Little Traverse Sailors is a small 501(c)(3) non-profit junior sailing program, and our financial results reflect that status. Since 2015 we have been squarely focused on establishing long-term stability, by working to align our operational income and expenses. At the same time, as a community-based non-profit, LTS strives every year to both improve the quality of our programs and expand access to them as much as possible via scholarships and fee discounts. Our financial priority is to “put money on the water” — to minimize administrative and non-sailing expenses in favor of spending that directly benefits the hundreds of young sailors in the community that we serve.
In FY 2016 LTS created its first-ever endowment fund, with the Petoskey-Harbor Springs Area Community Foundation. Although the amount in that endowment is quite modest at this point, we hope that this fund (1) offers another vehicle for our many generous donors, and (2) will in the long-term offer LTS even more stability and financial flexibility. The LTS Board is committed to building the endowment whenever possible, investing annually in order to meet the following goals: provide high quality programming for a broad range of students regardless of financial circumstances to reflect the economic diversity of the community; and provide the resources to maintain a fleet of boats, safety equipment, and the teaching tools necessary to operate a first-rate sailing program.
Thanks to all LTS families, our generous donors, the LTYC, and others for your support of youth sailing in northern Michigan. We can’t wait for our next season!
If you have comments or questions about LTS’s finances, or if you would like to review our most recent annual informational returns (IRS Form 990) or IRS letter of tax exemption, feel free to contact the LTS Treasurer at Treasurer@LittleTraverseSailors.org.