Somerset Place Association Inc Co … - Form 990 Financial Data

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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

1973

Legal Domicile

Principal Officer

Brandan Harmon

Phone

8668443933

Tax Period

2023-01-01 to 2023-12-31

Somerset Place Association Inc Co Goodwin & Company, founded in 1973, is a small nonprofit in the Housing & Shelter sector that reported $911K in total revenue in fiscal year 2023. Revenue surged 47% from the prior year, signaling strong growth momentum. The organization ran a surplus of $362K, a strong 40% operating margin.

Mission

PROVIDE MAINTENANCE, PRESERVATION AND ARCHITECTUAL CONTROL OF THE RESIDENCE LOTS

Program Service Accomplishments

Program 1

Expenses: $534,122

To provide for maintenance, preservation and architecual control of the residence lots and common area, and to promote health, safety, and welfare of the residents within the property

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $865,920

Investment Income $29,471

Other Revenue $15,380

TOTAL REVENUE $910,771

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $534,122

Other Expenses $549,234

TOTAL EXPENSES $549,234

Year-over-Year Comparison

	2023	2022	Change
Revenue	$910,771	$619,493	+0.5%
Expenses	$549,234	$592,063	-0.1%
Net Income	$361,537	$27,430	+12.2%

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

N/A

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
Becky Cummings	President	2.00	Officer Director	$0	$0	$0
Alex Cornelio	Vice President	2.00	Officer Director	$0	$0	$0
John Parker	Vice President	2.00	Officer Director	$0	$0	$0
Yichieh Chang	Treasurer	2.00	Officer Director	$0	$0	$0
Ross Prior	Secretary	2.00	Officer 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
2024	No data	No data	No data	No data
2023	$910,771	$549,234	$745,605	$361,537
2022	$619,493	$592,063	$389,541	$27,430
2022	$619,493	$592,063	$389,541	$27,430
2021	$610,603	$601,233	$356,367	$9,370
2020	$711,951	$1,374,340	$354,618	$-662,389
2019	$654,443	$1,404,634	$92,163	$-750,191
2018	$611,541	$1,239,255	$220,469	$-627,714

Somerset Place Association Inc Co Goodwin & Company