Somerset Villas Inc

Analysis

Somerset Villas Inc is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in September 1989, 37 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Somerset Villas Inc reported income of $1.3m and spending of $1.4m, spending 110% of what it took in. Across the 6 years on record, from June 2019 to June 2024, income grew from $1.1m to $1.3m (+15%), an average of +2.8% a year. Over the whole period it spent 107% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Somerset Villas Inc sits at the 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 80th percentile within PA. Charities of a similar size with the same main cause include Casita Park Housing Development Fund Co Inc ($1.3m), San Rafael Rotary Manor ($1.3m) and Kinston Towers I ($1.3m).

On its Form 990 for the period ending June 2024, revenue came from program service revenue 100% of the total. Other salaries and wages came to $231k. At year end it held assets of $2.7m against liabilities of $5.5m, net assets of -$2.8m.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.