Civic Intelligence

Somerset Inc.

990 • Fiscal year 2020 • EIN 25-1721501

Aug 01, 2019 to Jul 31, 2020 • Filed on Feb 04, 2021

Organization ProfileWWW.SOMERSETINC.ORG
PO Box 876Somerset, PA 15501

(814) 443-1748

Siviq Scores

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

Liabilities / Assets

64th percentile

0.02x

Higher debt load relative to assets than 64% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Liabilities / Revenue

62nd percentile

0.01x

Higher debt load relative to revenue than 62% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Net Margin

58th percentile

10%

Higher net margin than 58% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Top Officer Pay

76th percentile

$0

Higher top officer pay than 76% of similar nonprofits.

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

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Asset Growth

98th percentile

1010%

Faster asset growth than 98% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Annualized from 2019 to 2020

Revenue Growth

98th percentile

462%

Faster revenue growth than 98% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets64th percentile

Assets

Up

$274,658

Up $249,912 (+1010%) from 2019

Net Assets

Up

$270,326

Up $245,580 (+992%) from 2019

Liabilities

$4,332

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue62nd percentileNet Margin58th percentile

Revenue

Up

$371,792

Up $305,661 (+462%) from 2019

Expenses

Up

$333,310

Up $257,108 (+337%) from 2019

Net Income

Up

$38,482

Up $48,553 (+482%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth98th percentile

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

$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

2020

Assets$274,658
Liabilities$4,332
Net Assets$270,326
Open 2020 Filing

Operations Trend

Revenue Growth98th percentile

Revenue, expenses, and net income across loaded years, with this 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

2020

Revenue$371,792
Expenses$333,310
Net Income$38,482
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2019 to Jul 31, 2020
Signed
Feb 4, 2021
Return Version
2019v5.0
Gross Receipts
$371,792
Mission and Program Overview

Mission

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
Land, Buildings, and Equipment, Net-$196,796-
Cash and Non-Interest-Bearing Accounts$24,746$74,698▲ $49,952
Accounts Receivable-$3,164-
Total Assets$24,746$274,658▲ $249,912
Liabilities
Other Liabilities-$4,332-
Total Liabilities$0$4,332▲ $4,332
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$9,746$192,183▲ $182,437
Net Assets With Donor Restrictions$15,000$78,143▲ $63,143
Total Net Assets Fund Balance$24,746$270,326▲ $245,580
Total Liabilities and Net Assets / Fund Balance$24,746$274,658▲ $249,912

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$195,962$58,155$254,117
Land$834-$834
Compensation and Service Providers
Top Officer Pay76th percentile

Board Members and Trustees

NameTitle
Steven R SpochartChairman/tre
Michael FriedhofferVice Chairma
Adam KoppMember
Charles KornsMember
David RothMember
Jesper NielsonMember
Judy PyleMember
Kelly BarberaMember
Lee HoffmanMember
Ramona SherbineMember
Scott AshMember
Michael MitchellSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$305,789
Program Service Revenue
$65,658
Investment Income
$345
Other Revenue
$0
All Other Contributions
$281,534
Change in Net Assets
$38,482

Audited Revenue Reconciliation

Revenue per Audited Statements
$371,792
Total Revenue per Audited Statements
$371,792
Total Revenue per Form 990
$371,792
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$310,452
Total Fundraising Expense$50,028
Salaries, Compensation, and Employee Benefits$22,858
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$17,680$3,120-$20,800
Depreciation Depletion$16,781--$16,781
Other Expenses$25,463-$12,234$12,234
All Other Expenses$5,179$233-$5,412
Occupancy$3,060$540-$3,600
Insurance$2,290$404-$2,694
Payroll Taxes$1,749$309-$2,058
Fees for Services Accounting-$1,115-$1,115
Office Expenses$305$54-$359
Total Functional Expenses$277,507$5,775$50,028$333,310

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$333,310
Total Expenses per Audited Statements$333,310
Total Expenses per Form 990$333,310
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Ppp Loan Payable$4,332
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
PO BOX 876, SOMERSET, PA 15501

Signing Officer

Name
Michael Friedhoffer
Title
Vice Chairman
Phone
8144431748
Signed
2021-02-04

Organization Details

Principal Officer
Michael Friedhoffer
Formed
1993
Legal Domicile
Pa
Voting Board Members
12
Independent Board Members
12
Employees
1
Volunteers
60

Preparer

Firm
Beer Ream Co
Address
PO BOX 629, SOMERSET, PA 15501-0629
Preparer
Douglas R Ream CPA
Phone
8144455440
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt065658
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt073675
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt050787
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt064874
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt0345
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt039
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt043
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt051
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt083
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IRS990ScheduleA/InvestmentIncomeCYPct00.00000
IRS990ScheduleA/InvestmentIncomePYPct00.00000
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IRS990ScheduleA/PublicSupportCY509Pct00.99920
IRS990ScheduleA/PublicSupportPY509Pct00.99920
IRS990ScheduleA/PublicSupportTotal509Amt0697974
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0371447
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt090006
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt071906
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt089516
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt075099
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/ExpensesSubtotalAmt0333310
IRS990ScheduleD/LandGrp/BookValueAmt0834
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0834
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0195962
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt058155
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0254117
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt04332
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PPP LOAN PAYABLE
IRS990ScheduleD/RevenueSubtotalAmt0371792
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0196796
IRS990ScheduleD/TotalExpensesPerForm990Amt0333310
IRS990ScheduleD/TotalLiabilityAmt04332
IRS990ScheduleD/TotalRevenuePerForm990Amt0371792
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0371792
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0333310
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S MEMBERS ELECT BOARD MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2REVIEWED BY OFFICERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3INFORMATION WILL BE PROVIDED UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt0274658
IRS990/TotalAssetsGrp/BOYAmt024746
IRS990/TotalAssetsGrp/EOYAmt0274658
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IRS990/TotalEmployeeCnt01
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0277507
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IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt04332
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt024746
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0270326
IRS990/TotalProgramServiceExpensesAmt0277507
IRS990/TotalProgramServiceRevenueAmt065658
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt066003
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0371792
IRS990/TotalVolunteersCnt060
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt024746
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0274658
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 876
IRS990/USAddress/CityNm0SOMERSET
IRS990/USAddress/StateAbbreviationCd0PA
IRS990/USAddress/ZIPCd015501
IRS990/VotingMembersGoverningBodyCnt012
IRS990/VotingMembersIndependentCnt012
IRS990/WebsiteAddressTxt0WWW.SOMERSETINC.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHAEL FRIEDHOFFER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0VICE CHAIRMAN
ReturnHeader/BusinessOfficerGrp/PhoneNum08144431748
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-02-04
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SOMERSET INC
ReturnHeader/Filer/BusinessNameControlTxt0SOME
ReturnHeader/Filer/EIN0251721501
ReturnHeader/Filer/PhoneNum08144431748
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 876
ReturnHeader/Filer/USAddress/CityNm0SOMERSET
ReturnHeader/Filer/USAddress/StateAbbreviationCd0PA
ReturnHeader/Filer/USAddress/ZIPCd015501

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$274,658
Liabilities
$4,332
Net assets
$270,326
Revenue
$371,792
Expenses
$333,310
Net income
$38,482
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