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Nonprofiteer
← SOMERSET VILLAS INC

Form 990 for tax year 2023

Filed by SOMERSET VILLAS INC.

Totals

Total revenue
$1,262,399
Total expenses
$1,386,422
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,257,108
Investment income
$181
Other revenue
$5,110
Total assets, end of year
$2,673,924
Total liabilities, end of year
$5,489,780
Net assets or fund balances, end of year
-$2,815,856
Program services expenses (Part IX)
$1,309,353
Management and general expenses
$77,069
Fundraising expenses
$0
Program service expenses (Part III)
$1,309,353

Program services were 94.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: RENTAL INCOME

    total $1,257,108 · related or exempt $1,257,108

  • 3 · Investment income

    total $181 · excluded $181

  • 11a · Other revenue: OTHER REVENUE

    total $5,110 · related or exempt $5,110

  • 11e · Other revenue, total

    $5,110

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $231,128 · program services $231,128

  • 9 · Other employee benefits

    total $27,770 · program services $27,770

  • 10 · Payroll taxes

    total $13,357 · program services $13,357

  • 11a · Fees: management

    total $55,617 · management and general $55,617

  • 11b · Fees: legal

    total $975 · management and general $975

  • 11c · Fees: accounting

    total $17,840 · management and general $17,840

  • 13 · Office expenses

    total $52,743 · program services $50,106 · management and general $2,637

  • 16 · Occupancy

    total $106,420 · program services $106,420

  • 20 · Interest

    total $238,430 · program services $238,430

  • 22 · Depreciation, depletion and amortization

    total $240,628 · program services $240,628

  • 23 · Insurance

    total $128,892 · program services $128,892

  • 24a · Other expenses: SECURITY/PAYROLL/CONTRACT

    total $133,087 · program services $133,087

  • 24b · Other expenses: CONTRACTS

    total $60,756 · program services $60,756

  • 24c · Other expenses: SUPPLIES

    total $42,068 · program services $42,068

  • 24d · Other expenses: GARBAGE AND TRASH REMOVAL

    total $19,876 · program services $19,876

  • 24e · All other expenses

    total $16,835 · program services $16,835

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $117,510 · end of year $80,237

  • 2 · Savings and temporary cash investments

    beginning of year $394,402 · end of year $391,163

  • 4 · Accounts receivable

    beginning of year $4,486 · end of year $11,523

  • 9 · Prepaid expenses and deferred charges

    beginning of year $13,218 · end of year $12,382

  • 10a · Land, buildings and equipment: cost or other basis

    $8,787,584

  • 10b · Land, buildings and equipment: accumulated depreciation

    $7,086,078

  • 10c · Land, buildings and equipment, net

    beginning of year $1,925,059 · end of year $1,701,506

  • 15 · Other assets

    beginning of year $478,421 · end of year $477,113

  • 17 · Accounts payable and accrued expenses

    beginning of year $160,543 · end of year $142,319

  • 19 · Deferred revenue

    beginning of year $4,488 · end of year $9,000

  • 23 · Secured mortgages and notes payable

    beginning of year $5,438,489 · end of year $5,318,360

  • 25 · Other liabilities

    beginning of year $21,409 · end of year $20,101

  • 27 · Net assets without donor restrictions

    beginning of year -$2,691,833 · end of year -$2,815,856

Mission and programs · 2023

Mission

TO PROVIDE LOW-INCOME HOUSING TO THE ELDERLY.

  • PROVIDES 100 UNITS OF LOW-INCOME HOUSING TO THE ELDERLY. THIS IS THE PROGRAM FOR WHICH THE ORGANIZATION WAS ESTABLISHED AND TAX-EXEMPT STATUS GRANTED BY THE INTERNAL REVENUE SERVICE.

    Expenses $1,309,353 · Revenue $1,257,108

As filed on the 2023 return.

Listed in Part VII

  • David Gonzalez

    PROPERTY MAN

    Total calculated
    $182,062
    From this org
    $0
    From related orgs
    $182,062
    Other
    $0
    Hours/week
    5 + 30 related

    Schedule J breakdown matched by us

    Base
    not reported + $182,062 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported + $182,062 related

  • Rafael Porrata-Doria Jr Esq

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Gina Chapman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.0
Source object
202413119349302076

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