Civic Intelligence

Towne Lake Community Services Foundation Inc

990 • Fiscal year 2018 • EIN 32-0283965

Jan 01, 2018 to Dec 31, 2018 • Filed on Oct 08, 2019

Organization ProfileN/A
9214 West Bridgeport Pass CircleCypress, TX 77433

(480) 624-7051

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

99th percentile

7.66x

Higher debt load relative to assets than 99% of similar nonprofits.

2018 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

98th percentile

6.03x

Higher debt load relative to revenue than 98% of similar nonprofits.

2018 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2018

Net Margin

79th percentile

29%

Higher net margin than 79% of similar nonprofits.

2018 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

70th percentile

$0

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2018

Asset Growth

12th percentile

-12%

Faster asset growth than 12% of similar nonprofits.

2018 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

66th percentile

9.4%

Faster revenue growth than 66% of similar nonprofits.

2018 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets99th percentile

Assets

Down

$417,674

Down $56,571 (-12%) from 2017

Net Assets

Up

-$2,782,359

Up $151,815 (+5.2%) from 2017

Liabilities

Down

$3,200,033

Down $208,386 (-6.1%) from 2017

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin79th percentile

Revenue

Up

$530,844

Up $45,708 (+9.4%) from 2017

Expenses

Up

$379,029

Up $28,547 (+8.1%) from 2017

Net Income

Up

$151,815

Up $17,161 (+13%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth12th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$2.0M$0-$2.0M-$4.0MAssets 2011: $82,219Net Assets 2011: $82,2192011Assets 2012: $161,300Net Assets 2012: $161,3002012Assets 2015: $749,240Liabilities 2015: $24,651Net Assets 2015: $724,5892015Assets 2016: $531,284Liabilities 2016: $3,600,112Net Assets 2016: -$3,068,8282016Assets 2017: $474,245Liabilities 2017: $3,408,419Net Assets 2017: -$2,934,1742017Assets 2018: $417,674Liabilities 2018: $3,200,033Net Assets 2018: -$2,782,3592018Assets 2019: $826,005Liabilities 2019: $7,821Net Assets 2019: $818,1842019Assets 2020: $1,343,675Liabilities 2020: $56,866Net Assets 2020: $1,286,8092020Assets 2021: $1,823,620Liabilities 2021: $5,909Net Assets 2021: $1,817,7112021Assets 2024: $3,356,455Liabilities 2024: $3,851Net Assets 2024: $3,352,6042024

Highlighted filing

2018

Assets$417,674
Liabilities$3,200,033
Net Assets-$2,782,359
Open 2018 Filing

Operations Trend

Revenue Growth66th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0M-$4.0MRevenue 2011: $78,428Expenses 2011: $27,691Net Income 2011: $50,7372011Revenue 2012: $137,393Expenses 2012: $58,312Net Income 2012: $79,0812012Revenue 2015: $395,386Expenses 2015: $169,731Net Income 2015: $225,6552015Revenue 2016: $327,592Expenses 2016: $4,121,009Net Income 2016: -$3,793,4172016Revenue 2017: $485,136Expenses 2017: $350,482Net Income 2017: $134,6542017Revenue 2018: $530,844Expenses 2018: $379,029Net Income 2018: $151,8152018Revenue 2019: $3,957,494Expenses 2019: $356,951Net Income 2019: $3,600,5432019Revenue 2020: $773,560Expenses 2020: $314,893Net Income 2020: $458,6672020Revenue 2021: $1,117,169Expenses 2021: $601,949Net Income 2021: $515,2202021Revenue 2024: $1,183,271Expenses 2024: $784,803Net Income 2024: $398,4682024

Highlighted filing

2018

Revenue$530,844
Expenses$379,029
Net Income$151,815
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Oct 8, 2019
Return Version
2018v3.1
Gross Receipts
$530,844
Mission and Program Overview

Mission

To assist in the sponsorship of services and programs for the residents of towne lake community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Loans From Officers Directors$3,400,000$3,200,000▼ $200,000
Accounts Receivable$53,385$221,092▲ $167,707
Savings and Temporary Cash Investments$172,664$102,861▼ $69,803
Land, Buildings, and Equipment, Net$82,225$79,333▼ $2,892
Cash and Non-Interest-Bearing Accounts$164,553$11,920▼ $152,633
Prepaid Expenses and Deferred Charges$1,418$2,468▲ $1,050
Total Assets$474,245$417,674▼ $56,571
Liabilities
Accounts Payable and Accrued Expenses$8,419$33▼ $8,386
Total Liabilities$3,408,419$3,200,033▼ $208,386
Net Assets / Fund Balance
Unrestricted Net Assets$-2,934,174$-2,782,359▲ $151,815
Total Net Assets Fund Balance$-2,934,174$-2,782,359▲ $151,815
Total Liabilities and Net Assets / Fund Balance$474,245$417,674▼ $56,571

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$79,333$9,917$89,250
Compensation and Service Providers
Top Officer Pay70th percentile

Board Members and Trustees

NameTitle
Kent S PuckettPresident
Jerry HlozekDirector
Travis SingletonDirector
Peter BarnhartSecretary/tr
Tim FitzpatrickVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$529,816
Program Service Revenue
$0
Investment Income
$1,028
Other Revenue
$0
All Other Contributions
$529,816
Change in Net Assets
$151,815

Audited Revenue Reconciliation

Revenue per Audited Statements
$530,844
Total Revenue per Audited Statements
$530,844
Total Revenue per Form 990
$530,844
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$321,029
Grants and Similar Amounts Paid$58,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$58,000--$58,000
Other Expenses$22,814--$22,814
All Other Expenses$17,382--$17,382
Fees for Services Management-$6,000-$6,000
Fees for Services Accounting-$4,100-$4,100
Depreciation Depletion$2,892--$2,892
Insurance$1,701--$1,701
Total Functional Expenses$368,929$10,100$0$379,029

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$379,029
Total Expenses per Audited Statements$379,029
Total Expenses per Form 990$379,029
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Cy-fair Educational FoundationCypress, TX501c3Scholarship Donation$54,500
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
Yes
Subject to proxy tax
Yes
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Caldwell CompaniesDeveloperConstruction LoanNo$3,200,000
Caldwell CompaniesDeveloperVETERAN'S MEMORIALNo$101,475

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$3,400,000$3,200,000▼ $200,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 2

“Kent puckett caldwell companies president developer employee/employer tim fitzpatrick caldwell companies v president developer employee/employer jerry hlozek caldwell companies director developer employee/employer peter barnhart caldwell companies sec/treas developer employee/employer”

Form 990, Page 6, Part VI, Line 3

“The day to day operations are delegated to ccmc community association management.”

Form 990, Page 6, Part VI, Line 11B

“A copy of form 990 is provided to the board for its review prior to the filing of the return.”

Form 990, Page 6, Part VI, Line 19

“The governing documents of the organization are made available to interested parties upon request.”

Filing and Contact Details

Filer

Filer Name
Towne Lake Community Services
EIN
32-0283965
Phone
4806247051
Address
9214 WEST BRIDGEPORT PASS CIRCLE, CYPRESS, TX 77433

Signing Officer

Name
Kent S Puckett
Title
President
Phone
2812134132
Signed
2019-10-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kent S Puckett
Formed
2009
Legal Domicile
TX
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
10

Preparer

Firm
Armstrong Vaughan & Associates Pc
Address
941 WEST BYRD BLVD STE 101, UNIVERSAL CITY, TX 78148
Preparer
Phil Vaughan
Phone
2106586229
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 2, Part III, Line 4

“Bronze statues are on public display to contribute to the exhancement of the community's pride and beauty.”

Schedule D, Page 3, Part X

“The foundation adopted the provisions of fasb asc topic 740-10-25, income taxes-overall-recognition, which requires recognition and disclosure of uncertain tax positions in the financial statements and footnotes. The foundation has executed a note payable to declarant. This transaction may be viewed as private inurement by the public and the irs and, if deemed as such, the irs could challenge the foundation's tax-exempt status. However, management believes it is more likely than not that the tax-exempt status would be upheld upon challenge. Thus, these financial statements do not reflect the impact of losing that status, which would be significant.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0BRONZE STATUES ARE ON PUBLIC DISPLAY TO CONTRIBUTE TO THE EXHANCEMENT OF THE COMMUNITY'S PRIDE AND BEAUTY.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE FOUNDATION ADOPTED THE PROVISIONS OF FASB ASC TOPIC 740-10-25, INCOME TAXES-OVERALL-RECOGNITION, WHICH REQUIRES RECOGNITION AND DISCLOSURE OF UNCERTAIN TAX POSITIONS IN THE FINANCIAL STATEMENTS AND FOOTNOTES. THE FOUNDATION HAS EXECUTED A NOTE PAYABLE TO DECLARANT. THIS TRANSACTION MAY BE VIEWED AS PRIVATE INUREMENT BY THE PUBLIC AND THE IRS AND, IF DEEMED AS SUCH, THE IRS COULD CHALLENGE THE FOUNDATION'S TAX-EXEMPT STATUS. HOWEVER, MANAGEMENT BELIEVES IT IS MORE LIKELY THAN NOT THAT THE TAX-EXEMPT STATUS WOULD BE UPHELD UPON CHALLENGE. THUS, THESE FINANCIAL STATEMENTS DO NOT REFLECT THE IMPACT OF LOSING THAT STATUS, WHICH WOULD BE SIGNIFICANT.
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0DEVELOPER
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IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0PART IV, LINE 1 THE FOUNDATION'S BOARD OF DIRECTORS ARE EMPLOYEES OF THE DEVELOPER, CALDWELL COMPANIES. THE FOUNDATION HAS AN OUTSTANDING LOAN IN THE AMOUNT OF 3,200,000 TO CALDWELL COMPANIES FOR THE AMENITY FACILITIES CONSTRUCTION. PART IV, LINE 2 CALDWELL COMPANIES PAID 101,475 TOWARDS THE CONSTRUCTION OF THE VETERAN'S MEMORIAL.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
IRS990ScheduleL/TotalBalanceDueAmt03200000
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0KENT PUCKETT CALDWELL COMPANIES PRESIDENT DEVELOPER EMPLOYEE/EMPLOYER TIM FITZPATRICK CALDWELL COMPANIES V PRESIDENT DEVELOPER EMPLOYEE/EMPLOYER JERRY HLOZEK CALDWELL COMPANIES DIRECTOR DEVELOPER EMPLOYEE/EMPLOYER PETER BARNHART CALDWELL COMPANIES SEC/TREAS DEVELOPER EMPLOYEE/EMPLOYER
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE DAY TO DAY OPERATIONS ARE DELEGATED TO CCMC COMMUNITY ASSOCIATION MANAGEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A COPY OF FORM 990 IS PROVIDED TO THE BOARD FOR ITS REVIEW PRIOR TO THE FILING OF THE RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE GOVERNING DOCUMENTS OF THE ORGANIZATION ARE MADE AVAILABLE TO INTERESTED PARTIES UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1H TOWNE LAKE COMMUNITY ASSOCIATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0320179715
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1261363151
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0CYPRESS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1CYPRESS
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IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
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IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0true
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/SupplementalInformationDetail/ExplanationTxt0PART V, LINE 1P THE FOUNDATION PAID 57,816 TO TOWNE LAKE COMMUNITY ASSOCIATION, INC. AS REIMBURSEMENT FOR LIFESTYLE DIRECTOR AND SOCIAL EVENT EXPENSES. SIMILARLY, 24,400 WAS PAID TO HERITAGE AT TOWNE LAKE ASSOCIATION FOR REIMBURSEMENT OF MAINTENANCE EXPENSES. PART V, LINE 1E IN 2016 THE FOUNDATION SIGNED A PROMISSORY NOTE FOR 3.8 MILLION TO CALDWELL COMPANIES FOR THE CONSTRUCTION OF A CLUBHOUSE FOR TOWNE LAKE COMMUNITY ASSOCIATION, INC.
IRS990ScheduleR/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE R
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt03200000
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt157816
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt224400
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt3101705
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0LOAN - FMV
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IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt2CASH PAYMENTS
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt3CASH PAYMENTS
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0CALDWELL COMPANIES
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1TOWNE LAKE COMMUNITY ASSOCIATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt2H TOWNE LAKE COMMUNITY ASSOCIATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt3CALDWELL COMPANIES
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IRS990/SubjectToProxyTaxInd0true
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsGrp/BOYAmt0474245
IRS990/TotalAssetsGrp/EOYAmt0417674
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IRS990/TotalEmployeeCnt00
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0368929
IRS990/TotalFunctionalExpensesGrp/TotalAmt0379029
IRS990/TotalGrossUBIAmt00
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IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02020-03-31 21:24:44Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KENT S PUCKETT
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02812134132
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-10-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0TOWNE LAKE COMMUNITY SERVICES
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0TOWN
ReturnHeader/Filer/EIN0320283965
ReturnHeader/Filer/PhoneNum04806247051
ReturnHeader/Filer/USAddress/AddressLine1Txt09214 WEST BRIDGEPORT PASS CIRCLE
ReturnHeader/Filer/USAddress/CityNm0CYPRESS
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ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt024.173.80.146
ReturnHeader/FilingSecurityInformation/IPDt02019-11-12
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm015:49:14
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0742332623
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ARMSTRONG VAUGHAN & ASSOCIATES PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0941 WEST BYRD BLVD STE 101
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0UNIVERSAL CITY

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$417,674
Liabilities
$3,200,033
Net assets
-$2,782,359
Revenue
$530,844
Expenses
$379,029
Net income
$151,815
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.36$0.00$3.35$1.18$0.78$0.40
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.82$0.01$1.82$1.12$0.60$0.52
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.34$0.06$1.29$0.77$0.31$0.46
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.83$0.01$0.82$3.96$0.36$3.60
2018Detailed filing. Detailed filing data is available for this year.$0.42$3.20$2.78$0.53$0.38$0.15
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.47$3.41$2.93$0.49$0.35$0.13
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.53$3.60$3.07$0.33$4.12$3.79
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.75$0.02$0.72$0.40$0.17$0.23
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.16$0.16$0.14$0.06$0.08
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.08$0.08$0.08$0.03$0.05