Civic Intelligence

Somerset Inc.

990 • Fiscal year 2021 • EIN 25-1721501

Aug 01, 2020 to Jul 31, 2021 • Filed on Feb 21, 2022

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

29th percentile

0.00x

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

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

29th percentile

0.00x

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

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Net Margin

92nd percentile

64%

Higher net margin than 92% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2021

Asset Growth

98th percentile

404%

Faster asset growth than 98% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2021

Revenue Growth

93rd percentile

190%

Faster revenue growth than 93% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2021

Balance Sheet
Liabilities / Assets29th percentile

Assets

Up

$627,488

Up $352,830 (+128%) from 2020

Net Assets

Up

$627,488

Up $357,162 (+132%) from 2020

Liabilities

Down

$0

Down $4,332 (-100%) from 2020

Revenue And Expenses
Liabilities / Revenue29th percentileNet Margin92nd percentile

Revenue

Up

$556,877

Up $185,085 (+50%) from 2020

Expenses

Down

$199,715

Down $133,595 (-40%) from 2020

Net Income

Up

$357,162

Up $318,680 (+828%) from 2020

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

2021

Assets$627,488
Liabilities$0
Net Assets$627,488
Open 2021 Filing

Operations Trend

Revenue Growth93rd 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

2021

Revenue$556,877
Expenses$199,715
Net Income$357,162
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2020 to Jul 31, 2021
Signed
Feb 21, 2022
Return Version
2020v4.0
Gross Receipts
$556,877
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$420,259▲ $223,463
Cash and Non-Interest-Bearing Accounts$74,698$207,229▲ $132,531
Accounts Receivable$3,164--
Total Assets$274,658$627,488▲ $352,830
Liabilities
Other Liabilities$4,332--
Total Liabilities$4,332$0▼ $4,332
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$192,183$460,250▲ $268,067
Net Assets With Donor Restrictions$78,143$167,238▲ $89,095
Total Net Assets Fund Balance$270,326$627,488▲ $357,162
Total Liabilities and Net Assets / Fund Balance$274,658$627,488▲ $352,830

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$419,425$79,594$499,019
Land$834-$834
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Jesper NielsenChairman
Lee HoffmanVice Chairma
Adam KoppMember
Charles KornsMember
Connie WeyantMember
David RothMember
G Henry CookMember
Justin KornsMember
Katie KleinMember
Michael MitchellMember
Sarah DeistMember
Scott AshMember
Brandy RinglerSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$519,828
Program Service Revenue
$36,848
Investment Income
$201
Other Revenue
$0
All Other Contributions
$414,655
Change in Net Assets
$357,162

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported Amount
Other Non Cash Contri Table1$35,000
Total Noncash Contributions1$35,000

Audited Revenue Reconciliation

Revenue per Audited Statements
$556,877
Total Revenue per Audited Statements
$556,877
Total Revenue per Form 990
$556,877
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$166,996
Total Fundraising Expense$35,756
Salaries, Compensation, and Employee Benefits$32,719
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$26,724$4,716-$31,440
Depreciation Depletion$21,439--$21,439
Other Expenses$10,579-$17,637$10,579
All Other Expenses$5,521$289-$5,810
Fees for Services Accounting-$4,945-$4,945
Occupancy$3,315$585-$3,900
Insurance$3,171$560-$3,731
Office Expenses$1,376$243-$1,619
Payroll Taxes$1,087$192-$1,279
Total Functional Expenses$152,429$11,530$35,756$199,715

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$199,715
Total Expenses per Audited Statements$199,715
Total Expenses per Form 990$199,715
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
PO BOX 876, SOMERSET, PA 15501

Signing Officer

Name
Jesper Nielsen
Title
Chairman
Phone
8144431748
Signed
2022-02-21

Organization Details

Principal Officer
Jesper Nielsen
Formed
1993
Legal Domicile
Pa
Voting Board Members
12
Independent Board Members
12
Employees
1
Volunteers
65

Preparer

Firm
Beer Ream Co
Address
PO BOX 629, SOMERSET, PA 15501-0629
Preparer
Douglas R Ream CPA
Phone
8144455440
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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
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Document Assets

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Filings

Displayed year

2021 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$627,488
Liabilities
$0
Net assets
$627,488
Revenue
$556,877
Expenses
$199,715
Net income
$357,162
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