Somerset Court Apartments Inc
- Assets
- $872.5k
- Revenue
- $286.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Christiansburg, VA
- Founding
- 10/2015
- Data as of
- 12/2021
- EIN
- 37-1746430
Organization Overview
Somerset Court Apartments Inc is located in Christiansburg, VA. The organization was established in 2015. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somerset Court Apartments 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 12/2021, Somerset Court Apartments Inc generated $286.1k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $305.0k during the year ending 12/2021. While expenses have increased by 1.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
LOW INCOME HOUSING
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATED A 48 UNIT APARTMENT COMPLEX LOCATED IN WILSON, NORTH CAROLINA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janaka Casper Chief Executive Officer | Officer | 1 | $0 |
Andy Hall Chief Operations Officer | Officer | 1 | $0 |
Jeffrey K Reed President/treasurer | Officer | 1 | $0 |
Doug Thompson Member | Trustee | 1 | $0 |
John Randolph Member | Trustee | 1 | $0 |
Freddy Paige Member | 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 | $285,770 |
| Investment income | $287 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $286,057 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $55,481 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $11,713 |
| Payroll taxes | $4,050 |
| Fees for services: Management | $20,720 |
| Fees for services: Legal | $1,776 |
| Fees for services: Accounting | $5,279 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $217 |
| Office expenses | $5,839 |
| 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 | $15,469 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $87,262 |
| Insurance | $11,809 |
| All other expenses | $309 |
| Total functional expenses | $304,957 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,517 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,776 |
| 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 | $6,028 |
| Net Land, buildings, and equipment | $669,287 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $166,869 |
| Total assets | $872,477 |
| Accounts payable and accrued expenses | $5,821 |
| Grants payable | $0 |
| Deferred revenue | $12,125 |
| 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 | $883,556 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $296,559 |
| Total liabilities | $1,198,061 |
| Net assets without donor restrictions | -$325,584 |
| 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 | $872,477 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Housing Partners Corporation Christiansburg, VA | $210,530,324 | $87,907,515 |
Enterprise Community Development Inc Columbia, MD | $150,433,261 | $43,987,858 |
Skill Creations Inc Goldsboro, NC | $13,834,048 | $44,435,808 |
Renewal Housing Inc North Bethesda, MD | $14,557,789 | $3,551,240 |
Habitat For Humanity International Inc Raleigh, NC | $48,704,094 | $32,190,331 |
Montage Living Charlotte, NC | $133,680,991 | $23,940,845 |
Washington Housing Conservancy Inc Washington, DC | $420,260,184 | $21,973,797 |
Ahc Inc Arlington, VA | $252,147,992 | $33,394,070 |
Habitat For Humanity International Inc Charlotte, NC | $71,967,554 | $27,686,341 |
Frontline Community Services Inc Beltsville, MD | $6,957,560 | $20,985,182 |
Montgomery Housing Partnership Inc Silver Spring, MD | $117,127,971 | $17,924,784 |
Enterprise Community Loan Fund Inc Columbia, MD | $332,804,742 | $25,996,753 |