Somerset Foundation Inc
- Assets
- $1.6m
- Revenue
- $128.6k
- Investments
- $1.5m
- Employees
- 0
- Location
- Atlanta, GA
- Founding
- 04/1998
- Data as of
- 12/2021
- EIN
- 58-2360568
Organization Overview
Somerset Foundation Inc is located in Atlanta, GA. The organization was established in 1998. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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 Foundation 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 Foundation Inc generated $128.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $198.5k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Somerset Foundation Inc has awarded 106 individual grants totaling $840,000. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frances S Davis CEO | 0 | $0 | |
Mary Virginia Davis Secretary | 0 | $0 | |
Robert Bryan Davis CFO | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $82,735 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $45,883 |
| Capital Gain Net Income | $45,883 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $128,618 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $1,112 |
| Total operating and administrative expenses | $18,476 |
| Contributions, gifts, grants paid | $180,000 |
| Total expenses and disbursements | $198,476 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $63,733 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,590,174 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Somerset Foundation Inc has awarded $180,000 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
ATLANTA YOUTH ACADEMY PURPOSE: CHARITABLE CONTRIBUTION | $22,000 |
Atlanta, GA PURPOSE: CHARITABLE CONTRIBUTION | $20,000 |
STAR-C COMMUNITIES PURPOSE: CHARITABLE CONTRIBUTION | $17,000 |
Atlanta, GA PURPOSE: CHARITABLE CONTRIBUTION | $15,000 |
RONALD MCDONALD HOUSE PURPOSE: CHARITABLE CONTRIBUTION | $15,000 |
ARIS THEATRE PURPOSE: CHARTIABLE CONTRIBUTION | $13,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Trousdale Foundation Inc Cleveland, TN | $157,578,588 | $76,137,385 |
The United Methodist Retirement Homes Inc Durham, NC | $351,992,425 | $85,120,969 |
The Murray & Sydell Rosenberg Foundation Inc Atlanta, GA | $5,561,714 | $74,985,544 |
Joseph B Whitehead Foundation Atlanta, GA | $148,285,590 | $58,163,845 |
Emergency Assistance Foundation Inc West Palm Beach, FL | $75,784,415 | $87,494,207 |
Winshape Foundation Inc Atlanta, GA | $1,733,664,901 | $22,099,572 |
A Good Name Foundation Inc Atlanta, GA | $709,299,721 | $33,917,740 |
Jane Woodruff Foundation Inc Atlanta, GA | $0 | $54,999,988 |
Truist Foundation Inc Orlando, FL | $535,253,915 | $119,578,224 |
Ups Foundation Inc Atlanta, GA | $8,317,427 | $54,799,163 |
Leslie L Alexander Foundation Delray Beach, FL | $372,501,228 | $8,282,313 |
Dogwood Health Trust Asheville, NC | $1,386,374,836 | $630,200,598 |