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- EIN 06-1074342
- (860) 798-6727
- 61 Dock Rd Chester CT 06412-1210 USA
- www.pattaconk.org
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Nonprofit Overview
Mission: The pattaconk yacht club, inc. The purpose of this organization shall be the encouragement and promoting of yachting, navigation and seamanship and to provide and maintain a suitable clubhouse and anchorage for the recreation and use of its members.
Programs: Yacht club: safety courses, dockage, and other related maritime and social activities.
the clubhouse building at the pattaconk yacht club, inc. 61 dock road, chester, ct was completely destroyed by fire during the tax year 2013 (ending october 31, 2014). The club received insurance proceeds totaling $881,168 and spent $274,101 in building expenses, resulting in a temporary, non-taxable gain as reported in part viii, line 7a in accordance with irc 512(a)(3)(d). The new building was be completed in june 24, 2015. An additional $335,388 was received in tax year 2014. Building expenses ($257,466 of the $274,101) recorded in tax year 2013 were capitalized as building/equipment assets in tax year 2014. And $44,921 of equipment assets related to the fire were also written off resulting in a net negative expense of $212,545 (or $257,466 less $44,921). The total realized gain for tax years 2013/2014 $1,216,556 represents insurance proceeds in excess of the book value of the building prior to the fire. And as agreed to per irs correspondence from margaret von lienen to pyc dated oct. 8, 2015, this realized gain is not recognized as taxable income on form 990-t per irs 512(a)(3)(d).
facilities depreciation