Is Morehead City Yacht Basin Association Legit?

The Morehead City Yacht Basin Association demonstrates consistent financial operations, with revenues generally exceeding expenses over the past several years. For example, in the 202406 period, the organization reported revenues of $241,922 against expenses of $217,317, indicating a surplus. Assets have shown steady growth, increasing from $378,548 in 201606 to $508,273 in 202406, suggesting sound financial management and accumulation of resources. Liabilities have remained relatively stable, hovering around $216,619 for several years before a slight increase to $233,949 in 202406, which is manageable given their asset base. The organization's spending efficiency appears strong, as there is no reported officer compensation, indicating that leadership is likely volunteer-based or compensated through other means not categorized as officer compensation on the 990. This contributes to lower administrative overhead. While specific program spending percentages are not detailed in the provided data, the consistent surplus and lack of officer compensation suggest that a significant portion of funds could be directed towards its mission. The consistent filing of 990s over nine periods indicates a commitment to transparency. Overall, the Morehead City Yacht Basin Association appears to be in good financial health, with a stable revenue stream, growing assets, and efficient operations, particularly given the absence of reported officer compensation. Their consistent financial reporting further enhances their transparency profile.