Civic Intelligence

Somerset Inc

EIN 25-1721501 • 501(c)3 • Somerset, PA

Profile

The mission of the organization is instituting a program of activities, which will provide technical assistance for the improvement and revitalization of the uptown somerset business district.

109 East Main St PO Box 876Somerset, PA 15501

www.somersetinc.org

Siviq Scores

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

Liabilities / Assets

18th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • $1M-$5M nonprofits • Source year 2025

Liabilities / Revenue

19th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • $1M-$5M nonprofits • Source year 2025

Net Margin

78th percentile

25%

Higher net margin than 78% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2025

Top Officer Pay

83rd percentile

$20,800

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 31.5% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

73rd percentile

15%

Faster asset growth than 73% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2025

Revenue Growth

33rd percentile

-1.2%

Faster revenue growth than 33% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2025

Balance Sheet
Liabilities / Assets18th percentile

Assets

Up

$1,400,137

Up $160,109 (+13%) from 2024

Liabilities

Flat

$0

Flat from 2024

Net Assets

Up

$1,400,137

Up $160,109 (+13%) from 2024

Operations
Liabilities / Revenue19th percentileNet Margin78th percentile

Revenue

Up

$633,368

Up $53,545 (+9.2%) from 2024

Expenses

Up

$473,259

Up $41,678 (+9.7%) from 2024

Net Income

Up

$160,109

Up $11,867 (+8.0%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth73rd percentile

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

$1.5M$1.0M$500K$0Assets 2017: $76,067Net Assets 2017: $76,0672017Assets 2018: $34,817Net Assets 2018: $34,8172018Assets 2019: $24,746Net Assets 2019: $24,7462019Assets 2020: $274,658Liabilities 2020: $4,332Net Assets 2020: $270,3262020Assets 2021: $627,488Liabilities 2021: $0Net Assets 2021: $627,4882021Assets 2022: $925,370Liabilities 2022: $0Net Assets 2022: $925,3702022Assets 2023: $1,091,786Liabilities 2023: $0Net Assets 2023: $1,091,7862023Assets 2024: $1,240,028Liabilities 2024: $0Net Assets 2024: $1,240,0282024Assets 2025: $1,400,137Liabilities 2025: $0Net Assets 2025: $1,400,1372025

Highlighted filing

2025

Assets$1,400,137
Liabilities$0
Net Assets$1,400,137
Open 2025 Filing

Operations Trend

Revenue Growth33rd percentile

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

$800K$600K$400K$200K$0-$200KRevenue 2017: $110,268Expenses 2017: $101,084Net Income 2017: $9,1842017Revenue 2018: $52,164Expenses 2018: $93,415Net Income 2018: -$41,2512018Revenue 2019: $66,131Expenses 2019: $76,202Net Income 2019: -$10,0712019Revenue 2020: $371,792Expenses 2020: $333,310Net Income 2020: $38,4822020Revenue 2021: $556,877Expenses 2021: $199,715Net Income 2021: $357,1622021Revenue 2022: $656,896Expenses 2022: $359,014Net Income 2022: $297,8822022Revenue 2023: $514,713Expenses 2023: $348,297Net Income 2023: $166,4162023Revenue 2024: $579,823Expenses 2024: $431,581Net Income 2024: $148,2422024Revenue 2025: $633,368Expenses 2025: $473,259Net Income 2025: $160,1092025

Highlighted filing

2025

Revenue$633,368
Expenses$473,259
Net Income$160,109
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,400,137
Liabilities
$0
Net assets
$1,400,137
Revenue
$633,368
Expenses
$473,259
Net income
$160,109
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.40$0.00$1.40$0.63$0.47$0.16
2024Detailed filing. Detailed filing data is available for this year.$1.24$0.00$1.24$0.58$0.43$0.15
2023Detailed filing. Detailed filing data is available for this year.$1.09$0.00$1.09$0.51$0.35$0.17
2022Detailed filing. Detailed filing data is available for this year.$0.93$0.00$0.93$0.66$0.36$0.30
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.63$0.00$0.63$0.56$0.20$0.36
2020Detailed filing. Detailed filing data is available for this year.$0.27$0.00$0.27$0.37$0.33$0.04
2019Detailed filing. Detailed filing data is available for this year.$0.02$0.02$0.07$0.08$0.01
2018Detailed filing. Detailed filing data is available for this year.$0.03$0.03$0.05$0.09$0.04
2017Detailed filing. Detailed filing data is available for this year.$0.08$0.08$0.11$0.10$0.01
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Aug 1, 2024 to Jul 31, 2025
Signed
Dec 16, 2025
Return Version
2024v5.0
Gross Receipts
$633,368
Mission and Program Overview

Mission

Improve/revitalize uptown somerset's main street district

The mission of the organization is instituting a program of activities, which will provide technical assistance for the improvement and revitalization of the uptown somerset business district.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$695,390$746,531▲ $51,141
Land, Buildings, and Equipment, Net$544,638$653,606▲ $108,968
Total Assets$1,240,028$1,400,137▲ $160,109
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$766,957$994,365▲ $227,408
Net Assets With Donor Restrictions$473,071$405,772▼ $67,299
Total Net Assets Fund Balance$1,240,028$1,400,137▲ $160,109
Total Liabilities and Net Assets / Fund Balance$1,240,028$1,400,137▲ $160,109

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$201,569$171,443$373,012
Buildings$302,528-$302,528
Land$149,509-$149,509
Compensation and Service Providers
Top Officer Pay83rd percentile

Board Members and Trustees

NameTitle
Lee HoffmanChairman
Adam KoppVice Chairma
Andy GindlespergerMember
G Henry CookMember
Jesper NielsenMember
Justin KornsMember
Katie KleinMember
Madalyn WalkerMember
Micheal RiggsMember
Sarah DeistMember
Melanie EberlySecretary
Brenda FikeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$490,816
Program Service Revenue
$109,801
Investment Income
$32,751
Other Revenue
$0
All Other Contributions
$240,691
Change in Net Assets
$160,109

Audited Revenue Reconciliation

Revenue per Audited Statements
$633,368
Total Revenue per Audited Statements
$633,368
Total Revenue per Form 990
$633,368
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$358,898
Salaries, Compensation, and Employee Benefits$114,361
Total Fundraising Expense$41,430
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$89,278$15,755-$105,033
Depreciation Depletion$22,968--$22,968
All Other Expenses$16,609$102-$16,711
Payroll Taxes$7,929$1,399-$9,328
Other Expenses$6,803-$23,823$6,803
Occupancy$5,706$1,007-$6,713
Fees for Services Accounting-$6,675-$6,675
Insurance$4,723$834-$5,557
Office Expenses$507$90-$597
Total Functional Expenses$405,967$25,862$41,430$473,259

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$473,259
Total Expenses per Audited Statements$473,259
Total Expenses per Form 990$473,259
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“MEMBERS”

Form 990, Page 6, Part VI, Line 7A

“The organization's members elect board members.”

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

“REVIEWED BY OFFICERS”

Form 990, Page 6, Part VI, Line 19

“Information will be provided upon request.”

Filing and Contact Details

Filer

Filer Name
Somerset Inc
EIN
25-1721501
Phone
8144431748
Address
109 EAST MAIN ST PO BOX 876, SOMERSET, PA 15501

Signing Officer

Name
Lee Hoffman
Title
Chairman
Phone
8144431748
Signed
2025-12-16

Organization Details

Principal Officer
Lee Hoffman
Formed
1993
Legal Domicile
Pa
Voting Board Members
12
Independent Board Members
12
Employees
5
Volunteers
200

Preparer

Firm
Beer Ream & Co Pc
Address
PO BOX 629, SOMERSET, PA 15501-0629
Preparer
Douglas R Ream CPA
Phone
8144455440
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4A

“1.economic development: in 2024-2025 we spent 340k on economic development projects including the renovation of a historic anchor building, small business grants, home renovations, supporting low income housing, and a feasibility study for a path to somerset lake. These expenses all further the mission of rejuvenating the community center in somerset, pa. 2.promotion: in 2024-2025, somerset, inc. Hosted different events, including fire & ice festival, ignite the night, chalk the block, light up somerset, and the soco farmers market. These activities brought more than 15k people to the sidewalks of somerset throughout the year, furthering the mission of creating a more vibrant community center. 3.in 2024-2025, somerset, inc. Continued to invest in trinity park maintenance to support an ongoing community space and upkeep the appearance of the community, a priority in the revitalization of the town center.”

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt01.ECONOMIC DEVELOPMENT: IN 2024-2025 WE SPENT 340K ON ECONOMIC DEVELOPMENT PROJECTS INCLUDING THE RENOVATION OF A HISTORIC ANCHOR BUILDING, SMALL BUSINESS GRANTS, HOME RENOVATIONS, SUPPORTING LOW INCOME HOUSING, AND A FEASIBILITY STUDY FOR A PATH TO SOMERSET LAKE. THESE EXPENSES ALL FURTHER THE MISSION OF REJUVENATING THE COMMUNITY CENTER IN SOMERSET, PA. 2.PROMOTION: IN 2024-2025, SOMERSET, INC. HOSTED DIFFERENT EVENTS, INCLUDING FIRE & ICE FESTIVAL, IGNITE THE NIGHT, CHALK THE BLOCK, LIGHT UP SOMERSET, AND THE SOCO FARMERS MARKET. THESE ACTIVITIES BROUGHT MORE THAN 15K PEOPLE TO THE SIDEWALKS OF SOMERSET THROUGHOUT THE YEAR, FURTHERING THE MISSION OF CREATING A MORE VIBRANT COMMUNITY CENTER. 3.IN 2024-2025, SOMERSET, INC. CONTINUED TO INVEST IN TRINITY PARK MAINTENANCE TO SUPPORT AN ONGOING COMMUNITY SPACE AND UPKEEP THE APPEARANCE OF THE COMMUNITY, A PRIORITY IN THE REVITALIZATION OF THE TOWN CENTER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION'S MEMBERS ELECT BOARD MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3REVIEWED BY OFFICERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4INFORMATION WILL BE PROVIDED UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4A
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/PersonNm0LEE HOFFMAN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIRMAN
ReturnHeader/BusinessOfficerGrp/PhoneNum08144431748
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-12-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SOMERSET INC

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