Somerset Inc

Nonprofit profile at a glance

EIN
251721501
IRS 990 coverage
2019–2024
Forms available
Form 990 2024, Form 990-EZ 2018
Location
Somerset, PA, USA
Phone
8144431748
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Official website

Reported finances

Revenue
$633,368
Expenses
$473,259
Assets
$1,400,137
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

12 people listed

People named in this filing

  • G HENRY COOK (MEMBER)
  • SARAH DEIST (MEMBER)
  • MELANIE EBERLY (SECRETARY)

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

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.

What it reported doing in 2024

1.economic development: in 2024-2025 we spent 340k on economic development projects including the renovation of a historic anchor building, small business grants, home renovations, supporting low income housing, and a feasibility study for a path to somerset lake. These expenses all further the mission of rejuvenating the community center in somerset, pa. 2.promotion: in 2024-2025, somerset, inc. Hosted different events, including fire & ice festival, ignite the night, chalk the block, light up somerset, and the soco farmers market. These activities brought more than 15k people to the sidewalks of somerset throughout the year, furthering the mission of creating a more vibrant community center. 3.in 2024-2025, somerset, inc. Continued to invest in trinity park maintenance to support an ongoing community space and upkeep the appearance of the community, a priority in the revitalization of the town center.

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 100% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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 fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 92
  • Accountability: 82
  • Sustainability: 80
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 66%; rating input score 66
  • Program expense ratio: 85.8%; rating input score 86
  • Fundraising efficiency: $11.85 raised per $1 spent on fundraising; rating input score 43; 43rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 25.3%; rating input score 81; 81st percentile among comparable filings
  • Total-asset coverage ratio: 2.96; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 11.8% per year; rating input score 100; 68th percentile among comparable filings
  • Revenue growth: 20.6% per year; rating input score 100; 86th percentile among comparable filings
  • Asset growth: 30.8% per year; rating input score 100; 91st percentile among comparable filings

Details

  • Where the money goes: 66% of revenue deployed · 85.8% of spending went to programs
  • Governance: 12 of 12 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $406K in reported program spending
  • Leadership: top reported pay $0 · 12 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 43/100.