Civic Intelligence

Somerset Lane Inc

EIN 31-1048542 • 501(c)3 • Columbus, OH

Profile

The nonprofit organization owned real estate in the form of an apartment complex for the elderly & handicapped under Section 202 The Project was sold in 2023.

3435 Stelzer RoadColumbus, OH 43219

n/A

Siviq Scores

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

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2023

Liabilities / Revenue

62nd percentile

0.00x

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

501(c)3 • <$500k nonprofits • Source year 2023

Net Margin

12th percentile

-70%

Higher net margin than 12% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2023

Top Officer Pay

81st percentile

$0

Higher top officer pay than 81% of similar nonprofits.

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

501(c)3 • <$500k nonprofits • Source year 2023

Asset Growth

10th percentile

-100%

Faster asset growth than 10% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

22nd percentile

-41%

Faster revenue growth than 22% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Assets

Down

$0

Down $730,873 (-100%) from 2022

Liabilities

Down

$0

Down $1,359,109 (-100%) from 2022

Net Assets

Up

$0

Up $628,236 (+100%) from 2022

Revenue

Down

$244,670

Down $168,678 (-41%) from 2022

Expenses

Down

$415,007

Down $70,583 (-15%) from 2022

Net Income

Down

-$170,337

Down $98,095 (-136%) from 2022

Trend Graphs

Balance Sheet Trend

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

$2.0M$1.0M$0-$1.0MAssets 2016: $994,168Liabilities 2016: $1,473,486Net Assets 2016: -$479,3182016Assets 2017: $961,154Liabilities 2017: $1,446,624Net Assets 2017: -$485,4702017Assets 2018: $878,621Liabilities 2018: $1,429,397Net Assets 2018: -$550,7762018Assets 2019: $838,633Liabilities 2019: $1,393,176Net Assets 2019: -$554,5432019Assets 2020: $812,202Liabilities 2020: $1,380,104Net Assets 2020: -$567,9022020Assets 2021: $777,796Liabilities 2021: $1,333,790Net Assets 2021: -$555,9942021Assets 2022: $730,873Liabilities 2022: $1,359,109Net Assets 2022: -$628,2362022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2023

Assets$0
Liabilities$0
Net Assets$0

Operations Trend

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

$600K$400K$200K$0-$200KRevenue 2016: $382,050Expenses 2016: $359,863Net Income 2016: $22,1872016Revenue 2017: $387,646Expenses 2017: $393,798Net Income 2017: -$6,1522017Revenue 2018: $398,895Expenses 2018: $464,201Net Income 2018: -$65,3062018Revenue 2019: $400,374Expenses 2019: $404,143Net Income 2019: -$3,7692019Revenue 2020: $414,021Expenses 2020: $427,378Net Income 2020: -$13,3572020Revenue 2021: $420,309Expenses 2021: $408,401Net Income 2021: $11,9082021Revenue 2022: $413,348Expenses 2022: $485,590Net Income 2022: -$72,2422022Revenue 2023: $244,670Expenses 2023: $415,007Net Income 2023: -$170,3372023

Highlighted filing

2023

Revenue$244,670
Expenses$415,007
Net Income-$170,337

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 11, 2024
Return Version
2023v5.1
Gross Receipts
$244,670
Mission and Program Overview

Mission

The nonprofit organization owns real estate in the form of an apartment complex for the elderly & handicapped under Section 202

The nonprofit organization owned real estate in the form of an apartment complex for the elderly & handicapped under Section 202

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$424,418$0▼ $424,418
Savings and Temporary Cash Investments$161,424$0▼ $161,424
Intangible Assets$82,349$0▼ $82,349
Cash and Non-Interest-Bearing Accounts$41,105$0▼ $41,105
Accounts Receivable$15,601$0▼ $15,601
Prepaid Expenses and Deferred Charges$5,976$0▼ $5,976
Total Assets$730,873$0▼ $730,873
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,233,210$0▼ $1,233,210
Accounts Payable and Accrued Expenses$108,806$0▼ $108,806
Other Liabilities$17,093$0▼ $17,093
Total Liabilities$1,359,109$0▼ $1,359,109
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-628,236$0▲ $628,236
Total Net Assets Fund Balance$-628,236$0▲ $628,236
Total Liabilities and Net Assets / Fund Balance$730,873$0▼ $730,873

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$0$0$0
Land$0-$0
Equipment$0$0$0
Leasehold Improvements$0$0$0
Compensation and Service Providers

Board Members and Trustees

NameTitle
William MoorheadPresident
Melissa SteelSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$244,228
Investment Income
$442
Other Revenue
$0
Change in Net Assets
$-170,337
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$354,455
Salaries, Compensation, and Employee Benefits$60,552
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$148,314$0$0$148,314
Other Salaries and Wages$46,913$8,121$0$55,034
Depreciation Depletion$29,937$0$0$29,937
Interest$25,959$0$0$25,959
Fees for Services Management$0$21,033$0$21,033
Insurance$15,949$0$0$15,949
Fees for Services Accounting$0$13,264$0$13,264
Payroll Taxes$4,616$902$0$5,518
Other Expenses$2,191$0$0$2,191
Information Technology$2,093$0$0$2,093
Fees for Services Legal$774$1,175$0$1,949
Office Expenses$0$746$0$746
Travel$89$0$0$89
Advertising$53$0$0$53
Total Functional Expenses$358,742$56,265$0$415,007
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
Tenant Security Deposits$0
Unearned Revenue$0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
Filing and Contact Details

Filer

Filer Name
Somerset Lane Inc
EIN
31-1048542
Phone
6148184640
Address
3435 Stelzer Road, Columbus, OH 43219

Signing Officer

Name
William Moorhead
Title
Treasurer
Phone
6148184640
Signed
2024-11-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William Moorhead
Formed
1985
Legal Domicile
Oh
Voting Board Members
1
Independent Board Members
1
Employees
2
Volunteers
1

Preparer

Firm
Douglas L Myers & Associates
Address
650 Shawan Falls Dr Ste 200, Dublin, OH 43017
Preparer
Douglas L Myers CPA
Phone
6147665138
Supplemental Narrative

Additional Explanations

Pt VI, Line 3

The organizations only activity is the operation of a rental apartment complex for the elderly. The organization has entered into a management agreement, as approved by HUD, with an independent company giving the company all contractual rights to manage the rental operations.

Pt VI, Line 11B

The organization has a written agreement with a management company to operate its real estate activity. As the organizations managing agent, the management company is responsible for all of the financial matters relating to the rental operations including the annual audit engagement required by HUD and the preparation of Form 990. Therefore, the controller of the company reviews the annual form 990 which is prepared by a CPA firm, and an officer of the management company signs it.

Pt VI, Line 19

The organizations governing documents, conflict of interest policy and financial statements, as applicable, are only available to the public upon request.

Pt XI

Line 9 - The organization was Liquidated, Gain - $810,573

Pt XI

Line 9 - Cash Distribution to Salem Lutheran Foundation -

Pt XI

$(12,000)

Form 990, Part IX, Line 24E

Telephone, Internet/Cable 2041. 2041. 0. 0.

Form 990, Part IX, Line 24E

Real Estate Taxes 22297. 22297. 0. 0.

Form 990, Part IX, Line 24E

Grounds Contract/Supplies 17710. 17710. 0. 0.

Form 990, Part IX, Line 24E

Trash Removal 2161. 2161. 0. 0.

Form 990, Part IX, Line 24E

Cleaning & Maintenance 506. 506. 0. 0.

Form 990, Part IX, Line 24E

Exterminating 16449. 16449. 0. 0.

Form 990, Part IX, Line 24E

Contract Labor/Consulting 6750. 6750. 0. 0.

Form 990, Part IX, Line 24E

W/O Amortization Costs 80400. 80400. 0. 0.

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IRS990ScheduleD/BuildingsGrp/DepreciationAmt00
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/EquipmentGrp/BookValueAmt00
IRS990ScheduleD/EquipmentGrp/DepreciationAmt00
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/BookValueAmt00
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt10
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Tenant Security Deposits
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Unearned Revenue
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalLiabilityAmt00
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleN/AssetsDistributedInd0true
IRS990ScheduleN/BondsOutstandingInd0false
IRS990ScheduleN/DirectorOfSuccessorInd0false
IRS990ScheduleN/EmployeeOfSuccessorInd0false
IRS990ScheduleN/LiabilitiesPaidInd0true
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0Somerset Lane Real Estate
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc1Cash
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt0National Church Residences
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt02023-07-27
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt12023-12-31
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN0134148824
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN1316084416
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt01300000
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt112000
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt0501c(3)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt1501c(3)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt0Sales Price
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt1Cash
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/PersonNm0Salem Lutheran Foundation
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt02245 N Bank Dr
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt13435 Stelzer Rd Suite 1SC
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm0Columbus
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm1Columbus
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd0OH
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd1OH
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd043220
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd143219
IRS990ScheduleN/OwnerOfSuccessorInd0false
IRS990ScheduleN/ReceiveCompensationInd0false
IRS990ScheduleN/RequiredToNotifyAGInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The organizations only activity is the operation of a rental apartment complex for the elderly. The organization has entered into a management agreement, as approved by HUD, with an independent company giving the company all contractual rights to manage the rental operations.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The organization has a written agreement with a management company to operate its real estate activity. As the organizations managing agent, the management company is responsible for all of the financial matters relating to the rental operations including the annual audit engagement required by HUD and the preparation of Form 990. Therefore, the controller of the company reviews the annual form 990 which is prepared by a CPA firm, and an officer of the management company signs it.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The organizations governing documents, conflict of interest policy and financial statements, as applicable, are only available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Line 9 - The organization was Liquidated, Gain - $810,573
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Line 9 - Cash Distribution to Salem Lutheran Foundation -
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5$(12,000)
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Telephone, Internet/Cable 2041. 2041. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Real Estate Taxes 22297. 22297. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8Grounds Contract/Supplies 17710. 17710. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9Trash Removal 2161. 2161. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10Cleaning & Maintenance 506. 506. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt11Exterminating 16449. 16449. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt12Contract Labor/Consulting 6750. 6750. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt13W/O Amortization Costs 80400. 80400. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Pt XI
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Pt XI
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Pt XI
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc10Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc11Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc12Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc13Form 990, Part IX, Line 24e
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Salem Lutheran Foundation
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0316084166
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501 (C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0OH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Scholarships for Seminaries
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0PF
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt02700 E Dublin-Granville
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Columbus
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0OH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd043231
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0OH

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