Joining with the Lake Yacht Racing Association (LYRA) offers a variety of benefits for both the individual sailor and yacht club. Member clubs qualify as potential hosts for both the Annual LYRA Regatta and the LYRA Jr. Regatta. LYRA members receive a reduced rate on entry fees at the Annual Regatta and qualify for over 50 coveted trophies awarded each year. LYRA also awards the prestigious LYRA Boat of the Year Award to a member yacht that participates in the Annual Regatta and also meets a defined performance criteria.

LYRA finalists or qualifying contestants representing LYRA in USSA and YRUGL competitions may be reimbursed by LYRA for their entry fees for such events. LYRA embraces all levels of participation from yachts in PHRF, IMS and One Design categories. Many One Design sailors benefit from membership via a club membership or in a fleet association with LYRA.

Another benefit from membership is the ability to have delegates at the LYRA Annual General Meeting hosted each November. Voting delegates are encouraged to bring topics and proposals before the general membership at these meetings. Members are also afforded the opportunity to serve on the LYRA Executive Committee.

LYRA members greatly benefit from the intangible good will that has been fostered for over 120 years between Canadian and United States sailors. LYRA is committed to serve yachting interests on the Associated Waters and to encourage sportsmanship among sailors