Civic Intelligence

Parklane Apartments Inc

EIN 71-0775762 • 501(c)3 • Fort Smith, AR

Profile

Operates low income housing

PO Box 1526Fort Smith, AR 72902

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

86th percentile

0.62x

Higher debt load relative to assets than 86% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

90th percentile

1.34x

Higher debt load relative to revenue than 90% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

55th percentile

6.9%

Higher net margin than 55% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

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

501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

44th percentile

1.4%

Faster asset growth than 44% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

45th percentile

4.6%

Faster revenue growth than 45% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Up

$1,306,792

Up $18,420 (+1.4%) from 2022

Liabilities

Down

$808,371

Down $23,332 (-2.8%) from 2022

Net Assets

Up

$498,421

Up $41,752 (+9.1%) from 2022

Revenue

Up

$603,974

Up $26,507 (+4.6%) from 2022

Expenses

Up

$562,222

Up $39,214 (+7.5%) from 2022

Net Income

Down

$41,752

Down $12,707 (-23%) from 2022

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$2.0M$1.5M$1.0M$500K$0Assets 2011: $1,753,237Liabilities 2011: $1,152,346Net Assets 2011: $600,8912011Assets 2012: $1,681,966Liabilities 2012: $1,081,373Net Assets 2012: $600,5932012Assets 2013: $1,698,890Liabilities 2013: $1,096,471Net Assets 2013: $602,4192013Assets 2014: $1,644,021Liabilities 2014: $1,070,337Net Assets 2014: $573,6842014Assets 2015: $1,591,086Liabilities 2015: $1,039,491Net Assets 2015: $551,5952015Assets 2016: $1,580,629Liabilities 2016: $1,001,581Net Assets 2016: $579,0482016Assets 2017: $1,548,970Liabilities 2017: $988,092Net Assets 2017: $560,8782017Assets 2018: $1,481,256Liabilities 2018: $953,455Net Assets 2018: $527,8012018Assets 2019: $1,355,383Liabilities 2019: $921,362Net Assets 2019: $434,0212019Assets 2020: $1,314,916Liabilities 2020: $901,865Net Assets 2020: $413,0512020Assets 2021: $1,219,440Liabilities 2021: $856,878Net Assets 2021: $362,5622021Assets 2022: $1,288,372Liabilities 2022: $831,703Net Assets 2022: $456,6692022Assets 2023: $1,306,792Liabilities 2023: $808,371Net Assets 2023: $498,4212023

Highlighted filing

2023

Assets$1,306,792
Liabilities$808,371
Net Assets$498,421

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$800K$600K$400K$200K$0-$200KRevenue 2011: $492,479Expenses 2011: $630,736Net Income 2011: -$138,2572011Revenue 2012: $514,176Expenses 2012: $514,474Net Income 2012: -$2982012Revenue 2013: $520,807Expenses 2013: $518,981Net Income 2013: $1,8262013Revenue 2014: $527,131Expenses 2014: $555,866Net Income 2014: -$28,7352014Revenue 2015: $521,610Expenses 2015: $543,699Net Income 2015: -$22,0892015Revenue 2016: $528,514Expenses 2016: $501,061Net Income 2016: $27,4532016Revenue 2017: $529,806Expenses 2017: $547,976Net Income 2017: -$18,1702017Revenue 2018: $530,982Expenses 2018: $564,059Net Income 2018: -$33,0772018Revenue 2019: $523,787Expenses 2019: $617,567Net Income 2019: -$93,7802019Revenue 2020: $517,966Expenses 2020: $538,936Net Income 2020: -$20,9702020Revenue 2021: $575,646Expenses 2021: $626,135Net Income 2021: -$50,4892021Revenue 2022: $577,467Expenses 2022: $523,008Net Income 2022: $54,4592022Revenue 2023: $603,974Expenses 2023: $562,222Net Income 2023: $41,7522023

Highlighted filing

2023

Revenue$603,974
Expenses$562,222
Net Income$41,752

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Apr 28, 2024
Return Version
2023v5.0
Gross Receipts
$603,974
Mission and Program Overview

Mission

Operates low income housing

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,030,188$994,864▼ $35,324
Savings and Temporary Cash Investments$127,882$129,638▲ $1,756
Prepaid Expenses and Deferred Charges$42,019$71,156▲ $29,137
Cash and Non-Interest-Bearing Accounts$31,305$50,316▲ $19,011
Intangible Assets$35,934$33,942▼ $1,992
Accounts Receivable$21,044$26,876▲ $5,832
Total Assets$1,288,372$1,306,792▲ $18,420
Liabilities
Mortgage Notes Payable Secured by Investment Property$785,249$752,116▼ $33,133
Accounts Payable and Accrued Expenses$30,484$42,116▲ $11,632
Other Liabilities$9,989$10,264▲ $275
Deferred Revenue$5,981$3,875▼ $2,106
Total Liabilities$831,703$808,371▼ $23,332
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$456,669$498,421▲ $41,752
Total Net Assets Fund Balance$456,669$498,421▲ $41,752
Total Liabilities and Net Assets / Fund Balance$1,288,372$1,306,792▲ $18,420

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$868,039$1,033,962$1,902,001
Other Land Buildings$97,014$81,185$178,199
Equipment$8,061$147,582$155,643
Land$21,750-$21,750
Compensation and Service Providers

Board Members and Trustees

NameTitle
Farrell SextonPresident
Michelle SextonSecretary
Powell SandersVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$603,794
Investment Income
$180
Other Revenue
$0
Change in Net Assets
$41,752

Audited Revenue Reconciliation

Revenue per Audited Statements
$603,974
Total Revenue per Audited Statements
$603,974
Total Revenue per Form 990
$603,974
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$429,114
Salaries, Compensation, and Employee Benefits$133,108
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$80,909--$80,909
Occupancy$77,551--$77,551
Other Salaries and Wages$69,267--$69,267
Insurance$65,669--$65,669
Current Officers, Directors, Trustees, and Key Employees-$53,805-$53,805
Interest$23,712--$23,712
Office Expenses$14,847--$14,847
Payroll Taxes$10,036--$10,036
Fees for Services Accounting-$8,000-$8,000
Other Expenses$6,602$7,237-$6,602
Conferences and Meetings-$1,156-$1,156
Fees for Services Legal$1,148--$1,148
Total Functional Expenses$492,024$70,198$0$562,222

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$562,222
Total Expenses per Audited Statements$562,222
Total Expenses per Form 990$562,222
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
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Board of Directors- ParklaneIdentity of Int-No-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposits Payable$10,264
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
Yes
Business relationship with organization members
Yes
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, Part VI

All members of the board have a family relationship. Farrell sexton is the president of the board of directors of the organization and the president of the company that provides managment services to the organization.

Form 990, Page 6, Part VI, Line 3

The day to day operations have been delegated to rental management, inc, who have been approved by the us department of housing & urban development as the entity's management agent.

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

The return is prepared by a 3rd party cpa firm and provided to the management agent and board of directors for review and approval prior to filing.

Form 990, Page 6, Part VI, Line 19

Parklane submits all documents and policies to the u.s. Department of housing and urban development and these documents are a matter of public record. Documents are made available upon request and in compliance with 501(c)(3) guidelines

Filing and Contact Details

Filer

Filer Name
Parklane Apartments Inc
EIN
71-0775762
Phone
4797827268
Address
PO BOX 1526, FORT SMITH, AR 72902

Signing Officer

Name
Farrell Sexton
Title
President
Phone
4797827268
Signed
2024-04-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Farrell Sexton
Formed
1972
Legal Domicile
Ar
Voting Board Members
3
Independent Board Members
0
Employees
2

Preparer

Firm
JIMMY D HALL & ASSOCIATES CPA'S
Address
3307 OLD GREENWOOD RD STE C, FORT SMITH, AR 72903-5459
Preparer
Jimmy D Hall CPA
Phone
4797833100
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IRS990ScheduleD/TotalLiabilityAmt010264
IRS990ScheduleD/TotalRevenuePerForm990Amt0603974
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0603974
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0562222
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt0PRES OF RENTAL MANAGEMENT
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine2Txt0PRES OF BOARD- PARKLANE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0BOARD OF DIRECTORS- PARKLANE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0IDENTITY OF INT
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1FAMILY RELATION
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd1false
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0FARRELL SEXTON IS AN IDENTITY OF INTEREST AGENT. HE IS THE PRESIDENT OF THE BOARD OF DIRECTORS OF PARKLANE APARTMENTS. HE IS ALSO THE MANAGING AGENT OF RENTAL MANAGEMENT, INC.- THE COMPANY THAT PROVIDES MANAGEMENT SERVICES TO PARKLANE APARTMENTS. ALL MEMBERS OF THE BOARD HAVE A FAMILY RELATIONSHIP.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ALL MEMBERS OF THE BOARD HAVE A FAMILY RELATIONSHIP. FARRELL SEXTON IS THE PRESIDENT OF THE BOARD OF DIRECTORS OF THE ORGANIZATION AND THE PRESIDENT OF THE COMPANY THAT PROVIDES MANAGMENT SERVICES TO THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE DAY TO DAY OPERATIONS HAVE BEEN DELEGATED TO RENTAL MANAGEMENT, INC, WHO HAVE BEEN APPROVED BY THE US DEPARTMENT OF HOUSING & URBAN DEVELOPMENT AS THE ENTITY'S MANAGEMENT AGENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE RETURN IS PREPARED BY A 3RD PARTY CPA FIRM AND PROVIDED TO THE MANAGEMENT AGENT AND BOARD OF DIRECTORS FOR REVIEW AND APPROVAL PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3PARKLANE SUBMITS ALL DOCUMENTS AND POLICIES TO THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AND THESE DOCUMENTS ARE A MATTER OF PUBLIC RECORD. DOCUMENTS ARE MADE AVAILABLE UPON REQUEST AND IN COMPLIANCE WITH 501(C)(3) GUIDELINES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI
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
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01288372
IRS990/TotalAssetsEOYAmt01306792
IRS990/TotalAssetsGrp/BOYAmt01288372
IRS990/TotalAssetsGrp/EOYAmt01306792
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt070198
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0492024
IRS990/TotalFunctionalExpensesGrp/TotalAmt0562222
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0831703
IRS990/TotalLiabilitiesEOYAmt0808371
IRS990/TotalLiabilitiesGrp/BOYAmt0831703
IRS990/TotalLiabilitiesGrp/EOYAmt0808371
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0456669
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0498421
IRS990/TotalProgramServiceExpensesAmt0492024
IRS990/TotalProgramServiceRevenueAmt0603794
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0603974
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0603974
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01288372
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01306792
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 1526
IRS990/USAddress/CityNm0FORT SMITH
IRS990/USAddress/StateAbbreviationCd0AR
IRS990/USAddress/ZIPCd072902
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0FARRELL SEXTON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum04797827268
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-04-28
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PARKLANE APARTMENTS INC
ReturnHeader/Filer/BusinessNameControlTxt0PARK
ReturnHeader/Filer/EIN0710775762
ReturnHeader/Filer/PhoneNum04797827268
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 1526
ReturnHeader/Filer/USAddress/CityNm0FORT SMITH
ReturnHeader/Filer/USAddress/StateAbbreviationCd0AR
ReturnHeader/Filer/USAddress/ZIPCd072902
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0710667874
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0JIMMY D HALL & ASSOCIATES CPA'S
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt03307 OLD GREENWOOD RD STE C
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0FORT SMITH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0AR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0729035459
ReturnHeader/PreparerPersonGrp/PhoneNum04797833100
ReturnHeader/PreparerPersonGrp/PreparationDt02024-04-28
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JIMMY D HALL CPA
ReturnHeader/ReturnTs02024-05-02T08:52:57-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0FARRELL
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0SEXTON
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

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