Somernites Cruise Inc

Nonprofit profile at a glance

EIN
204277350
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Somerset, KY, USA
Phone
6068722277
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Official website

Reported finances

Revenue
$328,948
Expenses
$306,269
Assets
$226,791
Liabilities
$9,338

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • JIM HARRIS (PRESIDENT)

People named in this filing

  • KEITH FLOYD (EXECUTIVE DI)
  • JIM HARRIS (PRESIDENT)
  • TIM DAULTON (VICE PRESIDE)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Plan and implement a series of automobile shows in somerset, ky, which will result in promoting a positive image of the community, bring tourism income to the community, and generate commerce within the downtown area. Also assist other non-profit and charitable organizations in raising funds for their purposes.

What it reported doing in 2025

The show continues to increase tourism and visitors to the somerset area and commerce to the downtown somerset area. The increased tourism and visitors result in increased funds available to the organization and for other charitable purposes in the area.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 93% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 86
  • Accountability: 64
  • Sustainability: 45
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 99.3%; rating input score 99
  • Program expense ratio: 93.2%; rating input score 93
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 20th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 93.2%; rating input score 93; 56th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 6.9%; rating input score 51; 51st percentile among comparable filings
  • Total-asset coverage ratio: 0.74; rating input score 33; 33rd percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 29; 29th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 67; 67th percentile among comparable filings

Growth

  • Program expense growth: 4.2% per year; rating input score 100; 47th percentile among comparable filings
  • Revenue growth: 3.5% per year; rating input score 100; 39th percentile among comparable filings
  • Asset growth: 7.2% per year; rating input score 100; 53rd percentile among comparable filings

Details

  • Where the money goes: 99.3% of revenue deployed · 93.2% of spending went to programs
  • Governance: 8 of 8 board members independent · 1 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $285K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 22 of 23 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes grants
  • Filing history: 15 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 5 of 6 not reported.
  • Review — Sustainability: Operating margin scored 51/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 33/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 29/100.