Overview
What is Somerset Lane Inc?
Somerset Lane Inc is a nonprofit organization situated in Columbus, Ohio, with a specific focus on providing housing solutions for the elderly and handicapped. They own an apartment complex, funded under Section 202 of the National Housing Act. This initiative aims to offer affordable and supportive living spaces for individuals in need. The organization receives rent supplements from the Department of Housing and Urban Development (HUD) to ensure the continued provision of essential services. With a modest workforce of two employees, Somerset Lane Inc is dedicated to enhancing the quality of life for its residents.
Is Somerset Lane Inc legitimate?
Somerset Lane Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Somerset Lane Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $76,096
For more financial information, click here
What is the mission statement of Somerset Lane Inc?
Somerset Lane Inc, as a nonprofit organization, is dedicated to providing housing solutions for the elderly and handicapped. It achieves this by owning an apartment complex under Section 202 of the National Housing Act. The organization's primary objective is to offer a living space that caters to the specific needs of this demographic. This is supported by rent supplements received from HUD. The mission of Somerset Lane Inc is to enhance the quality of life for its residents by providing a safe and accessible living environment.
Who is the CEO of Somerset Lane Inc?
William Moorhead is the President of Somerset Lane Inc.
What is the revenue of Somerset Lane Inc?
Somerset Lane Inc's revenue in 2022 was $413,348.
Who are the executives of Somerset Lane Inc and what are their salaries?
The average compensation at Somerset Lane Inc during 2022 was $38,048. There are 2 employees and 1 volunteer at Somerset Lane Inc.
Here are 2 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Somerset Lane Inc?
Somerset Lane Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Somerset Lane Inc
Somerset Lane Inc, as a nonprofit organization, is dedicated to providing housing solutions for the elderly and handicapped. Its mission is uniquely centered around owning an apartment complex under Section 202 of the National Housing Act. This section of the act is specifically designed to support such housing initiatives, and Somerset Lane Inc has taken advantage of this to offer a safe and supportive living environment for its residents. The organization receives rent supplements from HUD, ensuring that eligible individuals can afford to reside in the complex. By providing housing solutions for this vulnerable population, Somerset Lane Inc is contributing significantly to their quality of life and overall well-being.
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Impact
October, 2024
Somerset Lane Inc significantly impacts the community by providing safe and affordable housing options for elderly and handicapped individuals in Columbus, Ohio. By owning and managing an apartment complex under Section 202 of the National Housing Act, the organization caters to the specific needs of these vulnerable populations, ensuring they have access to secure living arrangements.
The incorporation of rent supplements from HUD allows Somerset Lane Inc to maintain affordable rental rates, alleviating financial strains on residents. This support enables elderly and handicapped individuals to live independently while promoting a sense of community and belonging. Overall, Somerset Lane Inc plays a crucial role in enhancing the quality of life for its residents by offering not just shelter, but a supportive environment tailored to their unique needs.
This information is meant to be a general summary of Somerset Lane Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $165
- Program Service Revenue: $413,183
- Gross Receipts: $413,348
Assets and Liabilities:
- Total Assets: $730,873
- Total Liabilities: $1,359,109
- Net Assets: -$628,236
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rent Supplements - HUD
Revenue
$257,883
Tenant Rent Income
Revenue
$155,300
Organization Details
Founding Year
1985
Phone
(614) 818-4640Principal Officer
William Moorhead
Main Address
2700 E Dublin-Granville Rd, Columbus, OH, 43231
NTEE Category
Code: L21 - Housing
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