Overview
What is Downtown Somerset Development Corp?
The Downtown Somerset Development Corp, located in Somerset, Kentucky, is a dedicated nonprofit organization with a mission to foster the growth and revitalization of the downtown area. With a modest workforce of two individuals, they are committed to promoting the utilization and development of this region. Their activities primarily revolve around planning and executing programs aimed at enhancing the downtown Somerset area. This nonprofit organization works tirelessly to contribute to the community's development and overall progress.
Is Downtown Somerset Development Corp legitimate?
Downtown Somerset Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Downtown Somerset Development Corp 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.
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What is the mission statement of Downtown Somerset Development Corp?
The Downtown Somerset Development Corp, as stated in its mission, is dedicated to fostering the advancement and usage of the downtown area. Their primary objective is to design and execute a program aimed at revitalizing and developing this sector. This organization's role is to stimulate growth and utilization of the downtown area, contributing to its overall improvement and development.
Who is the CEO of Downtown Somerset Development Corp?
Lisa Compton is the President of Downtown Somerset Development Corp.
What is the revenue of Downtown Somerset Development Corp?
Downtown Somerset Development Corp's revenue in 2022 was $18,509.
Who are the executives of Downtown Somerset Development Corp and what are their salaries?
There are 2 employees and 16 volunteers at Downtown Somerset Development Corp.
Here are 7 key members and their salaries:
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Where can I find the form 990 for Downtown Somerset Development Corp?
Downtown Somerset Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Downtown Somerset Development Corp
Downtown Somerset Development Corp, as a nonprofit organization, is dedicated to promoting the development and utilization of the downtown area in Somerset. Their mission is to plan and implement a program aimed at revitalizing the downtown region, working towards its better utilization and overall improvement. By taking on this role, the corporation seeks to contribute to the enhancement of the local community and its economic growth.
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Impact
August, 2024
Downtown Somerset Development Corp has played a significant role in the revitalization and development of the downtown area in Somerset, Kentucky. Through its strategic planning and implementation efforts, the organization has helped create a vibrant and thriving downtown community. This has led to increased economic activity, job creation, and an overall improvement in the quality of life for residents in Somerset. Additionally, the organization's focus on community improvement has enhanced the overall appeal of the downtown area, making it a more attractive destination for both residents and visitors alike.
This information is meant to be a general summary of Downtown Somerset Development Corp. 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: $73
- Program Service Revenue: $8,600
- Gross Receipts: $31,173
Assets and Liabilities:
- Total Assets: $517,081
- Total Liabilities: $2,345
- Net Assets: $514,736
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Parking Lot Rental
Revenue
$8,600
Organization Details
Phone
(606) 679-8376Principal Officer
Lisa Compton
Main Address
PO Box 683, Somerset, KY, 42502
NTEE Category
Code: S31 - Community improvement
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