Liabilities / Assets
66th percentile
Higher debt load relative to assets than 66% of similar nonprofits.
Downtown Somerset Development Corp
EIN 31-1064811 • 501(c)3 • Somerset, KY
Profile
To promote the development and utilization of the downtown Somerset area.
Siviq Scores
Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.
0.01x
Liabilities / Revenue
81st percentile
Higher debt load relative to revenue than 81% of similar nonprofits.
Net Margin
31st percentile
Higher net margin than 31% of similar nonprofits.
Top Officer Pay
84th percentile
Higher top officer pay than 84% of similar nonprofits.
Top officer pay equals 0.0% of source-year revenue.
Asset Growth
23rd percentile
Faster asset growth than 23% of similar nonprofits.
Revenue Growth
74th percentile
Faster revenue growth than 74% of similar nonprofits.
Balance Sheet
Assets
Down$229,334
Down $2,609 (-1.1%) from 2023
Liabilities
Down$2,344
Down $1 (-0.0%) from 2023
Net Assets
Down$226,990
Down $2,608 (-1.1%) from 2023
Revenue
Up$27,603
Up $1,860 (+7.2%) from 2023
Expenses
Down$30,211
Down $264,644 (-90%) from 2023
Net Income
Up-$2,608
Up $266,504 (+99%) from 2023
Trend Graphs
Filings
Most recent year
2024 • Form 990EZDetailed filing. Detailed filing data is available for this year.
- Assets
- $229,334
- Liabilities
- $2,344
- Net assets
- $226,990
- Revenue
- $27,603
- Expenses
- $30,211
- Net income
- -$2,608
Latest Filing Detail
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2023 to Jun 30, 2024
- Signed
- May 15, 2025
- Return Version
- 2023v6.0
- Gross Receipts
- $27,603
Mission and Program Overview
Mission
To promote the development and utilization of the downtown Somerset area.
Program Services
| Description | Grants | Expenses |
|---|---|---|
| Planning and implementing a program developing and revitalizing downtown Somerset, Kentucky. | - | $1,444 |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Base | Other | Total |
|---|---|---|---|---|---|
| Ben Wilburn | Director | - | $0 | - | - |
| Lyndsey Guffey | Secretary | - | $0 | - | - |
| Mike Hornback | President | - | $0 | - | - |
| Willie Dick | Director | - | $0 | - | - |
| Carter Blevins | Director | - | $0 | - | - |
| Lisa Compton | Treasurer | - | $0 | - | - |
Filing and Contact Details
Filer
- Filer Name
- Downtown Somerset Development Corp
- EIN
- 31-1064811
- Phone
- 6066798376
- Address
- PO Box 683, Somerset, KY 42502
Signing Officer
- Name
- Mike Hornback
- Title
- President
- Signed
- 2025-05-15
- Discuss with paid preparer
- Yes
Preparer
- Firm
- Randall D Turpin CPA Pllc
- Address
- 225 PARKERS MILL ROAD, SOMERSET, KY 42501
- Preparer
- Randall D Turpin
- Phone
- 6064511550
Supplemental Narrative
Additional Explanations
Other Revenue.1
“Voided checks $400”
Other Expenses.1002
“Office Expenses $502”
Other Expenses.1009
“Depreciation $42”
Other Expenses.1
“Downtown Utilities $648”
Other Expenses.2
“Equipment Rental $541”
Other Expenses.3
“Downtown Expenses $171”
Other Expenses.4
“Bank Fees $42”
Other Assets.1003
“Machinery and Equipment - Beginning $42 Machinery and Equipment - Ending $0”
Other Assets.1011
“Prepaid Expenses and Deferred Charges - Beginning $5639 Prepaid Expenses and Deferred Charges - Ending $5639”
Other Assets.1
“Deposits - Beginning $500 Deposits - Ending $500”
Total Liabilities.1001
“Accounts Payable and Accrued Expenses - Beginning $2344 Accounts Payable and Accrued Expenses - Ending $2344”
Total Liabilities.1
“Rounding - Beginning $1 Rounding - Ending $0”
Raw XML Appendix167 raw XML fields
This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
| Path | # | Value |
|---|---|---|
| IRS990EZ/ActivitiesNotPreviouslyRptInd | 0 | false |
| IRS990EZ/BooksInCareOfDetail/PersonNm | 0 | Downtown Somerset Development |
| IRS990EZ/BooksInCareOfDetail/PhoneNum | 0 | 6066798376 |
| IRS990EZ/BooksInCareOfDetail/USAddress/AddressLine1Txt | 0 | 209 East Mount Vernon St |
| IRS990EZ/BooksInCareOfDetail/USAddress/CityNm | 0 | Somerset |
| IRS990EZ/BooksInCareOfDetail/USAddress/StateAbbreviationCd | 0 | KY |
| IRS990EZ/BooksInCareOfDetail/USAddress/ZIPCd | 0 | 42501 |
| IRS990EZ/CashSavingsAndInvestmentsGrp/BOYAmt | 0 | 97872 |
| IRS990EZ/CashSavingsAndInvestmentsGrp/EOYAmt | 0 | 104727 |
| IRS990EZ/ChgMadeToOrgnzngDocNotRptInd | 0 | false |
| IRS990EZ/CostOfGoodsSoldAmt | 0 | 0 |
| IRS990EZ/CostOrOtherBasisExpenseSaleAmt | 0 | 0 |
| IRS990EZ/DonorAdvisedFndsInd | 0 | false |
| IRS990EZ/EngagedInExcessBenefitTransInd | 0 | false |
| IRS990EZ/ExcessOrDeficitForYearAmt | 0 | -2608 |
| IRS990EZ/FiledScheduleAInd | 0 | true |
| IRS990EZ/ForeignFinancialAccountInd | 0 | false |
| IRS990EZ/ForeignOfficeInd | 0 | false |
| IRS990EZ/Form1120PolFiledInd | 0 | false |
| IRS990EZ/Form990TotalAssetsGrp/BOYAmt | 0 | 231943 |
| IRS990EZ/Form990TotalAssetsGrp/EOYAmt | 0 | 229334 |
| IRS990EZ/FundraisingGrossIncomeAmt | 0 | 0 |
| IRS990EZ/GrossReceiptsAmt | 0 | 27603 |
| IRS990EZ/InfoInScheduleOPartIIInd | 0 | X |
| IRS990EZ/InfoInScheduleOPartIInd | 0 | X |
| IRS990EZ/InvestmentIncomeAmt | 0 | 27203 |
| IRS990EZ/LandAndBuildingsGrp/BOYAmt | 0 | 127890 |
| IRS990EZ/LandAndBuildingsGrp/EOYAmt | 0 | 118468 |
| IRS990EZ/LobbyingActivitiesInd | 0 | false |
| IRS990EZ/MadeLoansToFromOfficersInd | 0 | false |
| IRS990EZ/MethodOfAccountingAccrualInd | 0 | X |
| IRS990EZ/NetAssetsOrFundBalancesBOYAmt | 0 | 229598 |
| IRS990EZ/NetAssetsOrFundBalancesEOYAmt | 0 | 226990 |
| IRS990EZ/NetAssetsOrFundBalancesGrp/BOYAmt | 0 | 229598 |
| IRS990EZ/NetAssetsOrFundBalancesGrp/EOYAmt | 0 | 226990 |
| IRS990EZ/OccupancyRentUtltsAndMaintAmt | 0 | 28265 |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/AverageHrsPerWkDevotedToPosRt | 0 | 1.00 |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/AverageHrsPerWkDevotedToPosRt | 1 | 1.00 |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/AverageHrsPerWkDevotedToPosRt | 2 | 2.00 |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/AverageHrsPerWkDevotedToPosRt | 3 | 1.00 |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/AverageHrsPerWkDevotedToPosRt | 4 | 1.00 |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/AverageHrsPerWkDevotedToPosRt | 5 | 2.00 |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/CompensationAmt | 0 | 0 |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/CompensationAmt | 1 | 0 |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/CompensationAmt | 2 | 0 |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/CompensationAmt | 3 | 0 |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/CompensationAmt | 4 | 0 |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/CompensationAmt | 5 | 0 |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/PersonNm | 0 | Ben Wilburn |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/PersonNm | 1 | Lyndsey Guffey |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/PersonNm | 2 | Mike Hornback |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/PersonNm | 3 | Willie Dick |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/PersonNm | 4 | Carter Blevins |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/PersonNm | 5 | Lisa Compton |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/TitleTxt | 0 | Director |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/TitleTxt | 1 | Secretary |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/TitleTxt | 2 | President |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/TitleTxt | 3 | Director |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/TitleTxt | 4 | Director |
| IRS990EZ/OfficerDirectorTrusteeEmplGrp/TitleTxt | 5 | Treasurer |
| IRS990EZ/OperateHospitalInd | 0 | false |
| IRS990EZ/Organization501c3Ind | 0 | X |
| IRS990EZ/OrganizationDissolvedEtcInd | 0 | false |
| IRS990EZ/OrganizationHadUBIInd | 0 | false |
| IRS990EZ/OtherAssetsTotalDetail/BOYAmt | 0 | 6181 |
| IRS990EZ/OtherAssetsTotalDetail/EOYAmt | 0 | 6139 |
| IRS990EZ/OtherExpensesTotalAmt | 0 | 1946 |
| IRS990EZ/OtherRevenueTotalAmt | 0 | 400 |
| IRS990EZ/PartVIHghstPdCntrctProfSrvcTxt | 0 | NONE |
| IRS990EZ/PartVIOfCompOfHghstPdEmplTxt | 0 | NONE |
| IRS990EZ/PoliticalCampaignActyInd | 0 | false |
| IRS990EZ/PrimaryExemptPurposeTxt | 0 | To promote the development and utilization of the downtown Somerset area. |
| IRS990EZ/ProgramSrvcAccomplishmentGrp/DescriptionProgramSrvcAccomTxt | 0 | Planning and implementing a program developing and revitalizing downtown Somerset, Kentucky. |
| IRS990EZ/ProgramSrvcAccomplishmentGrp/ProgramServiceExpensesAmt | 0 | 1444 |
| IRS990EZ/ProhibitedTaxShelterTransInd | 0 | false |
| IRS990EZ/RelatedOrganizationCtrlEntInd | 0 | false |
| IRS990EZ/ScheduleBNotRequiredInd | 0 | X |
| IRS990EZ/SchoolOperatingInd | 0 | false |
| IRS990EZ/SpecialEventsDirectExpensesAmt | 0 | 0 |
| IRS990EZ/SubjectToProxyTaxInd | 0 | false |
| IRS990EZ/SumOfTotalLiabilitiesGrp/BOYAmt | 0 | 2345 |
| IRS990EZ/SumOfTotalLiabilitiesGrp/EOYAmt | 0 | 2344 |
| IRS990EZ/TanningServicesProvidedInd | 0 | false |
| IRS990EZ/TaxImposedOnOrganizationMgrAmt | 0 | 0 |
| IRS990EZ/TaxImposedUnderIRC4911Amt | 0 | 0 |
| IRS990EZ/TaxImposedUnderIRC4912Amt | 0 | 0 |
| IRS990EZ/TaxImposedUnderIRC4955Amt | 0 | 0 |
| IRS990EZ/TaxReimbursedByOrganizationAmt | 0 | 0 |
| IRS990EZ/TotalExpensesAmt | 0 | 30211 |
| IRS990EZ/TotalProgramServiceExpensesAmt | 0 | 1444 |
| IRS990EZ/TotalRevenueAmt | 0 | 27603 |
| IRS990EZ/TransactionWithControlEntInd | 0 | false |
| IRS990EZ/TrnsfrExmptNonChrtblRltdOrgInd | 0 | false |
| IRS990EZ/TypeOfOrganizationCorpInd | 0 | X |
| IRS990EZ/WebsiteAddressTxt | 0 | N/A |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 30000 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt | 0 | 30000 |
| IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt | 0 | 0 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt | 0 | 73 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt | 0 | 73 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt | 0 | 73 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt | 0 | 73 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 126 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt | 0 | 418 |
| IRS990ScheduleA/OtherIncome170Grp/TotalAmt | 0 | 0 |
| IRS990ScheduleA/PublicOrganization170Ind | 0 | X |
| IRS990ScheduleA/PublicSupportCY170Pct | 0 | 0.98630 |
| IRS990ScheduleA/PublicSupportPY170Pct | 0 | 0.99490 |
| IRS990ScheduleA/PublicSupportTotal170Amt | 0 | 30000 |
| IRS990ScheduleA/SubstantialContributorsTotAmt | 0 | 0 |
| IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt | 0 | 0 |
| IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind | 0 | X |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 30000 |
| IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt | 0 | 30000 |
| IRS990ScheduleA/TotalSupportAmt | 0 | 30418 |
| IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt | 0 | 0 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | Voided checks $400 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | Office Expenses $502 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | Depreciation $42 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | Downtown Utilities $648 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | Equipment Rental $541 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | Downtown Expenses $171 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | Bank Fees $42 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 7 | Machinery and Equipment - Beginning $42 Machinery and Equipment - Ending $0 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 8 | Prepaid Expenses and Deferred Charges - Beginning $5639 Prepaid Expenses and Deferred Charges - Ending $5639 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 9 | Deposits - Beginning $500 Deposits - Ending $500 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 10 | Accounts Payable and Accrued Expenses - Beginning $2344 Accounts Payable and Accrued Expenses - Ending $2344 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 11 | Rounding - Beginning $1 Rounding - Ending $0 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Other Revenue.1 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | Other Expenses.1002 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | Other Expenses.1009 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | Other Expenses.1 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | Other Expenses.2 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | Other Expenses.3 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | Other Expenses.4 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 7 | Other Assets.1003 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 8 | Other Assets.1011 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 9 | Other Assets.1 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 10 | Total Liabilities.1001 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 11 | Total Liabilities.1 |
| ReturnHeader/BuildTS | 0 | 2025-03-06 01:10:19Z |
| ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd | 0 | true |
| ReturnHeader/BusinessOfficerGrp/PersonNm | 0 | Mike Hornback |
| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | President |
| ReturnHeader/BusinessOfficerGrp/SignatureDt | 0 | 2025-05-15 |
| ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt | 0 | Downtown Somerset Development Corp |
| ReturnHeader/Filer/BusinessNameControlTxt | 0 | DOWN |
| ReturnHeader/Filer/EIN | 0 | 311064811 |
| ReturnHeader/Filer/PhoneNum | 0 | 6066798376 |
| ReturnHeader/Filer/USAddress/AddressLine1Txt | 0 | PO Box 683 |
| ReturnHeader/Filer/USAddress/CityNm | 0 | Somerset |
| ReturnHeader/Filer/USAddress/StateAbbreviationCd | 0 | KY |
| ReturnHeader/Filer/USAddress/ZIPCd | 0 | 42502 |
| ReturnHeader/IRSResponsiblePrtyInfoCurrInd | 0 | true |
| ReturnHeader/PreparerFirmGrp/PreparerFirmEIN | 0 | 731706347 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt | 0 | RANDALL D TURPIN CPA PLLC |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt | 0 | 225 PARKERS MILL ROAD |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm | 0 | SOMERSET |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd | 0 | KY |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd | 0 | 42501 |
| ReturnHeader/PreparerPersonGrp/PhoneNum | 0 | 6064511550 |
| ReturnHeader/PreparerPersonGrp/PreparerPersonNm | 0 | Randall D Turpin |
| ReturnHeader/ReturnTs | 0 | 2025-05-15T12:24:11-07:00 |
| ReturnHeader/ReturnTypeCd | 0 | 990EZ |
| ReturnHeader/TaxPeriodBeginDt | 0 | 2023-07-01 |
| ReturnHeader/TaxPeriodEndDt | 0 | 2024-06-30 |
| ReturnHeader/TaxYr | 0 | 2023 |
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