Overview
What is Great Harbor Yacht Club Foundation Inc?
Great Harbor Yacht Club Foundation Inc is a charitable organization based in Nantucket, Massachusetts, established in 2018. Its primary mission is to promote and protect the health of Nantucket Harbor and its marine ecosystem. The foundation collaborates with the Nantucket Department of Natural Resources and other organizations to fund projects that might otherwise go unfunded, aligning with the town's Strategic Harbor Plan. Recently, the foundation has supported initiatives such as purchasing a photobioreactor for the town's shellfish hatchery and funding community outreach programs for Nantucket's youth. Upcoming projects include partial funding for a head of the harbor numberical study to assess the potential benefits of a breach at the Haulover, restoring the eroded parking area at Pocomo Point to mitigate runoff into the harbor, and developing an eel grass and shellfish monitoring/permitting plan for Nantucket Harbor. In addition to its specific projects, the foundation engages in various activities permitted to a not-for-profit corporation, including soliciting donations, making grants, and pursuing other charitable endeavors that align with its mission.
Official website here: www.ghyc.com/public/ghyc-foundation
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
The Great Harbor Yacht Club Foundation Inc has received a two-star rating from Charity Navigator, indicating that there are significant areas for growth despite a relatively strong performance in accountability and finance. The organization scored highly in aspects such as board independence, financial oversight, and the absence of material asset diversion. However, the overall score of 71% reflects concerns in program expense allocation and missing policies related to whistleblower protection and document retention.
While the foundation demonstrates a commitment to good governance with an independent board and solid financial practices, it faces criticism for its low program expense ratio of 56.56%. This suggests that a larger portion of its funds may not be directed toward its mission-related programs, which could detract from its overall impact. Additionally, the lack of key policies like the whistleblower and document retention policies raises questions about its operational transparency and accountability.
In summary, the Great Harbor Yacht Club Foundation Inc has a strong structural foundation, but it must address its shortcomings in program expenditures and governance policies to improve its effectiveness and rating in the future. Addressing these areas will be crucial for enhancing its reputation and the trust of its supporters.
This AI summary has been generated from information found on Charity Navigator.
Is Great Harbor Yacht Club Foundation Inc legitimate?
Great Harbor Yacht Club Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Great Harbor Yacht Club Foundation Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.ghyc.com/public/ghyc-foundation
What is the mission statement of Great Harbor Yacht Club Foundation Inc?
The Great Harbor Yacht Club Foundation Inc operates as a non-profit organization, with its primary mission centered around promoting the health of harbor and marine environments. It collaborates with various organizations, including the Nantucket Department of Natural Resources, to achieve this goal. Recent projects include purchasing a photobioreactor for a local shellfish hatchery and funding community outreach programs for the youth of Nantucket. Upcoming projects involve partial funding for a head of the harbor numberical study, restoration of an eroded parking area to control runoff, development of an eel grass and shellfish monitoring plan, and other related initiatives aimed at preserving the harbor's health and community benefits. The organization may also engage in other charitable activities, as permitted for a non-profit corporation.
Official website here: www.ghyc.com/public/ghyc-foundation
Who is the CEO of Great Harbor Yacht Club Foundation Inc?
Paul Collins is the President of Great Harbor Yacht Club Foundation Inc.
Official website here: www.ghyc.com/public/ghyc-foundation
What is the revenue of Great Harbor Yacht Club Foundation Inc?
Great Harbor Yacht Club Foundation Inc's revenue in 2022 was $639,174.
Official website here: www.ghyc.com/public/ghyc-foundation
Who are the executives of Great Harbor Yacht Club Foundation Inc and what are their salaries?
There 15 volunteers at Great Harbor Yacht Club Foundation Inc.
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Official website here: www.ghyc.com/public/ghyc-foundation
Where can I find the form 990 for Great Harbor Yacht Club Foundation Inc?
Great Harbor Yacht Club Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ghyc.com/public/ghyc-foundation
Learn more at the official website: www.ghyc.com/public/ghyc-foundation
Mission Statement of Great Harbor Yacht Club Foundation Inc
The Great Harbor Yacht Club Foundation Inc is a not-for-profit organization with a primary mission to promote the health of a coastal harbor and its marine ecosystem. It works collaboratively with various governmental and non-governmental entities, groups, and individuals to achieve this goal. The Foundation has recently funded projects such as the purchase of a photobioreactor for a local shellfish hatchery and community outreach programs for the island's youth.
In the future, the Foundation plans to partially fund a head of the harbor numberical study to determine the potential benefits of a breach at a specific location, restore an eroded parking area to control runoff into the harbor, develop an eel grass and shellfish monitoring/permitting plan, and undertake several other projects aimed at preserving the harbor's health and community benefits.
Beyond its primary mission, the Foundation may engage in various activities permitted to a not-for-profit corporation, including soliciting donations, making grants, and undertaking other charitable endeavors, all in pursuit of its objectives and the betterment of the marine ecosystem it serves.
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Impact
July, 2024
The Great Harbor Yacht Club Foundation Inc's impact can be seen in its dedication to promoting and preserving the health of Nantucket Harbor and its marine ecosystem. Through collaboration with the Nantucket Natural Resources Department and other organizations, the foundation funds important projects aimed at enhancing the environmental well-being of the harbor. Initiatives such as purchasing a photobioreactor for the town's shellfish hatchery, funding community outreach programs for Nantucket's youth, and upcoming projects like conducting a numerical study for potential harbor health benefits demonstrate the foundation's commitment to marine conservation. These efforts contribute to the overall sustainability and vitality of Nantucket's marine environment, ensuring a healthier ecosystem for current and future generations.
This information is meant to be a general summary of Great Harbor Yacht Club Foundation Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $145
- Gross Receipts: $822,844
Assets and Liabilities:
- Total Assets: $2,521,359
- Total Liabilities: $0
- Net Assets: $2,521,359
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Organization Details
Founding Year
2018
Phone
(508) 680-5033Principal Officer
Paul Collins
Main Address
96 WASHINGTON STREET, NANTUCKET, MA, 02254
NTEE Category
Code: C32 - Environment
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