Somerset Home Ownership Commission Inc
- Assets
- $263.1k
- Revenue
- $50.0
- Investments
- $0.0
- Employees
- 0
- Location
- Somerset, KY
- Founding
- 07/1998
- Data as of
- 12/2022
- EIN
- 31-1540596
Organization Overview
Somerset Home Ownership Commission Inc is located in Somerset, KY. The organization was established in 1998. 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 Home Ownership Commission 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 12/2022, Somerset Home Ownership Commission Inc generated $50.0 in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (54.9%) each year. All expenses for the organization totaled $16.2k during the year ending 12/2022. 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
THE COMMISSION WORKS TO PROVIDE OPPORTUNITITES FOR THE PURCHASE OF AFFORDABLE SINGLE-FAMILY HOUSING AND THE REVITALIZATION OF NEIGHBORHOODS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COMMISSION WORKS TO PROVIDE OPPORTUNITITES FOR THE PURCHASE OF AFFORDABLE SINGLE-FAMILY HOUSING AND THE REVITALIZATION OF NEIGHBORHOODS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ken Hayford President | OfficerTrustee | 2 | $0 |
Barbara Chaney Vice Preside | OfficerTrustee | 2 | $0 |
Frances Smith Secretary/tr | OfficerTrustee | 2 | $0 |
Scarlett Jasper Director | Trustee | 2 | $0 |
Bernice Jones Director | Trustee | 2 | $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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $50 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $105 |
| Fees for services: Accounting | $1,538 |
| 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 | $0 |
| 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 | $11,033 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,875 |
| All other expenses | $0 |
| Total functional expenses | $16,166 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $122,306 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,192 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $91,663 |
| Inventories for sale or use | $43,550 |
| Prepaid expenses and deferred charges | $1,437 |
| 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 | $263,148 |
| Accounts payable and accrued expenses | $5,328 |
| 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 | $201,935 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,641 |
| Total liabilities | $215,904 |
| Net assets without donor restrictions | $47,244 |
| 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 | $263,148 |
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