Civic Intelligence

Somerset Inc.

990 • Fiscal year 2023 • EIN 25-1721501

Aug 01, 2022 to Jul 31, 2023 • Filed on Jan 08, 2024

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

17th percentile

0.00x

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

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

17th percentile

0.00x

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

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

83rd percentile

32%

Higher net margin than 83% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

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

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

74th percentile

18%

Faster asset growth than 74% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

16th percentile

-22%

Faster revenue growth than 16% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets17th percentile

Assets

Up

$1,091,786

Up $166,416 (+18%) from 2022

Net Assets

Up

$1,091,786

Up $166,416 (+18%) from 2022

Liabilities

Flat

$0

Flat from 2022

Revenue And Expenses
Liabilities / Revenue17th percentileNet Margin83rd percentile

Revenue

Down

$514,713

Down $142,183 (-22%) from 2022

Expenses

Down

$348,297

Down $10,717 (-3.0%) from 2022

Net Income

Down

$166,416

Down $131,466 (-44%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth74th 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

2023

Assets$1,091,786
Liabilities$0
Net Assets$1,091,786
Open 2023 Filing

Operations Trend

Revenue Growth16th 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

2023

Revenue$514,713
Expenses$348,297
Net Income$166,416
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2022 to Jul 31, 2023
Signed
Jan 8, 2024
Return Version
2022v5.0
Gross Receipts
$514,713
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$538,986$559,773▲ $20,787
Cash and Non-Interest-Bearing Accounts$386,384$532,013▲ $145,629
Total Assets$925,370$1,091,786▲ $166,416
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$492,332$739,299▲ $246,967
Net Assets With Donor Restrictions$433,038$352,487▼ $80,551
Total Net Assets Fund Balance$925,370$1,091,786▲ $166,416
Total Liabilities and Net Assets / Fund Balance$925,370$1,091,786▲ $166,416

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$247,506$125,506$373,012
Buildings$162,758-$162,758
Land$149,509-$149,509
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$419,571
Program Service Revenue
$94,923
Investment Income
$219
Other Revenue
$0
All Other Contributions
$130,850
Change in Net Assets
$166,416

Audited Revenue Reconciliation

Revenue per Audited Statements
$514,713
Total Revenue per Audited Statements
$514,713
Total Revenue per Form 990
$514,713
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$251,492
Salaries, Compensation, and Employee Benefits$96,805
Total Fundraising Expense$87,989
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$74,815$13,203-$88,018
Other Expenses$28,897-$42,150$28,897
Depreciation Depletion$22,970--$22,970
All Other Expenses$20,462$64-$20,526
Payroll Taxes$7,469$1,318-$8,787
Occupancy$5,892$1,040-$6,932
Insurance$4,802$847-$5,649
Office Expenses$2,746$485-$3,231
Fees for Services Accounting-$1,775-$1,775
Total Functional Expenses$241,576$18,732$87,989$348,297

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$348,297
Total Expenses per Audited Statements$348,297
Total Expenses per Form 990$348,297
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
Member
Phone
8144431748
Signed
2024-01-08

Organization Details

Principal Officer
Jesper Nielsen
Formed
1993
Legal Domicile
Pa
Voting Board Members
12
Independent Board Members
12
Employees
3
Volunteers
150

Preparer

Firm
Beer Ream & Co Pc
Address
PO BOX 629, SOMERSET, PA 15501-0629
Preparer
Douglas R Ream CPA
Phone
8144455440
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt062961
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt036848
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt065658
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt073675
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0334065
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt0219
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0208
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0201
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt0345
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt039
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt01012
IRS990ScheduleA/InvestmentIncomeCYPct00.00000
IRS990ScheduleA/InvestmentIncomePYPct00.00000
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.99950
IRS990ScheduleA/PublicSupportPY509Pct00.99950
IRS990ScheduleA/PublicSupportTotal509Amt02202508
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0514494
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0669885
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0556676
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0371447
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt090006
IRS990ScheduleA/Total509Grp/TotalAmt02202508
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0514713
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0670093
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0556877
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0371792
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt090045
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt02203520
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt0162758
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0162758
IRS990ScheduleD/ExpensesSubtotalAmt0348297
IRS990ScheduleD/LandGrp/BookValueAmt0149509
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0149509
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0247506
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0125506
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0373012
IRS990ScheduleD/RevenueSubtotalAmt0514713
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0559773
IRS990ScheduleD/TotalExpensesPerForm990Amt0348297
IRS990ScheduleD/TotalRevenuePerForm990Amt0514713
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0514713
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0348297
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/SignificantNewProgramSrvcInd0false
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0925370
IRS990/TotalAssetsEOYAmt01091786
IRS990/TotalAssetsGrp/BOYAmt0925370
IRS990/TotalAssetsGrp/EOYAmt01091786
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0419571
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt087989
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt018732
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0241576
IRS990/TotalFunctionalExpensesGrp/TotalAmt0348297
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0925370
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01091786
IRS990/TotalProgramServiceExpensesAmt0241576
IRS990/TotalProgramServiceRevenueAmt094923
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt095142
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0514713
IRS990/TotalVolunteersCnt0150
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0925370
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01091786
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/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/PersonNm0JESPER NIELSEN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0MEMBER
ReturnHeader/BusinessOfficerGrp/PhoneNum08144431748
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-01-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SOMERSET INC
ReturnHeader/Filer/BusinessNameControlTxt0SOME
ReturnHeader/Filer/EIN0251721501
ReturnHeader/Filer/PhoneNum08144431748
ReturnHeader/Filer/USAddress/AddressLine1Txt0109 EAST MAIN ST PO BOX 876
ReturnHeader/Filer/USAddress/CityNm0SOMERSET
ReturnHeader/Filer/USAddress/StateAbbreviationCd0PA
ReturnHeader/Filer/USAddress/ZIPCd015501
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0251284515
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BEER REAM & CO PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 629

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,091,786
Liabilities
$0
Net assets
$1,091,786
Revenue
$514,713
Expenses
$348,297
Net income
$166,416
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
Peer Organizations

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