Preserve Master Community Corporation
- Assets
- $2.4m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Irvine, CA
- Founding
- 04/2005
- Data as of
- 06/2022
- EIN
- 20-2322652
Organization Overview
Preserve Master Community Corporation is located in Irvine, CA. The organization was established in 2005. According to its NTEE Classification (L50) the organization is classified as: Homeowners & Tenants Associations, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Preserve Master Community Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2022, Preserve Master Community Corporation generated $1.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.0% each year. All expenses for the organization totaled $1.9m during the year ending 06/2022. While expenses have increased by 6.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO MAINTAIN RECREATIONAL FACILITIES AND OTHER COMMON AREAS ACCESSIBLE TO COMMUNITY MEMBERS AND THE PUBLIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION WAS CREATED IN ORDER TO MAINTAIN COMMUNITY RECREATIONAL FACILITIES, CERTAIN COMMON EXPENSES, AND COMMON LANDSCAPE AREAS FOR THE BENEFIT AND WELFARE OF A COMMUNITY AREA KNOWN AS THE PRESERVE. THE PRESERVE IS A MASTER PLANNED COMMUNITY ENCOMPASSING OVER 1,000 ACRES INCLUDING APPROXIMATELY 33 ACRES DEVOTED TO PARKS. AT BUILD OUT THE ASSOCIATION WILL INCLUDE 8,104 HOMES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Pat Loy President | Officer | 3 | $0 |
Darius Fatakia Vice Preside | Officer | 3 | $0 |
Scott Atkins Secretary | Officer | 3 | $0 |
Jason Wong Treasurer | Officer | 3 | $0 |
Bryant Mok Member-At-La | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Firstservice Residential Management | 6/29/21 | $611,831 |
Pacific Play Systems Inc Maintenance | 6/29/21 | $107,560 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,672,518 |
| Investment income | $7,748 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,831,343 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $201,557 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,675 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $98,098 |
| Information technology | $27,821 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $43,884 |
| All other expenses | $84,724 |
| Total functional expenses | $1,896,169 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $598,123 |
| Savings and temporary cash investments | $1,757,678 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $50,034 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,677 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $663 |
| Total assets | $2,409,175 |
| Accounts payable and accrued expenses | $135,319 |
| Grants payable | $0 |
| Deferred revenue | $67,730 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,436 |
| Total liabilities | $204,485 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $2,204,690 |
| Total liabilities and net assets/fund balances | $2,409,175 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Rancho Mission Viejo Master Maintenance Corporation Irvine, CA | $7,819,802 | $13,243,301 |
Talega Maintenance Corporation Irvine, CA | $18,261,600 | $10,092,285 |
Sunriver Owners Association Sunriver, OR | $34,928,405 | $11,186,087 |
Aliso Viejo Community Association Aliso Viejo, CA | $20,603,634 | $8,715,124 |
Sun City Roseville Community Association Inc Roseville, CA | $48,765,899 | $12,073,404 |
Mililani Town Association Mililani, HI | $29,321,286 | $8,505,958 |
Summerlin South Community Association Las Vegas, NV | $6,398,781 | $8,171,493 |
Bear Valley Springs Association Tehachapi, CA | $8,163,399 | $7,448,975 |
Dc Ranch Association Inc Scottsdale, AZ | $11,452,331 | $8,727,546 |
Hollywood Property Owners Alliance Hollywood, CA | $2,055,507 | $7,517,501 |
Tahoe Keys Property Owners Association South Lake Tahoe, CA | $11,789,657 | $8,910,347 |
Johnson Ranch Community Association Inc Scottsdale, AZ | $8,421,000 | $6,968,596 |