Form 990 for tax year 2023
Filed by SOMERSET ECONOMIC DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $551,464
- Total expenses
- $556,851
- Contributions and grants received
- $486,715
- Grants paid
- $0
- Program service revenue
- $1,120
- Investment income
- $62,029
- Other revenue
- $1,600
- Total assets, end of year
- $3,234,142
- Total liabilities, end of year
- $1,610,410
- Net assets or fund balances, end of year
- $1,623,732
- Program services expenses (Part IX)
- $340,903
- Management and general expenses
- $215,948
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $340,903
Program services were 61.2% 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.
-
1e · Government grants (contributions)
$113,290
-
1f · All other contributions, gifts and grants
$373,425
-
2a · Program service revenue: LOAN ADMINISTRATION
total $1,120 · related or exempt $1,120
-
3 · Investment income
total $62,029 · related or exempt $44,459 · excluded $17,570
-
11a · Other revenue: WOOD DRYER INCOME
total $1,600 · related or exempt $1,600
-
11e · Other revenue, total
$1,600
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $90,800 · program services $25,000 · management and general $65,800
-
7 · Other salaries and wages
total $11,469 · management and general $11,469
-
10 · Payroll taxes
total $7,908 · program services $1,898 · management and general $6,010
-
11b · Fees: legal
total $250 · management and general $250
-
11c · Fees: accounting
total $1,200 · management and general $1,200
-
11g · Fees: other
total $73,784 · management and general $73,784
-
12 · Advertising and promotion
total $26,021 · management and general $26,021
-
13 · Office expenses
total $60,031 · program services $59,708 · management and general $323
-
14 · Information technology
total $4,168 · management and general $4,168
-
17 · Travel
total $4,113 · management and general $4,113
-
20 · Interest
total $3,000 · program services $3,000
-
22 · Depreciation, depletion and amortization
total $197,968 · program services $197,968
-
23 · Insurance
total $3,678 · management and general $3,678
-
24a · Other expenses: PROGRAM - IT EXCHANGE
total $51,280 · program services $51,280
-
24b · Other expenses: REPAIRS AND MAINTENANCE
total $16,200 · management and general $16,200
-
24c · Other expenses: MISCELLANEOUS
total $1,971 · management and general $1,971
-
24d · Other expenses: COMMUNITY EVENT
total $1,581 · program services $1,581
-
24e · All other expenses
total $1,429 · program services $468 · management and general $961
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,096,774 · end of year $1,294,627
-
2 · Savings and temporary cash investments
beginning of year $32,811 · end of year $32,909
-
7 · Other notes and loans receivable
beginning of year $1,344,104 · end of year $1,393,121
-
10a · Land, buildings and equipment: cost or other basis
$730,735
-
10b · Land, buildings and equipment: accumulated depreciation
$217,250
-
10c · Land, buildings and equipment, net
beginning of year $674,330 · end of year $513,485
-
17 · Accounts payable and accrued expenses
beginning of year $12,400 · end of year $210
-
18 · Grants payable
beginning of year $5,500 · end of year $4,200
-
24 · Unsecured notes and loans payable
beginning of year $1,500,000 · end of year $1,605,000
-
25 · Other liabilities
beginning of year $1,000 · end of year $1,000
-
27 · Net assets without donor restrictions
beginning of year $1,629,119 · end of year $1,623,732
Mission and programs · 2023
Mission
TO ASSIST COUNTY BUSINESSES AND LOCAL GOVERNMENTS IN ACCESSING ECONOMIC ASSISTANCE, GRANTS AND LOANS FOR JOB GROWTH AND RETENTION. PROMOTE ECNOMIC DEVELOPMENT TO 400 +/- CLIENTS.
-
TO ASSIST COUNTY BUSINESSES AND LOCAL GOVERNMENTS IN ACCESSING ECONOMIC ASSISTANCE, GRANTS AND LOANS FOR JOB GROWTH AND RETENTION. PROMOTE ECONOMIC DEVELOPMENT TO 400 +/- CLIENTS.
Expenses $340,903 · Revenue $47,179
As filed on the 2023 return.
Listed in Part VII
-
Vicki AlwardVICKI ALWARD
TREASURER
- Total calculated
- $0
- Hours/week
- 0.25
-
Tim CurtisTIM CURTIS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Destiny DemoDESTINY DEMO
PRESIDENT
- Total calculated
- $0
- Hours/week
- 0.25
-
Michelle FlewellingMICHELLE FLEWELLING
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Jeff HewettJEFF HEWETT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Sam HightSAM HIGHT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Ernie HiltonERNIE HILTON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Jeff McGownJEFF MCGOWN
PAST PRESIDENT
- Total calculated
- $0
- Hours/week
- 0.25
-
Kathryn RuthKATHRYN RUTH
SECRETARY
- Total calculated
- $0
- Hours/week
- 0.25
-
Don SkillingsDON SKILLINGS
VICE PRESIDENT
- Total calculated
- $0
- Hours/week
- 0.25
-
Steve StewardSTEVE STEWARD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Russell WaltersRUSSELL WALTERS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Larry WarrenLARRY WARREN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Dick WiletteDICK WILETTE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
David DorrDAVID DORR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Joel StetkisJOEL STETKIS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Christian SavageCHRISTIAN SAVAGE
EXECUTIVE DIRECTOR
- Total calculated
- $90,800
- From this org
- $90,800
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
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.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 8 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202443139349302644
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.