Forest Cove Property Owners Association Inc
- Assets
- $1.0m
- Revenue
- $140.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Kingwood, TX
- Founding
- 04/1968
- Data as of
- 12/2022
- EIN
- 74-1598734
Organization Overview
Forest Cove Property Owners Association Inc is located in Kingwood, TX. The organization was established in 1968. 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. Forest Cove Property Owners 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 12/2022, Forest Cove Property Owners Association Inc generated $140.0k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $164.3k during the year ending 12/2022. While expenses have increased by 4.3% per year over the past 8 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
THE ENTITY IS A COMMUNITY PROPERTY OWNERS ASSOCIATION ESTABLISHED TO COLLECT AND ADMINISTER FUNDS IN ACCORDANCE WITH THE DEED RESTRICTIONS FOR THE SUBDIVISSION, ENFORCE DEED RESTRICTIONS, MAINTAIN AND OPERATE THE COMMON AREAS, AND PROMOTE THE INTERESTS OF THE OWNERS FOR THE BENEFIT OF THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION AND MAINTENANCE OF COMMUNITY CENTER, SWIMMING POOL AND RECREATIONAL AREAS SUCH AS BASEBALL FIELDS AND MARINA. ALSO PROVIDED ASSISTANCE ENSURING THE DEED RESTRICTIONS OF THE SUBDIVISION WERE ENFORCED.
PROVIDED MOSQUITO FOGGING TO CONTROL MOSQUITOES AND RELATED DISEASES.
PUBLISHED AND CIRCULATED MONTHLY NEWSLETTER TO RESIDENTS AND PROPERTY OWNERS TO INFORM THEM ABOUT COMMUNITY AFFAIRS SUCH AS DEED RESTRICTIONS, SECURITY, TRAFFIC AND STREET MAINTENANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randy Koshnick Director | Trustee | 4 | $0 |
Steve Atchison Director | Trustee | 4 | $0 |
Joy Sadler President | OfficerTrustee | 8 | $0 |
Cameron Williams Director | Trustee | 4 | $0 |
Stephanie Chapman Asst Sec | OfficerTrustee | 6 | $0 |
Wade Hopper Treasurer | OfficerTrustee | 2 | $0 |
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 | $1,374 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,374 |
| Total Program Service Revenue | $148,422 |
| Investment income | $1,666 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$6,285 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$5,190 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $139,987 |
| 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 | $0 |
| Fees for services: Legal | $23,749 |
| Fees for services: Accounting | $11,400 |
| 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 | $2,358 |
| 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 | $0 |
| Insurance | $33,724 |
| All other expenses | $6,491 |
| Total functional expenses | $164,336 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $179,513 |
| Savings and temporary cash investments | $405,053 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $423 |
| Net Land, buildings, and equipment | $431,407 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,016,396 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $50,645 |
| Total liabilities | $50,645 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $965,751 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,016,396 |