Somercor 504 Inc
- Assets
- $3.0m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 28
- Location
- Chicago, IL
- Founding
- 06/1994
- Data as of
- 09/2021
- EIN
- 36-3837330
Organization Overview
Somercor 504 Inc is located in Chicago, IL. The organization was established in 1994. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2021, Somercor 504 Inc employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somercor 504 Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2021, Somercor 504 Inc generated $5.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (3.4%) each year. All expenses for the organization totaled $5.3m during the year ending 09/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Somercor 504 Inc has awarded 866 individual grants totaling $12,540,000. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ORIGINATE SBA 504 LOANS AND FOSTER ECONOMIC DEVELOPMENT IN THE STATE OF ILLINOIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADMINISTER ILLINOIS DEPARTMENT OF COMMERCE AND ECONOMIC OPPORTUNITY BUSINESS INTERRUPTION GRANT PROGRAM TO SMALL BUSINESSES
PROVIDE FINANCING ASSISTANCE FOR SMALL BUSINESSES, ADMINISTER CITY OF CHICAGO GRANT PROGRAMS AND OTHER ECONOMIC DEVELOPMENT ACTIVITIES.
THE ORGANIZATION WAS GRANTED AUTHORITY TO PARTICIPATE IN THE SBA COMMUNITY ADVANTAGE PROGRAM. THE PROGRAM ALLOWS CERTIFIED DEVELOPMENT COMPANIES ("CDC'S") TO FUND COMMUNITY ADVANTAGE LOANS BETWEEN $50,000 AND $250,000. AT LEAST 60% OF THE LOANS DISTRIBUTED ARE REQUIRED TO BE IN UNDERSERVED MARKETS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Comiskey Executive Vice President | Officer | 40 | $328,455 |
Manuel Flores President | Officer | 40 | $316,000 |
Milan Maslic Executive Vice President | Officer | 40 | $234,705 |
David Sommers Executive Vice President | Officer | 40 | $199,225 |
Eric Bacon Vice President | Officer | 40 | $167,982 |
Debra Morack Vice President | Officer | 40 | $145,480 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $246,580 |
| All other contributions, gifts, grants, and similar amounts not included above | $731,690 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $978,270 |
| Total Program Service Revenue | $4,385,499 |
| Investment income | $116,268 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $18,000 |
| 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 | $5,498,037 |
| 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. | $1,632,012 |
| Compensation of current officers, directors, key employees. | $574,161 |
| Compensation to disqualified persons | $1,738,355 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $131,930 |
| Other employee benefits | $149,273 |
| Payroll taxes | $209,759 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $170,914 |
| Fees for services: Accounting | $170,860 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $34,505 |
| Advertising and promotion | $65,228 |
| Office expenses | $119,944 |
| Information technology | $165,358 |
| Royalties | $0 |
| Occupancy | $299,214 |
| Travel | $55,458 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,902 |
| Interest | $15,690 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,902 |
| Insurance | $73,334 |
| All other expenses | $0 |
| Total functional expenses | $5,281,761 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,062,953 |
| Savings and temporary cash investments | $306,219 |
| Pledges and grants receivable | $172,728 |
| Accounts receivable, net | $173,919 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $44,337 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $203,481 |
| Net Land, buildings, and equipment | $48,584 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,500 |
| Total assets | $3,029,721 |
| Accounts payable and accrued expenses | $892,868 |
| Grants payable | $0 |
| Deferred revenue | $227,500 |
| 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 | $254,089 |
| Total liabilities | $1,374,457 |
| Net assets without donor restrictions | $1,655,264 |
| 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 | $3,029,721 |
Grants Awarded
Over the last fiscal year, Somercor 504 Inc has awarded $12,540,000 in support to 866 organizations.
| Grant Recipient | Amount |
|---|---|
ASIL SL TWO LLC PURPOSE: ECONOMIC RELIEF FOR SMALL BUSINESSES HIT HARDEST BY COVID-19 | $20,000 |
ATHLETES IN ACTION LLC PURPOSE: ECONOMIC RELIEF FOR SMALL BUSINESSES HIT HARDEST BY COVID-19 | $20,000 |
Jacksonville, IL PURPOSE: ECONOMIC RELIEF FOR SMALL BUSINESSES HIT HARDEST BY COVID-19 | $20,000 |
DEGERBERG ACADEMY OF MARTIAL ARTS INC PURPOSE: ECONOMIC RELIEF FOR SMALL BUSINESSES HIT HARDEST BY COVID-19 | $20,000 |
C&Z FIT II LLC PURPOSE: ECONOMIC RELIEF FOR SMALL BUSINESSES HIT HARDEST BY COVID-19 | $20,000 |
BARRE BURLA LLC PURPOSE: ECONOMIC RELIEF FOR SMALL BUSINESSES HIT HARDEST BY COVID-19 | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Midway Airlines Terminal Consortium Chicago, IL | $5,016,144 | $16,801,841 |
Julie Inc Joliet, IL | $17,181,914 | $10,586,687 |
International Accreditation Service Inc Country Club Hills, IL | $30,369,423 | $13,023,651 |
Better Business Bureau Of Chicago And Northern Illinois Inc Chicago, IL | $9,345,951 | $7,242,725 |
Somercor 504 Inc Chicago, IL | $3,029,721 | $5,498,037 |
Chicago Minority Supplier Development Council Inc Chicago, IL | $1,146,742 | $3,861,380 |
Sdco 2121 Belmont Inc Chicago, IL | $50,394,223 | $3,094,881 |
American Academy Of Emergency Medicine Inc Milwaukee, WI | $5,226,963 | $3,404,237 |
Better Business Bureau Of Wisconsin Inc Milwaukee, WI | $5,171,220 | $3,579,852 |
Financial & Insurance Conference Professionals Chicago, IL | $5,858,048 | $2,460,356 |
Surplus Line Association Of Illinois Chicago, IL | $9,048,277 | $3,089,072 |
American Alliance Of Orthopaedic Executives Inc Indianapolis, IN | $1,277,728 | $2,372,301 |