Greenwich Water Club Inc

Greenwich Water Club Inc. consistently reports zero net income with minimal assets despite multi-million dollar revenues.

EIN: 201379604 · Cos Cob, CT · NTEE: N50 · Updated: 2026-03-28

$9.7MRevenue

$3KAssets

60/100Mission Score (Good)

N50

About Greenwich Water Club Inc

Greenwich Water Club Inc (EIN: 201379604) is a nonprofit organization based in Cos Cob, CT, classified under NTEE code N50. The organization reported total revenue of $9.7M and total assets of $3K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Greenwich Water Club Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Greenwich Water Club Inc. exhibits a peculiar financial structure, consistently reporting zero net income across all available filings, with total revenue precisely matching total expenses. For example, in 2023, both revenue and expenses were $9,003,239. This pattern suggests the organization operates on a break-even model, which is unusual for a typical nonprofit and could indicate a pass-through entity or a highly efficient, non-accumulating operational model. The organization's assets are remarkably low, reported at $2,550 in 2023, which is negligible compared to its multi-million dollar revenue. This raises questions about how it sustains operations and manages any capital expenditures without significant asset holdings.

The consistent reporting of zero officer compensation across all filings is a notable aspect of its transparency. While this could indicate a volunteer-led executive team, it's also possible that compensation is structured in a way that isn't reported as 'officer compensation' on the 990, or that the organization's primary function doesn't involve traditional executive roles. The NTEE code N50 (Recreational, Sports, Leisure, & Athletics) suggests it might be a membership-based club, which could explain the break-even financials and low assets if it primarily facilitates activities rather than providing direct charitable services in the traditional sense. Further investigation into its specific activities and funding model would be necessary to fully understand its financial health and operational efficiency.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Greenwich Water Club Inc with a Mission Score of 60 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 5%
programs: 90%
fundraising: 5%

According to IRS 990 filings, Greenwich Water Club Inc allocates its expenses as follows: admin: 5%, programs: 90%, fundraising: 5%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

Executive compensation is reported as 0% across all filings, suggesting either a fully volunteer-led executive team or a compensation structure not categorized as 'officer compensation' on the 990, which is unusual for an organization with multi-million dollar revenues.

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 Greenwich Water Club Inc's IRS 990 filings:

Consistent zero net income, which is highly unusual for a nonprofit and may obscure financial details.
Extremely low assets relative to multi-million dollar revenues, raising questions about financial stability and capital investment.
Lack of clarity on how a multi-million dollar organization operates with 0% reported officer compensation.
The NTEE code N50 (Recreational, Sports, Leisure, & Athletics) combined with the financial data suggests it may function more as a private club than a public charity, which could impact its charitable intent.

Strengths

The following positive indicators were identified for Greenwich Water Club Inc:

Consistent reporting of 0% officer compensation, indicating either volunteer leadership or a non-traditional compensation structure.
Stable revenue growth over the past decade, from $5.6 million in 2014 to $9.0 million in 2023.

Frequently Asked Questions about Greenwich Water Club Inc

Is Greenwich Water Club Inc. a good charity?

The organization's financial structure, with revenue consistently equaling expenses and extremely low assets, is atypical for a traditional charity. While it reports 0% officer compensation, its operational model needs further clarification to assess its 'goodness' as a charity, especially given its NTEE code for recreational activities.

Why are assets so low compared to revenue?

The organization consistently reports very low assets (e.g., $2,550 in 2023) despite multi-million dollar revenues. This suggests it may operate as a pass-through entity, a membership club, or has a business model that does not require significant asset accumulation, which is unusual for an organization of its revenue size.

How does the organization manage to have zero net income every year?

The consistent reporting of revenue precisely matching expenses across all 13 filings indicates a deliberate break-even operational model. This could be due to its nature as a membership club where fees cover costs, or a specific accounting practice, but it's a highly unusual pattern for a nonprofit.

What is the nature of its 'expenses' if it has no officer compensation and minimal assets?

Given the NTEE code N50 (Recreational, Sports, Leisure, & Athletics), it's likely that the bulk of its expenses are directly related to operating recreational facilities, events, or services for its members or participants, rather than traditional program delivery or administrative overhead as seen in other nonprofits.

Filing History

IRS 990 filing history for Greenwich Water Club Inc showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Greenwich Water Club Inc's revenue has grown by 99.9%, moving from $4.5M to $9.0M. Total assets decreased by 92.7% over the same period, from $35K to $3K. Total functional expenses rose by 99.9%, from $4.5M to $9.0M. In its most recent filing year (2023), Greenwich Water Club Inc reported a surplus of $0, with revenue exceeding expenses. The organization holds $3K in liabilities against $3K in assets (debt-to-asset ratio: 100.0%), resulting in net assets of $0.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$9.0M	$9.0M	$3K	$3K	—	View 990
2022	$8.5M	$8.5M	$35K	$35K	—	View 990
2021	$7.9M	$7.9M	$35K	$35K	—	—
2020	$6.9M	$6.9M	$35K	$35K	—	—
2019	$7.2M	$7.2M	$35K	$35K	—	View 990
2018	$6.9M	$6.9M	$35K	$35K	—	View 990
2017	$6.6M	$6.6M	$35K	$35K	—	View 990
2016	$6.3M	$6.3M	$35K	$35K	—	View 990
2015	$6.0M	$6.0M	$35K	$35K	—	View 990
2014	$5.7M	$5.7M	$35K	$35K	—	View 990
2013	$5.5M	$5.5M	$35K	$35K	—	View 990
2012	$4.1M	$4.1M	$35K	$35K	—	View 990
2011	$4.5M	$4.5M	$35K	$35K	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $9.0M, expenses of $9.0M, and assets of $3K (revenue +5.9% year-over-year).
2022: Revenue of $8.5M, expenses of $8.5M, and assets of $35K (revenue +8.1% year-over-year).
2021: Revenue of $7.9M, expenses of $7.9M, and assets of $35K (revenue +13.8% year-over-year).
2020: Revenue of $6.9M, expenses of $6.9M, and assets of $35K (revenue -4.5% year-over-year).
2019: Revenue of $7.2M, expenses of $7.2M, and assets of $35K (revenue +4.3% year-over-year).
2018: Revenue of $6.9M, expenses of $6.9M, and assets of $35K (revenue +4.4% year-over-year).
2017: Revenue of $6.6M, expenses of $6.6M, and assets of $35K (revenue +5.7% year-over-year).
2016: Revenue of $6.3M, expenses of $6.3M, and assets of $35K (revenue +4.2% year-over-year).
2015: Revenue of $6.0M, expenses of $6.0M, and assets of $35K (revenue +6.5% year-over-year).
2014: Revenue of $5.7M, expenses of $5.7M, and assets of $35K (revenue +3.4% year-over-year).
2013: Revenue of $5.5M, expenses of $5.5M, and assets of $35K (revenue +34.8% year-over-year).
2012: Revenue of $4.1M, expenses of $4.1M, and assets of $35K (revenue -9.8% year-over-year).
2011: Revenue of $4.5M, expenses of $4.5M, and assets of $35K.

Data Sources and Methodology

This transparency report for Greenwich Water Club Inc 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.