Somerset Court Apartments Inc

Analysis

Somerset Court Apartments Inc is a registered charity in United States, based in Christiansbrg, VA. It received its IRS tax-exemption ruling in October 2015, 11 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 December 2023, Somerset Court Apartments Inc reported income of $304k and spending of $325k, spending 107% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $282k to $304k (+7.9%), an average of +1.9% 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 Court Apartments Inc sits at the 46th percentile: it is larger than about 46% of them. Against every charity in United States with reported income it ranks in the 62nd percentile, and in the 61st percentile within VA. Charities of a similar size with the same main cause include L Arche Homes for Life Inc ($304k), Robbins Way Senior Housing ($305k) and Second Baptist Housing Association II Inc ($304k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $68k. At year end it held assets of $746k against liabilities of $1.1m, net assets of -$386k.

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.