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Nonprofit · EIN 31-1064811

DOWNTOWN SOMERSET DEVELOPMENT CORPORATION INC

Tax-exempt · SOMERSET, KY 42502

Financials

$26K$295K2022$28K$30K2023
Revenue Expenses · by fiscal year end
Financials of DOWNTOWN SOMERSET DEVELOPMENT CORPORATION INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
June 30, 2024990-EZ$27,603$30,211-$2,608$229,334$2,344$226,990
June 30, 2023990-EZ$25,743$294,855-$269,112$231,943$2,345$229,598
Financial details: 990-EZ for the year ended June 30, 2024

Revenue

Investment income
$27,203
Other revenue
$400

Expenses

Compensation of officers, directors and key employees
$0
Occupancy
$28,265
Other expenses
$1,946
Program services (functional)
$1,444

Balance sheet and other

Total assets, start of year
$231,943
Total assets, end of year
$229,334
Total liabilities, end of year
$2,344
Net assets, end of year
$226,990
Cash, savings and investments
$104,727
Land and buildings
$118,468
Gross receipts
$27,603

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990-EZ for the year ended June 30, 2024, highest compensation first.

NameTitleHours / weekCompensation
Ben WilburnDirector1$0
Lyndsey GuffeySecretary1$0
Mike HornbackPresident2$0
Willie DickDirector1$0
Carter BlevinsDirector1$0
Lisa ComptonTreasurer2$0
990-EZ for the year ended June 30, 2023: 6 people
NameTitleHours / weekCompensation
Ben WilburnPresident1$0
Lyndsey GuffeySecretary1$0
Mike HornbackVice President1$0
Willie DickDirector1$0
Carter BlevinsDirector1$0
Lisa ComptonTreasurer2$0

Address and contacts

Address (IRS master file)
PO BOX 683, SOMERSET, KY 42502-0683
Mailing address (990-N for 2024)
PO Box 683, Somerset KY 42502
Principal officer (990-N for 2024)
Mike Hornback, PO Box 683, Somerset KY 425020683
Signed the 990-EZ
Mike Hornback, President
Phone
(606) 679-8376
Return prepared by
RANDALL D TURPIN CPA PLLC

Mission

To promote the development and utilization of the downtown Somerset area.

990-EZ for the year ended June 30, 2024

Program accomplishments

  • Planning and implementing a program developing and revitalizing downtown Somerset, Kentucky.
    Expenses $1,444

What it must file and when

IRS records say it files Form 990-N (e-Postcard). Gross receipts normally $50,000 or less. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025June 30, 2026November 16, 2026Not due yet
2024June 30, 2025November 17, 2025990-N on file
2023June 30, 2024November 15, 2024990-EZ on file

File the 2025 990-N for DOWNTOWN SOMERSET DEVELOPMENT CORPORATION INC

Due November 16, 2026 · e-filed with the IRS by 990.tax, an IRS-authorized e-file provider

IRS record

EIN
31-1064811
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (170(b)(1)(A)(vi))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
1983
Accounting year ends
June
Files
Form 990-N (e-Postcard)

Filing history

FormYear endedRevenueExpensesAssetsReturn
990-N for 2024
Officer: Mike Hornback
June 30, 2025≤ $50,000 receipts––e-Postcard
990-EZJune 2024$27,603$30,211$229,334IRS
990-EZJune 2023$25,743$294,855$231,943XML
990June 2022$18,509$12,055$517,081IRS
990June 2021–––IRS
990June 2019–––IRS
990June 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 31-1064811).

Questions about DOWNTOWN SOMERSET DEVELOPMENT CORPORATION INC

What is the EIN of DOWNTOWN SOMERSET DEVELOPMENT CORPORATION INC?
The employer identification number (EIN) of DOWNTOWN SOMERSET DEVELOPMENT CORPORATION INC is 31-1064811.
Is DOWNTOWN SOMERSET DEVELOPMENT CORPORATION INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1983.
Are donations to DOWNTOWN SOMERSET DEVELOPMENT CORPORATION INC tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does DOWNTOWN SOMERSET DEVELOPMENT CORPORATION INC file?
Form 990-N (e-Postcard). Gross receipts normally $50,000 or less.
When is the next return of DOWNTOWN SOMERSET DEVELOPMENT CORPORATION INC due?
The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did DOWNTOWN SOMERSET DEVELOPMENT CORPORATION INC last file with the IRS?
The latest return in the IRS public files is the 990-N for 2024 for the year ended June 30, 2025.
Who is the principal officer of DOWNTOWN SOMERSET DEVELOPMENT CORPORATION INC?
The 990-N for 2024 names Mike Hornback.
Who are the officers and directors of DOWNTOWN SOMERSET DEVELOPMENT CORPORATION INC?
The 990-EZ for the year ended June 30, 2024 lists 6 people; 0 received compensation from the organization.
How much revenue does DOWNTOWN SOMERSET DEVELOPMENT CORPORATION INC have?
On its 990-EZ for the year ended June 30, 2024 it reported revenue of $27,603, expenses of $30,211 and total assets of $229,334 at year end.

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