SOMERNITES CRUISE INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2005

Legal Domicile

Principal Officer

KEITH FLOYD

Phone

6068722277

Tax Period

2025-01-01 to 2025-12-31

SOMERNITES CRUISE INC, founded in 2005, is a small nonprofit in the Community Improvement sector that reported $329K in total revenue in fiscal year 2025. Revenue grew 19% year-over-year, indicating healthy expansion. Expenses of $306K left a modest 7% surplus.

Mission

PLAN AND IMPLEMENT A SERIES OF AUTOMOBILE SHOWS IN SOMERSET, KY, WHICH WILL RESULT IN PROMOTING A POSITIVE IMAGE OF THE COMMUNITY, BRING TOURISM INCOME TO THE COMMUNITY, AND GENERATE COMMERCE WITHIN THE DOWNTOWN AREA. ALSO ASSIST OTHER NON-PROFIT AND CHARITABLE ORGANIZATIONS IN RAISING FUNDS FOR THEIR PURPOSES.

Program Service Accomplishments

Program 1

Expenses: $285,461 Revenue: $112,180

THE SHOW CONTINUES TO INCREASE TOURISM AND VISITORS TO THE SOMERSET AREA AND COMMERCE TO THE DOWNTOWN SOMERSET AREA. THE INCREASED TOURISM AND VISITORS RESULT IN INCREASED FUNDS AVAILABLE TO THE...

THE SHOW CONTINUES TO INCREASE TOURISM AND VISITORS TO THE SOMERSET AREA AND COMMERCE TO THE DOWNTOWN SOMERSET AREA. THE INCREASED TOURISM AND VISITORS RESULT IN INCREASED FUNDS AVAILABLE TO THE ORGANIZATION AND FOR OTHER CHARITABLE PURPOSES IN THE AREA.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $56,299

Program Service Revenue $112,180

Investment Income $0

Other Revenue $160,469

TOTAL REVENUE $328,948

Expense Breakdown

Grants Paid $19,913

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $285,461

Other Expenses $286,356

TOTAL EXPENSES $306,269

Year-over-Year Comparison

	2025	2024	Change
Revenue	$328,948	$277,102	+0.2%
Expenses	$306,269	$274,068	+0.1%
Net Income	$22,679	$3,034	+6.5%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KEITH FLOYD	EXECUTIVE DI	10.00	Director	$0	$0	$0
JIM HARRIS	PRESIDENT	1.00	Officer Director	$0	$0	$0
TIM DAULTON	VICE PRESIDE	1.00	Officer Director	$0	$0	$0
PATTY BURNS	SECRETARY/TR	1.00	Officer Director	$0	$0	$0
CARTER BLEVINS	DIRECTOR	1.00	Director	$0	$0	$0
PHILLIP GODSEY	DIRECTOR	1.00	Director	$0	$0	$0
LESA HUDSON	DIRECTOR	1.00	Director	$0	$0	$0
RANDY THOMPSON	DIRECTOR	1.00	Director	$0	$0	$0
ORWIN KUHNAPFEL	DIRECTOR	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$328,948	$306,269	$226,791	$22,679
2024	$277,102	$274,068	$202,393	$3,034
2023	$209,516	$268,280	$191,740	$-58,764
2022	$274,421	$302,108	$250,504	$-27,687
2021	$306,421	$214,893	$278,191	$91,528
2020	$217,458	$194,643	$186,663	$22,815
2019	$218,566	$216,925	$163,848	$1,641
2018	$176,143	$217,563	$162,207	$-41,420