Lake Forest Swim Club in Lake Forest, Illinois (IL)

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Lake Forest Swim Club
Employer Identification Number (EIN)363396035
Name of OrganizationLake Forest Swim Club
In Care of NameMaureen Sheehan
Address555 N Sheridan Road Lfc Box A-1, Lake Forest, IL 60045-2338
ActivitiesAmateur athletic association, Training in sports, Swimming or tennis club
SubsectionCharitable Organization
Ruling Date12/1985
DeductibilityContributions are deductible
FoundationOrganization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$10,000 to $24,999
Income$100,000 to $499,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$12,143
Amount of Income$347,968
Form 990 Revenue Amount$346,227
National Taxonomy of Exempt Entities (NTEE)Recreation, Sports, Leisure, Athletics: Swimming, Water Recreation


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Amount of income in 2013: $347,968
Lake Forest Swim Club: 

 $347,968
Other organizations performing similar types of work: 

 $198,434

Assets in 2013: $12,143
This organization: 

 $12,143
Other organizations performing similar types of work: 

 $98,183

Expenses in 2012: $370,473
This organization: 

 $370,473
Other organizations performing similar types of work: 

 $175,793

Income to expenses ratio in 2012: 0.9
Lake Forest Swim Club: 

 0.9
Other organizations performing similar types of work: 

 1.1

Expenses allocated to program services in 2001: 96.4%
This organization: 

 96.4%
Other organizations performing similar types of work: 

 0.0%

Number of employees in 2012: 3
Lake Forest Swim Club: 

 3
Other organizations performing similar types of work: 

 11

Grants share in income in 2012: 83.0%
This organization: 

 83.0%
Other organizations performing similar types of work: 

 14.2%

Financial snapshot ($)

Revenue for 2012

Functional expenses for 2012

Support schedule

Statements Regarding Other IRS Filings and Tax Compliance (for 2012)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2012)
Total revenue$390,755
Contributions, Gifts, Grants and Other Similar Amounts$324,490
Program Service Revenue$66,096
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$0
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$169
Gross sales of inventory, less returns and allowances$1,761
Less: cost of goods sold$1,592
Miscellaneous Revenue$0
Statement of Functional Expenses (for 2012)
Total functional expenses$370,473
Compensation of current officers, directors, trustees, and key employees$130,417
Other salaries and wages$24,000
Payroll taxes$12,183
Professional fundraising services$0
Other$203,873
Balance Sheet (for 2012)
Total assets$35,533
Total liabilities$20,590
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$0
Unsecured notes and loans payable to unrelated third parties$19,220
Other$1,370
Total net assets or fund balances$14,943
Retained earnings, endowment, accumulated income, or other funds$14,943
Reason for Public Charity Status (for 2012)
The organization is not a private foundation because it is:An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975
Support Schedule for Organizations Described in Section 509(a)(2) (for 2012)
2008 - 2012 Total
Total support$1,590,675
Gifts, grants, contributions, and membership fees received$1,355,054
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose$205,631
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources and Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$779
Other$29,211
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001
Total revenue$321,966$263,462
Contributions, gifts, grants, and similar amounts received$7,031$29,912
Contributions to donor advised funds
Direct public support$7,031$29,912
Indirect public support$0$0
Government contributions (grants)$0$0
Program service revenue including government fees and contracts$22,853$15,949
Membership dues and assessments$283,882$197,470
Interest on savings and temporary cash investments$1,984$2,278
Dividends and interest from securities$0$0
Net rental income or (loss)$0$0
Gross rents$0$0
Less: rental expenses$0$0
Other investment income$0$0
Gain or (loss) from sales of assets other than inventory$0$0
Gross amount from sales of assets other than inventory$0$0
Less: cost or other basis and sales expenses$0$0
Net income or (loss) from special events and activities$0$0
Gross revenue$0$0
Less: direct expenses other than fundraising expenses$0$0
Gross profit or (loss) from sales of inventory$4,632$17,853
Gross sales of inventory, less returns and allowances$9,575$25,404
Less: cost of goods sold$4,943$7,551
Other revenue$1,584$0
Total expenses$305,650$261,957
Program services$290,940$252,513
Management and general$13,820$9,444
Fundraising$890$0
Payments to affiliates$0$0
Net assets or fund balances at end of year$56,257$57,760
Excess or (deficit) for the year$16,316$1,505
Net assets or fund balances at beginning of year$39,941$56,257
Other changes in net assets or fund balances$0$-2
Statement of Functional Expenses (for 2001)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$261,957$252,513$9,444$0
Grants paid from donor advised funds
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$152,282$152,282$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$17,440$17,440$0$0
Payroll taxes$306$306$0$0
Professional fundraising fees$1,091$591$500$0
Accounting fees$2,850$0$2,850$0
Legal fees$0$0$0$0
Supplies$5,487$0$5,487$0
Telephone$1,483$1,152$331$0
Postage and shipping$1,230$1,230$0$0
Occupancy$48,550$48,550$0$0
Equipment rental and maintenance$276$276$0$0
Printing and publications$1,849$1,849$0$0
Travel$31,836$31,836$0$0
Conferences, conventions, and meetings$240$240$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$0$0$0$0
Other expenses not covered above$-2,963$-3,239$276$0
Balance Sheets
20002001
Total assets$56,257$57,760
Cash - non-interest-bearing$40,138$55,089
Savings and temporary cash investments$14,096$0
Accounts receivable less allowance for doubtful accounts$0$0
Pledges receivable less allowance for doubtful accounts$0$0
Grants receivable$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$0$0
Inventories for sale or use$0$0
Prepaid expenses and deferred charges$0$0
Investments - publicly-traded securities
Investments - other securities$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0
Investments - other$0$0
Land, buildings, and equipment less accumulated depreciation$2,023$2,671
Other assets, including program-related investments$0$0
Total liabilities$0$0
Accounts payable and accrued expenses$0$0
Grants payable$0$0
Deferred revenue$0$0
Loans from officers, directors, trustees, and key employees$0$0
Tax-exempt bond liabilities$0$0
Mortgages and other notes payable$0$0
Other liabilities$0$0
Total liabilities and net assets/fund balances$56,257$57,760
Total net assets or fund balances$56,257$57,760
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001
Total revenue$322,458$0
Total revenue, gains, and other support per audited financial statements$322,458$0
Other expenses$0$0
Net unrealized gains on investments$0$0
Donated services and use of facilities$0$0
Recoveries of prior year grants$0$0
Other$0$0
Other revenue$0$0
Investment expenses$0$0
Other$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001
Total expenses$305,650$0
Total expenses and losses per audited financial statements$305,650$0
Other revenue$0$0
Donated services and use of facilities$0$0
Prior year adjustments$0$0
Losses$0$0
Other$0$0
Other expenses$0$0
Investment expenses$0$0
Other$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings0
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?
Does the organization have a written conflict of interest policy?
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?No
Did the organization make only in-house lobbying expenditures of $2,000 or less?No
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?No
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 20064
Analysis of Income-Producing Activities (for 2001)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$17,853$215,697
Program service revenue
Program service revenue 1000000$000$0$15,949
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$197,470
Interest on savings and temporary cash investments000000$000$0$2,278
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$0Section 501(c)(3) organization - Income from an activity carried on primarily for the convenience of the organization's members, students, patients, visitors, officers, or employees (hospital parking lot or museum cafeteria, for example) (section 513(a)(2))$17,853$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2001)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2001)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2001)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
The total number of donor advised funds owned at the end of the tax year
The aggregate value of assets held in all donor advised funds owned at the end of the tax year
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
The aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
19992000
Total$0$0
Gifts, grants, and contributions received$0$0
Membership fees received$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0
Net income from unrelated business activities not included above$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0
Other income$0$0
Lobbying Expenditures by Electing Public Charities (for 2001)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Lake Forest Swim Club555 N Sheridan Road Lfc Box A-1, Lake Forest, IL 60045-2338IL1985-12$347,968
2Us Swimming Inc, Southern Ca Swimming Inc55 Hitchcock Way Ste 211, Santa Barbara, CA 93105-5110CA2006-03$3,953,880
3Stony Brook Yacht Club IncPO BOX 755, Stony Brook, NY 11790-0755NY1953-06$1,877,522
4Roanoke Valley Swimming IncPO BOX 4646, Roanoke, VA 24015-0646VA1988-04$1,822,202
5Waukesha Express Swim Team IncPO BOX 1874, Waukesha, WI 53187-1874WI1981-02$1,131,659
6Saltaire Yacht Club Inc13o New Hyde Park Rd, Franklin Square, NY 11010NY1984-03$1,014,746
7Us Swimming Inc, Pacific Swimming4533 Tuolumne Way, Concord, CA 94521-4233CA2006-03$972,373
8Us Swimming Inc, Connecticut54 Lido Rd, Unionville, CT 06085-1535CT2006-03$907,451
9Santa Fe Trail Blazers Association6501 Antioch Rd, Shawnee Msn, KS 66202-3637KS1977-07$869,946
10San Diego Yacht Club Sailing Foundation1011 Anchorage Ln, San Diego, CA 92106-3005CA1997-07$736,522
11Suburban Swimming Club3615 Gradyville Rd, Newtown Square, PA 19073PA1964-02$719,448
12Wichita Swim Club8323 E Douglas Ave, Wichita, KS 67207-1213KS1982-10$713,053
13Lyons Swim ClubPO BOX 61, Western Sprgs, IL 60558-0061IL1991-02$547,112
14Waukegan Yacht ClubPO BOX 75, Waukegan, IL 60079-0075IL1946-02$414,811
15Shoreline Boat & Ski ClubPO BOX 301, Ottawa, IL 61350-0301IL1958-07$175,719
16Homewood Flossmoor Swim Club IncPO BOX 4, Flossmoor, IL 60422-0004IL1993-10$159,415
17Chicago Yacht Club Foundation Inc400 E Monroe St, Chicago, IL 60603-6403IL1995-02$130,481
18Elgin Aquatics Association498 Terrace Ln, South Elgin, IL 60177-2253IL1982-12$51
19American Volkssport Association Inc2417 N Maple Ave, Decatur, IL 62526IL1987-10$0
20American Volkssport Association Inc, Kountry Walkers358 N Cr 415e, Arthur, IL 61911IL1987-10$0
Number of organizations performing similar types of work
Alaska7
Alabama2
Arkansas2
Arizona5
California54
Colorado12
Connecticut5
Florida21
Georgia7
Hawaii5
Iowa2
Idaho3
Illinois9
Indiana18
Kansas4
Kentucky2
Louisiana5
Massachusetts15
Maryland11
Maine1
Michigan18
Minnesota8
Missouri8
Mississippi1
Montana1
North Carolina9
North Dakota2
Nebraska3
New Hampshire2
New Jersey13
New Mexico2
Nevada1
New York22
Ohio17
Oklahoma4
Oregon11
Pennsylvania16
Rhode Island5
South Carolina2
South Dakota2
Tennessee5
Texas26
Utah1
Virginia15
Vermont1
Washington12
Wisconsin14
West Virginia2
Wyoming2
Total415

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