Somerset Collection Charitable Fdn
- Assets
- $442.7k
- Revenue
- $363.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Troy, MI
- Founding
- 07/2004
- Data as of
- 12/2021
- EIN
- 20-0669940
Organization Overview
Somerset Collection Charitable Fdn is located in Troy, MI. The organization was established in 2004. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somerset Collection Charitable Fdn is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Somerset Collection Charitable Fdn generated $363.0k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.7% each year . All expenses for the organization totaled $218.5k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Somerset Collection Charitable Fdn has awarded 65 individual grants totaling $1,184,241. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION WILL UNDERTAKE NUMEROUS ACTIVITIES TO RAISE FUNDS IN ORDER TO DISTRIBUTE THE NET PROCEEDS TO OTHER TAX-EXEMPT ORGANIZATIONS, PRIMARILY IN THE STATE OF MICHIGAN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATIONS PRIMARY PURPOSE IS TO RAISE MONEY AND DISTRIBUTE THE NET PROCEEDS TO VARIOUS TAX-EXEMPT ORGANIZATIONS. 30 DIFFERENT TAX-EXEMPT ORGANIZATIONS BENEFITED FROM THE NET PROCEEDS OF THE FOUNDATIONS MONEY RAISING EVENTS. DURING 2021 218,523 WAS CONTRIBUTED TO THE 30 TAX-EXEMPT ORGANIZATIONS. THE CONTRIBUTIONS RANGED FROM 100 TO 56,924.
EXPENSES TO PERFORM, MAINTAIN, AND MANAGE EVENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nathan Forbes President | Officer | $0 | |
Sidney Forbes Director | Officer | $0 | |
Linda Mcintosh Ass. Vice Pr | Officer | $0 | |
Andrea O'connor Secretary/tr | Officer | $0 | |
John Myszak Ass. Vice Pr | Officer | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $175 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $362,798 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $362,973 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $218,523 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $20 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $218,543 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $442,727 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $442,727 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $442,727 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $442,727 |
Grants Awarded
Over the last fiscal year, Somerset Collection Charitable Fdn has awarded $218,523 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
Detroit, MI PURPOSE: DONATION | $56,924 |
VARIOUS DONATIONS LESS THAN 5001 PURPOSE: DONATIONS | $47,492 |
DETROIT PUBLIC THEATRE PURPOSE: DONATION | $25,000 |
SAY DETROIT PURPOSE: DONATION | $20,000 |
Detroit, MI PURPOSE: DONATION | $16,666 |
PEWABIC POTTERY ART INSTITUTE PURPOSE: DONATION | $15,691 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Cincinnati Foundation Cincinnati, OH | $616,325,698 | $119,970,948 |
Thedacare Family Of Foundations Inc Appleton, WI | $89,256,611 | $25,439,996 |
Johnson Charitable Gift Fund Cincinnati, OH | $240,192,248 | $106,272,377 |
Young Mens Christian Association Of Greater Cincinnati Cincinnati, OH | $89,901,831 | $29,563,808 |
Independent Charitable Gift Fund Hudson, OH | $203,452,465 | $150,370,213 |
Communtiy Foundation Of The Holland Zeeland Area Holland, MI | $102,848,837 | $16,439,772 |
Comerica Charitable Tr Detroit, MI | $75,789,432 | $13,296,605 |
New Albany Community Foundation New Albany, OH | $19,894,351 | $7,914,986 |
Porter County Government Charitable Nonprofit Foundation Inc Valparaiso, IN | $195,277,590 | $7,720,193 |
The Wayne And Joan Webber Foundation Clinton Township, MI | $34,958,708 | $9,275,748 |
United Way Of Greater Stark County Inc Canton, OH | $15,976,372 | $6,358,831 |
Steve Stricker American Family Insurance Foundation Inc Madison, WI | $5,745,517 | $4,719,862 |