WILMINGTON
- NEW HANOVER COMMUNITY ENDOWMENT INC EIN 85-3563370 · last filed 990 for 2024
- COASTAL HORIZONS CENTER INC EIN 56-0950370 · last filed 990 for 2025
- LOWER CAPE FEAR HOSPICE INCORPORATED EIN 56-1216682 · last filed 990 for 2025
- CORNELIA NIXON DAVIS INC EIN 56-6065223 · last filed 990 for 2025
- YOUNG MENS CHRISTIAN ASSOCIATION OF SOUTHEASTERN NORTH CAROLINA INC EIN 56-0532317 · last filed 990 for 2025
- COUNTRY CLUB OF LANDFALL EIN 56-2088317 · last filed 990 for 2025
- NEW HANOVER COUNTY FINANCING CORPORATION EIN 56-2055388 · last filed 990 for 2025
- NEW HANOVER COMMUNITY HEALTH CENTER INC EIN 58-2003803 · last filed 990 for 2025