Somerset Collection Charitable Fdn
- Assets
- $554.4k
- Revenue
- $337.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Troy, MI
- Founding
- 07/2004
- Data as of
- 12/2022
- 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 12/2022, Somerset Collection Charitable Fdn generated $337.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $225.7k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Somerset Collection Charitable Fdn has awarded 77 individual grants totaling $1,502,313. 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
2022
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. 35 DIFFERENT TAX-EXEMPT ORGANIZATIONS BENEFITED FROM THE NET PROCEEDS OF THE FOUNDATIONS MONEY RAISING EVENTS. DURING 2022 224,331 WAS CONTRIBUTED TO THE 35 TAX-EXEMPT ORGANIZATIONS. THE CONTRIBUTIONS RANGED FROM 250 TO 65,380.
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 | |
Kathryn Millea Ass. Vice Pr | Officer | $0 | |
Andrea O'connor Secretary/tr | 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 | $0 |
| 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 | $337,320 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $337,320 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $224,331 |
| 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 | $1,339 |
| 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 | $225,690 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $554,357 |
| 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 | $554,357 |
| 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 | $554,357 |
| 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 | $554,357 |
Grants Awarded
Over the last fiscal year, Somerset Collection Charitable Fdn has awarded $224,331 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
COTS DETROIT PURPOSE: DONATION | $6,000 |
CROSSROADS OF MICHIGAN PURPOSE: DONATION | $6,000 |
DETROIT HISTORICAL SOCIETY PURPOSE: DONATION | $65,380 |
DETROIT PUBLIC THEATRE PURPOSE: DONATION | $20,000 |
HAVEN FOUNDATION PURPOSE: DONATION | $6,000 |
FLEECE & THANK YOU PURPOSE: DONATION | $8,790 |