Civic Intelligence

Somerset Inc.

990 • Fiscal year 2022 • EIN 25-1721501

Aug 01, 2021 to Jul 31, 2022 • Filed on May 12, 2023

Organization ProfileWWW.SOMERSETINC.ORG
109 East Main St 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

31st percentile

0.00x

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

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

31st percentile

0.00x

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

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

88th percentile

45%

Higher net margin than 88% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

53rd percentile

$0

Higher top officer pay than 53% of similar nonprofits.

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

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

86th percentile

47%

Faster asset growth than 86% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

60th percentile

18%

Faster revenue growth than 60% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets31st percentile

Assets

Up

$925,370

Up $297,882 (+47%) from 2021

Net Assets

Up

$925,370

Up $297,882 (+47%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue And Expenses
Liabilities / Revenue31st percentileNet Margin88th percentile

Revenue

Up

$656,896

Up $100,019 (+18%) from 2021

Expenses

Up

$359,014

Up $159,299 (+80%) from 2021

Net Income

Down

$297,882

Down $59,280 (-17%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth86th 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

2022

Assets$925,370
Liabilities$0
Net Assets$925,370
Open 2022 Filing

Operations Trend

Revenue Growth60th 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

2022

Revenue$656,896
Expenses$359,014
Net Income$297,882
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2021 to Jul 31, 2022
Signed
May 12, 2023
Return Version
2021v4.0
Gross Receipts
$670,093
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$420,259$538,986▲ $118,727
Cash and Non-Interest-Bearing Accounts$207,229$386,384▲ $179,155
Total Assets$627,488$925,370▲ $297,882
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$460,250$492,332▲ $32,082
Net Assets With Donor Restrictions$167,238$433,038▲ $265,800
Total Net Assets Fund Balance$627,488$925,370▲ $297,882
Total Liabilities and Net Assets / Fund Balance$627,488$925,370▲ $297,882

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$424,366$102,535$526,901
Land$114,620-$114,620
Compensation and Service Providers
Top Officer Pay53rd percentile

Board Members and Trustees

NameTitle
Jesper NielsenChairman
Lee HoffmanVice Chairma
Adam KoppMember
Charles KornsMember
G Henry CookMember
Justin KornsMember
Katie KleinMember
Melanie PaulmanMember
Michael HertrichMember
Michael MitchellMember
Sarah DeistMember
Scott AshMember
Brenda FikeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$606,924
Program Service Revenue
$62,961
Investment Income
$-12,989
Other Revenue
$0
All Other Contributions
$318,829
Change in Net Assets
$297,882

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
Real Estate Other1$113,786
Total Noncash Contributions1$113,786

Audited Revenue Reconciliation

Revenue per Audited Statements
$656,896
Total Revenue per Audited Statements
$656,896
Total Revenue per Form 990
$656,896
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$266,178
Salaries, Compensation, and Employee Benefits$92,836
Total Fundraising Expense$82,827
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$72,006$12,707-$84,713
Other Expenses$26,525-$33,170$26,525
Depreciation Depletion$23,166--$23,166
All Other Expenses$17,508$304-$17,812
Fees for Services Accounting-$8,360-$8,360
Payroll Taxes$6,905$1,218-$8,123
Occupancy$3,706$654-$4,360
Insurance$2,854$504-$3,358
Office Expenses$1,174$207-$1,381
Total Functional Expenses$252,233$23,954$82,827$359,014

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$359,014
Total Expenses per Audited Statements$359,014
Total Expenses per Form 990$359,014
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
Jesper Nielsen
Title
Chairman
Phone
8144431748
Signed
2023-05-12

Organization Details

Principal Officer
Jesper Nielsen
Formed
1993
Legal Domicile
Pa
Voting Board Members
13
Independent Board Members
13
Employees
4
Volunteers
120

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/GiftsGrantsContrisRcvd509Grp/TotalAmt01469991
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt0208
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt0201
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt039
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt062961
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt036848
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt065658
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt073675
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt050787
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0289929
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt0208
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0201
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0345
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt039
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0836
IRS990ScheduleA/InvestmentIncomeCYPct00.00000
IRS990ScheduleA/InvestmentIncomePYPct00.00000
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.99950
IRS990ScheduleA/PublicSupportPY509Pct00.99940
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IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0556676
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0371447
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt090006
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt071906
IRS990ScheduleA/Total509Grp/TotalAmt01759920
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0670093
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IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01760756
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
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IRS990ScheduleD/ExpensesSubtotalAmt0359014
IRS990ScheduleD/LandGrp/BookValueAmt0114620
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0114620
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0424366
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0102535
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0526901
IRS990ScheduleD/RevenueSubtotalAmt0656896
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0538986
IRS990ScheduleD/TotalExpensesPerForm990Amt0359014
IRS990ScheduleD/TotalRevenuePerForm990Amt0656896
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0656896
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0359014
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd0false
IRS990ScheduleM/RealEstateOtherGrp/ContributionCnt01
IRS990ScheduleM/RealEstateOtherGrp/NonCashCheckboxInd0X
IRS990ScheduleM/RealEstateOtherGrp/NoncashContributionsRptF990Amt0113786
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd0false
IRS990ScheduleM/ThirdPartiesUsedInd0false
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/TotalAssetsEOYAmt0925370
IRS990/TotalAssetsGrp/BOYAmt0627488
IRS990/TotalAssetsGrp/EOYAmt0925370
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0606924
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt082827
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt023954
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0252233
IRS990/TotalFunctionalExpensesGrp/TotalAmt0359014
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0627488
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0925370
IRS990/TotalProgramServiceExpensesAmt0252233
IRS990/TotalProgramServiceRevenueAmt062961
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt049972
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0656896
IRS990/TotalVolunteersCnt0120
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0627488
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0925370
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 876
IRS990/USAddress/CityNm0SOMERSET
IRS990/USAddress/StateAbbreviationCd0PA
IRS990/USAddress/ZIPCd015501
IRS990/VotingMembersGoverningBodyCnt013
IRS990/VotingMembersIndependentCnt013
IRS990/WebsiteAddressTxt0WWW.SOMERSETINC.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/PersonNm0JESPER NIELSEN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIRMAN
ReturnHeader/BusinessOfficerGrp/PhoneNum08144431748

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$925,370
Liabilities
$0
Net assets
$925,370
Revenue
$656,896
Expenses
$359,014
Net income
$297,882
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