The current Okoboji Yacht Club, located on South Manhattan Beach, is the fourth yachting club on the lake. The yacht club leases the facility from the Okoboji Sailing School.
Today's Okoboji Yacht Club has about 500 members and 65 registered sailboats. It hosts five classes of boats, the X, MC, C, Yngling and 2.4 Meter boats. Club races are conducted on Saturday and Sunday mornings from Memorial Day through Labor Day. The OYC hosts a variety of social events for sailors and non-sailors. The Friday Nite Socials are a popular gathering time and the club hosts a large yacht club party once a month during June, July and August. Bridge and mahjong groups also meet at the clubhouse on a weekly basis.