Towne Lake Community Association Inc
- Assets
- $4.3m
- Revenue
- $7.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Cypress, TX
- Founding
- 08/2012
- Data as of
- 12/2021
- EIN
- 32-0179715
Organization Overview
Towne Lake Community Association Inc is located in Cypress, TX. The organization was established in 2012. 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. Towne Lake Community Association Inc 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 12/2021, Towne Lake Community Association Inc generated $7.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.4% each year . All expenses for the organization totaled $7.3m during the year ending 12/2021. While expenses have increased by 14.1% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SECURITY, LAW ENFORCEMENT, STREET LIGHTS, ARCHITECTURAL ZONING AND MAINTAIN THE COMMON AREAS SUCH AS THE ESPLANADES, LAKES, PARKS, PLAYGROUNDS AND SWIMMING POOL TO BENEFIT THE ENTIRE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTAINED THE COMMON AREAS, ESPLANADES, LAKES, PARKS, PLAYGROUNDS, SWIMMING POOL; PROVIDED STREETLIGHTS, SECURITY, LAW ENFORCEMENT, ARCHITECTURAL ZONING AND MONITORING FOR THE BENEFIT OF THE ENTIRE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Salazar Secretary/tr | OfficerTrustee | 2 | $0 |
Michael Crahan President | OfficerTrustee | 2 | $0 |
Becky Ullman Vice Preside | OfficerTrustee | 2 | $0 |
Jennifer Christopher Director | Trustee | 2 | $0 |
Bill Collier Director | Trustee | 2 | $0 |
Travis Singleton Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lake Management Services Manage/service | 12/30/21 | $194,003 |
H & H Landscape Service Landscape Maint | 12/30/21 | $1,987,639 |
Fisher Construction Construction | 12/30/21 | $265,152 |
Ccmc Prop Management | 12/30/21 | $179,311 |
Roberts Markel Wienberg Legal Services | 12/30/21 | $139,755 |
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 | $7,507,268 |
| Investment income | $7,087 |
| 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 | $7,685,021 |
| 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 | $93,275 |
| Fees for services: Legal | $109,315 |
| Fees for services: Accounting | $7,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $44,075 |
| Advertising and promotion | $0 |
| Office expenses | $36,699 |
| Information technology | $0 |
| 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 | $13,238 |
| Insurance | $151,482 |
| All other expenses | $1,202,810 |
| Total functional expenses | $7,320,287 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,681,114 |
| Savings and temporary cash investments | $1,967,353 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $209,341 |
| 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 | $29,446 |
| Net Land, buildings, and equipment | $58,183 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $311,244 |
| Total assets | $4,256,681 |
| Accounts payable and accrued expenses | $364,864 |
| Grants payable | $0 |
| Deferred revenue | $1,579,432 |
| 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 | $785,128 |
| Total liabilities | $2,729,424 |
| 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 | $1,527,257 |
| Total liabilities and net assets/fund balances | $4,256,681 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sienna Plantation Residential Association Inc Missouri City, TX | $10,383,877 | $12,546,129 |
Riverstone Homeowners Association Sugar Land, TX | $13,624,654 | $10,362,620 |
Woodforest Owners Association Inc Houston, TX | $5,341,273 | $9,874,039 |
Cinco Residential Property Assn Inc Katy, TX | $14,599,829 | $10,954,529 |
Stonebridge Ranch Community Association Inc Dallas, TX | $11,315,034 | $8,717,166 |
Towne Lake Community Association Inc Cypress, TX | $4,256,681 | $7,685,021 |
Walden On Lake Conroe Community Improvement Asso Montgomery, TX | $5,919,000 | $7,405,584 |
Aliana Homeowners Association Inc Pipe Creek, TX | $4,933,191 | $6,737,042 |
Steiner Ranch Master Association Inc Austin, TX | $3,672,449 | $4,302,724 |
Canyon Falls Master Community Inc Dallas, TX | $5,159,893 | $4,744,849 |
Castle Hills Master Association Inc Lewisville, TX | $4,067,423 | $4,896,405 |
New Property Owners Association Of Newport Inc Crosby, TX | $4,877,552 | $4,531,996 |