Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 2024.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
85 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
Something off? Claim to add context
Who runs it and what they're paid
28 people listed on the 990; $3.2M paid to officers and key staff (Part VII, Section A).
Elisabeth Williams’s $397K as Senior Vice President is at the 93rd percentile of top reported officer pay among 2832 $1–10M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Eric Bacon | $294,481 | $295,642 | $442,768 | — | $167,982 | $103,160 |
| Elisabeth Williams | $396,929 | $300,361 | $294,900 | — | $136,005 | $49,558 |
| Manuel Flores | $391,696 | $309,409 | $370,000 | $350,000 | $316,000 | $200,000 |
| Margaret Griffin | $335,546 | $253,287 | $284,460 | — | — | — |
| Brian Comiskey | $150,000 | $192,900 | — | — | $328,455 | $242,684 |
| Brian K Comiskey | — | — | $315,887 | $306,868 | — | — |
| Elisabeth W Williams | — | — | — | $311,409 | — | — |
| Eric M Bacon | — | — | — | $299,791 | — | — |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
See Somercor 504 INC executive salaries →Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Originates SBA 504 and Community Advantage loans to foster economic development and support small businesses in underserved Illinois markets.
Questions for Somercor 504 INC
Your first name shows with your question. Somercor 504 INC answers here, for everyone.
Provided small businesses with long-term, fixed-rate sba 504 financing for the purchase of facilities and equipment, serviced the organization's loan portfolio, and administered city of chicago grant programs including the small business improvement fund and neighborhood opportunity fund.
Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 36-3837330) · Dispute this lineThrough the sba community advantage program, somercor originates loans of $50,000 to $350,000 to small businesses, with the majority serving borrowers in underserved markets. Community advantage loans provide access to capital for businesses that may not qualify for conventional financing.
Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 36-3837330) · Dispute this lineFunders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
Federal money
The auditor reported: a weakness in money controls.
By the numbers
The FY2025 990, line by line.
Download 990
| Line | Start FY25 | End FY25 |
|---|---|---|
| Cash and savingsLn 1–2 | $2.9M | $3.9M |
| Land, buildings, equipmentLn 10c | $161K | $127K |
| Total assetsLn 16 | $5.0M | $6.2M |
| LiabilitiesLn 26 | $2.3M | $3.0M |
| Net assetsLn 32 | $2.7M | $3.2M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of officers and key staff (Part IX, line 5)Ln 5 | $2.7M | $2.3M | $413K | |
| Other salaries and wagesLn 7 | $2.2M | $1.9M | $289K | |
| Pension plan contributionsLn 8 | $93K | $81K | $12K | |
| Other employee benefitsLn 9 | $295K | $213K | $82K | |
| Payroll taxesLn 10 | $325K | $276K | $48K | |
| Legal feesLn 11b | $253K | $253K | ||
| Accounting feesLn 11c | $220K | $220K | ||
| Other fees for servicesLn 11g | $69K | $41K | $28K | |
| Advertising and promotionLn 12 | $179K | $78K | $100K | |
| Office expensesLn 13 | $78K | $72K | $6K | |
| Information technologyLn 14 | $276K | $140K | $136K | |
| OccupancyLn 16 | $318K | $317K | $1K | |
| TravelLn 17 | $137K | $116K | $21K | |
| Conferences, conventions and meetingsLn 19 | $25K | $17K | $8K | |
| Depreciation, depletion and amortizationLn 22 | $34K | $34K | ||
| InsuranceLn 23 | $95K | $95K | ||
| Other expenses (24a–d)Ln 24 | $314K | $314K | ||
| Total functional expensesLn 25 | $7.6M | $6.5M | $1.1M | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest ViewingFiled with the IRS Aug 12, 2026 | $8.1M | $7.6M | $496K | $3.2M | 990 PDF |
| FY2024Filed with the IRS Aug 20, 2025 | $7.0M | $6.9M | $160K | $2.7M | 990 PDF |
| FY2023Filed with the IRS Aug 15, 2024 | $7.0M | $6.4M | $624K | $2.5M | 990 PDF |
| FY2022Filed with the IRS Aug 15, 2023 | $6.8M | $6.5M | $249K | $1.9M | 990 PDF |
| FY2021Filed with the IRS Aug 15, 2022 | $5.5M | $5.3M | $216K | $1.7M | 990 PDF |
| FY2020Filed with the IRS Aug 16, 2021 | $11.9M | $11.3M | $569K | $1.4M | 990 PDF |
Schedules filed Part IV
See the full FY2025 990
Part I · Summary $8,144,083 revenue, 12 lines filed
Part VI · Governance 13 of 14 board members independent, no flags
Part VIII · Statement of revenue $8,144,083 across 8 lines filed
Part IX · Statement of functional expenses $7,648,325 across 17 lines filed
Part X · Balance sheet $6,152,213 assets, 15 lines filed
Part XI · Reconciliation of net assets $3,184,655 net assets at year end
Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File
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