Forest Cove Property Owners Association INC

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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.

62¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average deficit $528 a year · under 1% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
62%
of spending
Worth a look: 62% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
49 mo
of spending, in cash
Looks good: 49.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$30K
3% of total assets
Looks good: liabilities are 3% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$179K
+21% vs prior year
Spent
$135K
To programs
62%
Net assets
$1.0M
By yearFY2020–FY2024
Revenue
$179K
FY2024▲ +21%
Tap a bar for its year
Revenue by fiscal year
FY2020$127K
FY2021$115K
FY2022$140K
FY2023$149K
FY2024$179K
Expenses
$135K
FY2024▲ +4%
Tap a bar for its year
Expenses by fiscal year
FY2020$116K
FY2021$168K
FY2022$164K
FY2023$130K
FY2024$135K
Net assets
$1.0M
FY2024▲ +5%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.0M
FY2021$990K
FY2022$966K
FY2023$984K
FY2024$1.0M

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 1968.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

62 cents of each dollar spent went to programs.

Program services 62% · $84K Management & general 38% · $51K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

9 people listed on the 990.

Part VII, Section A · reportable compensation
At Large
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
See Forest Cove Property Owners Association INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Manages community property, enforces rules, and maintains common areas for homeowners.

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Provided by the organization

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2 programs · $84K · in their own filed words · FY2024
01

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.

$83Kprogram expense
02

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.

$1Kprogram expense

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$179K
Ln 12
Fees for servicesLn 2g$169K
Investment incomeLn 3$17K
Gifts and grantsLn 1h$2K
Money outPt IX
$135K
Ln 25
Programscol B$84K
Managementcol C$51K
Owns and owesPt X
$1.0M
net assets · Ln 32
Cash and savingsLn 1–2$555K
Total assetsLn 16$1.1M
LiabilitiesLn 26$30K
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2K
Fees for servicesLn 2g$169K
Investment incomeLn 3$17K
Gains on assetsLn 7$0
Total revenueLn 12$179K
Assets in detailPt X, end of year
CashLn 1$66K
SavingsLn 2$489K
Cash and savings togetherLn 1–2$555K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$503K
Other assetsLn 15$0
Total assetsLn 16$1.1M
LiabilitiesLn 26$30K
Net assetsLn 32$1.0M
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$531K$555K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$502K$503K
Total assetsLn 16$1.0M$1.1M
LiabilitiesLn 26$50K$30K
Net assetsLn 32$984K$1.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$0
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$0
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$0
Management feesLn 11a$0
Legal feesLn 11b$9K$9K
Accounting feesLn 11c$11K$9K$2K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$0
Advertising and promotionLn 12$0
Office expensesLn 13$3K$3K
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$0
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$0
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$0
InsuranceLn 23$36K$36K
Other expenses (24a–d)Ln 24$74K$74K
All other expensesLn 24e$2K$1K$756
Total functional expensesLn 25$135K$84K$51K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $179K$135K$44K$1.0M 990 PDF
FY2023 $149K$130K$19K$984K 990 PDF
FY2022 $140K$164K−$24K$966K 990 PDF
FY2021 $115K$168K−$52K$990K 990 PDF
FY2020 $127K$116K$11K$1.0M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $179,315 revenue, 12 lines filed
I-8 Contributions and grants$1,900
I-9 Program service revenuePrior year $152,030$168,677
I-10 Investment incomePrior year $12,077$17,229
I-11 Other revenuePrior year −$15,430−$8,491
I-12 Total revenuePrior year $148,677$179,315
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $130,165$134,835
I-18 Total expensesPrior year $130,165$134,835
I-19 Revenue less expensesPrior year $18,512$44,480
Part VI · Governance 9 of 9 board members independent, 4 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $179,315 across 10 lines filed
VIII-1f All other contributions, gifts and grants$1,900
VIII-1h Total contributions, gifts and grants$1,900
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $168,677$168,677
VIII-3 Investment incomeExcluded from tax $17,229$17,229
VIII-5 Royalties$0
VIII-6 Net rental income or lossExcluded from tax −$6,329−$6,329
VIII-7 Net gain or loss on sales of assets$0
VIII-8 Net income from fundraising events−$6,334
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $4,172$4,172
VIII-12 Total revenueRelated to mission $168,677 · Excluded from tax $15,072$179,315
Part IX · Statement of functional expenses $134,835 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$0
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$0
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxes$0
IX-11a Management fees$0
IX-11b Legal feesManagement $8,886$8,886
IX-11c Accounting feesPrograms $9,120 · Management $2,280$11,400
IX-11d Lobbying fees$0
IX-11f Investment management fees$0
IX-12 Advertising and promotion$0
IX-13 Office expensesManagement $2,721$2,721
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 Occupancy$0
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$0
IX-23 InsuranceManagement $36,283$36,283
IX-24 Other expenses (24a–d)Programs $73,507$73,507
IX-24e All other expensesPrograms $1,282 · Management $756$2,038
IX-25 Total functional expensesPrograms $83,909 · Management $50,926 · Fundraising $0$134,835
Part X · Balance sheet $1,058,954 assets, 17 lines filed
X-1 Cash, non-interest-bearingStart of year $59,789$66,315
X-2 Savings and temporary cash investmentsStart of year $471,623$488,687
X-3 Pledges and grants receivable$0
X-4 Accounts receivable$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred chargesStart of year $1,061$648
X-10c Land, buildings and equipment, netStart of year $501,790$503,304
X-11 Publicly traded securities$0
X-12 Other securities$0
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assets$0
X-16 Total assetsStart of year $1,034,263$1,058,954
X-25 Other liabilitiesStart of year $50,000$30,211
X-26 Total liabilitiesStart of year $50,000$30,211
X-32 Total net assets or fund balancesStart of year $984,263$1,028,743
X-33 Total liabilities and net assetsStart of year $1,034,263$1,058,954
Part XI · Reconciliation of net assets $1,028,743 net assets at year end
XI-1 Total revenue$179,315
XI-2 Total expenses$134,835
XI-3 Revenue less expenses$44,480
XI-4 Net assets at start of year$984,263
XI-10 Net assets at end of year$1,028,743

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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