Is Manhasset Bay Yacht Club Legit?

Manhasset Bay Yacht Club, despite its 501(c)(7) social club status, demonstrates a consistent operational pattern. Over the past five years (2019-2023), the organization has frequently reported expenses exceeding revenue, notably in 2023 where expenses of $6,685,634 outstripped revenue of $5,948,425, and in 2022 with $6,101,539 in expenses against $5,957,265 in revenue. This trend suggests a reliance on accumulated assets or other funding mechanisms to cover operational shortfalls, though assets have remained robust, peaking at $8,040,385 in 2021 before declining to $6,948,574 in 2023. The organization's financial health appears stable given its substantial asset base relative to its liabilities, which stood at $2,861,005 in 2023. However, the recurring operational deficits warrant attention. Transparency is generally good, with 14 filings available, indicating regular reporting to the IRS. The absence of reported officer compensation across all available filings is a notable aspect, suggesting that leadership may be volunteer-based or compensated through non-officer roles, which could impact the overall spending efficiency analysis.