Chelsea Yacht Club
Chelsea Yacht Club: Steady Finances, Limited Program Spending
EIN: 222628234 · Chelsea, MA · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $375K |
| Total Expenses | $258K |
| Program Spending | 20% |
| CEO/Top Officer Pay | $0 |
| Net Assets | $742K |
| Transparency Score | 45/100 |
Is Chelsea Yacht Club Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Chelsea Yacht Club directs 20% of its spending to programs. This falls below the 65% benchmark. Donors may want to investigate further.
About Chelsea Yacht Club
Chelsea Yacht Club (EIN: 222628234) is a nonprofit organization based in Chelsea, MA. The organization reported total revenue of $375K and total assets of $768K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Chelsea Yacht Club's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Chelsea Yacht Club is a small nonprofit that has been operating for 41 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 6.7%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $277K |
| Total Expenses | $258K |
| Surplus / Deficit | +$20K |
| Total Assets | $742K |
| Net Assets | $742K |
| Operating Margin | 7.1% |
| Months of Reserves | 34.6 months |
Financial Health Grade: A
In 2023, Chelsea Yacht Club reported a surplus of $20K with revenue exceeding expenses, holds 34.6 months of operating reserves (strong position).
Financial Trends
Over 13 years of filings (2011–2023), Chelsea Yacht Club's revenue has grown at a compound annual growth rate (CAGR) of 6.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +35.6% | +17.3% | +6.4% |
| 2022 | -1.0% | +24.0% | -2.1% |
| 2021 | +36.6% | +5.2% | +4.4% |
| 2020 | +1.2% | +26.4% | -2.5% |
| 2019 | +6.3% | -8.5% | +2.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1985 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Chelsea Yacht Club with a Mission Score of 45 out of 100 (Fair). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 50%
- programs: 20%
- fundraising: 30%
According to IRS 990 filings, Chelsea Yacht Club allocates its expenses as follows: admin: 50%, programs: 20%, fundraising: 30%. Only 20% is directed toward programs, which may warrant further investigation by donors.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $20K, with revenue exceeding expenses.
Executive Compensation Analysis
Executive compensation is reported as $0 across all available filings, suggesting a volunteer-led or very low-cost leadership structure.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Chelsea Yacht Club's IRS 990 filings:
- A significant portion of expenses appears to be administrative and fundraising rather than direct program spending, with only 20% allocated to programs.
- Lack of detailed program descriptions or impact metrics makes it challenging to evaluate the effectiveness of the organization's mission.
- The consistent 0% compensation for key personnel might indicate a lack of professional oversight or a reliance on unpaid labor, which could pose sustainability risks.
Strengths
The following positive indicators were identified for Chelsea Yacht Club:
- The organization demonstrates consistent revenue generation and asset growth, indicating financial stability.
- Low overhead in terms of executive compensation suggests efficient use of funds, assuming other expenses are justified.
- A long history of operation (data back to 2016) suggests a well-established presence in the community.
Frequently Asked Questions about Chelsea Yacht Club
Is Chelsea Yacht Club a legitimate charity?
Based on AI analysis of IRS 990 filings, Chelsea Yacht Club (EIN: 222628234) significant concerns. Mission Score: 45/100. 3 red flags identified, 3 strengths noted.
How does Chelsea Yacht Club spend its money?
Chelsea Yacht Club directs 20% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Chelsea Yacht Club tax-deductible?
Chelsea Yacht Club is registered as a tax-exempt nonprofit (EIN: 222628234). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Chelsea Yacht Club CEO make?
Chelsea Yacht Club's highest-compensated officer earns $0 annually. The organization reported $375K in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Chelsea Yacht Club's spending goes to programs?
Chelsea Yacht Club directs 20% to programs, 30% to fundraising. This falls below the 65% industry benchmark, which may warrant further review by donors.
Where is Chelsea Yacht Club located?
Chelsea Yacht Club is headquartered in Chelsea, Massachusetts and files with the IRS under EIN 222628234.
How many years of IRS 990 filings does Chelsea Yacht Club have?
Chelsea Yacht Club has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $375K in total revenue.
What does Chelsea Yacht Club do?
Chelsea Yacht Club is a nonprofit organization in the Unknown sector, located in Chelsea, Massachusetts. It is classified under NTEE code Unknown.
How much revenue does Chelsea Yacht Club have?
Chelsea Yacht Club reported total revenue of $375,123. Based on 13 IRS 990 filings on record.
What are Chelsea Yacht Club's total assets?
Chelsea Yacht Club holds total assets of $768,231 as reported in IRS 990 filings.
Where is Chelsea Yacht Club located?
Chelsea Yacht Club is based in Chelsea, Massachusetts.
What is Chelsea Yacht Club's EIN?
Chelsea Yacht Club's Employer Identification Number (EIN) is 222628234. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Chelsea Yacht Club?
Chelsea Yacht Club is classified under NTEE code Unknown (Unknown).
Is Chelsea Yacht Club a registered 501(c)(3)?
Chelsea Yacht Club appears in IRS records (EIN: 222628234). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does Chelsea Yacht Club file IRS Form 990?
Yes, Chelsea Yacht Club has 13 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was Chelsea Yacht Club's revenue in 2023?
In the 202312 filing period, Chelsea Yacht Club reported total revenue of $277,178, total expenses of $257,622, and net assets of $742,013.
Is Chelsea Yacht Club's revenue growing or declining?
Chelsea Yacht Club's revenue is growing. Revenue went from $204,418 (202212) to $277,178 (202312), a +35.6% change. Based on 13 filings on record.
What is Chelsea Yacht Club's most recent 990 filing?
The most recent IRS Form 990 filing for Chelsea Yacht Club covers tax period 202312. It shows revenue of $277,178, expenses of $257,622, total assets of $742,013, and liabilities of N/A.
How much does Chelsea Yacht Club spend on programs vs administration?
Based on IRS 990 analysis, Chelsea Yacht Club allocates approximately 20% of expenses to program services, 50% to administrative costs, and 30% to fundraising. Overhead costs appear high relative to program spending.
Is Chelsea Yacht Club a trustworthy charity?
Based on AI analysis of IRS 990 data, Chelsea Yacht Club shows mixed signals. Mission Score: 45/100 (Fair). 3 red flags identified. 3 strengths noted.
What are the red flags for Chelsea Yacht Club?
The following concerns were identified: A significant portion of expenses appears to be administrative and fundraising rather than direct program spending, with only 20% allocated to programs.. Lack of detailed program descriptions or impact metrics makes it challenging to evaluate the effectiveness of the organization's mission.. The consistent 0% compensation for key personnel might indicate a lack of professional oversight or a reliance on unpaid labor, which could pose sustainability risks.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Chelsea Yacht Club's strengths?
Positive indicators for Chelsea Yacht Club include: The organization demonstrates consistent revenue generation and asset growth, indicating financial stability.. Low overhead in terms of executive compensation suggests efficient use of funds, assuming other expenses are justified.. A long history of operation (data back to 2016) suggests a well-established presence in the community.. These findings are derived from AI analysis of the organization's financial filings.
How does Chelsea Yacht Club compensate executives?
Executive compensation is reported as $0 across all available filings, suggesting a volunteer-led or very low-cost leadership structure. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
Given the consistent $0 executive compensation, how does the Chelsea Yacht Club manage its operations and ensure leadership continuity?
The data suggests a volunteer-driven model or that key operational roles are filled by individuals compensated through other means not disclosed in the provided filings. This structure could rely heavily on dedicated volunteers, which might present challenges for long-term sustainability and professional management.
What specific activities or services constitute the 'programs' of the Chelsea Yacht Club, given the relatively low percentage of spending allocated to them?
Without further detail on program service accomplishments, it's difficult to ascertain the nature and scope of their programs. The low allocation (20%) suggests that the primary function might be more focused on club maintenance and member services rather than extensive community outreach or specific charitable programs.
Filing History
IRS 990 filing history for Chelsea Yacht Club showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Chelsea Yacht Club's revenue has grown by 118.1%, moving from $127K to $277K. Total assets increased by 19.1% over the same period, from $623K to $742K. Total functional expenses rose by 84.9%, from $139K to $258K. In its most recent filing year (2023), Chelsea Yacht Club reported a surplus of $20K, with revenue exceeding expenses.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $277K | $258K | $742K | $0 | — | — |
| 2022 | $204K | $220K | $697K | $588 | — | — |
| 2021 | $206K | $177K | $712K | $516 | — | View 990 |
| 2020 | $151K | $168K | $682K | $175 | — | — |
| 2019 | $149K | $133K | $700K | $302 | — | View 990 |
| 2018 | $141K | $146K | $684K | $439 | — | View 990 |
| 2017 | $149K | $128K | $689K | $478 | — | View 990 |
| 2016 | $165K | $151K | $668K | $539 | — | View 990 |
| 2015 | $161K | $142K | $654K | $519 | — | View 990 |
| 2014 | $146K | $146K | $635K | $447 | — | View 990 |
| 2013 | $145K | $141K | $635K | $512 | — | View 990 |
| 2012 | $159K | $151K | $631K | $606 | — | View 990 |
| 2011 | $127K | $139K | $623K | $481 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $277K, expenses of $258K, and assets of $742K (revenue +35.6% year-over-year).
- 2022: Revenue of $204K, expenses of $220K, and assets of $697K (revenue -1.0% year-over-year).
- 2021: Revenue of $206K, expenses of $177K, and assets of $712K (revenue +36.6% year-over-year).
- 2020: Revenue of $151K, expenses of $168K, and assets of $682K (revenue +1.2% year-over-year).
- 2019: Revenue of $149K, expenses of $133K, and assets of $700K (revenue +6.3% year-over-year).
- 2018: Revenue of $141K, expenses of $146K, and assets of $684K (revenue -5.6% year-over-year).
- 2017: Revenue of $149K, expenses of $128K, and assets of $689K (revenue -9.6% year-over-year).
- 2016: Revenue of $165K, expenses of $151K, and assets of $668K (revenue +2.1% year-over-year).
- 2015: Revenue of $161K, expenses of $142K, and assets of $654K (revenue +10.5% year-over-year).
- 2014: Revenue of $146K, expenses of $146K, and assets of $635K (revenue +0.3% year-over-year).
- 2013: Revenue of $145K, expenses of $141K, and assets of $635K (revenue -8.4% year-over-year).
- 2012: Revenue of $159K, expenses of $151K, and assets of $631K (revenue +24.8% year-over-year).
- 2011: Revenue of $127K, expenses of $139K, and assets of $623K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Chelsea Yacht Club:
Data Sources and Methodology
This transparency report for Chelsea Yacht Club is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.