Sommerset Place
- Assets
- $376.7k
- Revenue
- $308.4k
- Investments
- $0.0
- Employees
- 1
- Location
- Auburn, KS
- Founding
- 12/1974
- Data as of
- 05/2020
- EIN
- 48-0797672
Organization Overview
Sommerset Place is located in Auburn, KS. The organization was established in 1974. 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. Sommerset Place 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 05/2020, Sommerset Place generated $308.4k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $304.7k during the year ending 05/2020. As we would expect to see with falling revenues, expenses have declined by (0.4%) 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MULTIFAMILY LOW INCOME HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES THE LOCAL COMMUNITY WITH DECENT AND SAFE LOW INCOME HOUSING IN A SIXTY UNIT COMPLEX
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paula Brozek President | OfficerTrustee | 1 | $0 |
Jeff Keller Vice President | OfficerTrustee | 0 | $0 |
Jerry Esfield Treasurer | OfficerTrustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $9 |
| 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 | $308,441 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $45,329 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,486 |
| Payroll taxes | $0 |
| Fees for services: Management | $20,720 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $732 |
| Office expenses | $2,675 |
| 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 | $11,946 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,188 |
| Insurance | $29,683 |
| All other expenses | $0 |
| Total functional expenses | $304,673 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $156 |
| Savings and temporary cash investments | $26,307 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $95 |
| 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 | $10,067 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $376,707 |
| Accounts payable and accrued expenses | $11,631 |
| 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 | $193,438 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $60,421 |
| Total liabilities | $265,490 |
| Net assets without donor restrictions | $0 |
| 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 | $111,217 |
| Total liabilities and net assets/fund balances | $111,217 |