Downtown Somerset Development Corporation Inc
- Assets
- $517.1k
- Revenue
- $18.5k
- Investments
- $0.0
- Employees
- 2
- Location
- Somerset, KY
- Founding
- 07/1983
- Data as of
- 06/2022
- EIN
- 31-1064811
Organization Overview
Downtown Somerset Development Corporation Inc is located in Somerset, KY. The organization was established in 1983. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Downtown Somerset Development Corporation Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downtown Somerset Development Corporation Inc 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 06/2022, Downtown Somerset Development Corporation Inc generated $18.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (20.0%) each year. All expenses for the organization totaled $12.1k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (31.1%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE DEVELOPMENT AND UTILIZATION OF THE DOWNTOWN SOMERSET AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PLANNING AND IMPLEMENTING A PROGRAM DEVELOPING AND REVITALIZING DOWNTOWN SOMERSET, KENTUCKY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris George President | Trustee | 2 | $0 |
Ben Wilburn Vice President | Trustee | 1 | $0 |
Lyndsey Guffey Secretary | Trustee | 1 | $0 |
Mike Hornback Director | Trustee | 1 | $0 |
Willie Dick Director | Trustee | 1 | $0 |
Carter Blevins Director | Trustee | 1 | $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 | $8,600 |
| Investment income | $73 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,836 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,509 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,000 |
| 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 | $229 |
| 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 | $870 |
| All other expenses | $36 |
| Total functional expenses | $12,055 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $41,387 |
| Savings and temporary cash investments | $72,952 |
| 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 | $5,639 |
| Net Land, buildings, and equipment | $396,603 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $500 |
| Total assets | $517,081 |
| Accounts payable and accrued expenses | $2,344 |
| 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 | $1 |
| Total liabilities | $2,345 |
| Net assets without donor restrictions | $514,736 |
| 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 | $517,081 |