Somernites Cruise Inc

Analysis

Somernites Cruise Inc is a registered charity in United States, based in Somerset, KY. It received its IRS tax-exemption ruling in July 2009, 17 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Somernites Cruise Inc reported income of $210k and spending of $268k, spending 128% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $219k to $210k (-4.1%), an average of -1.1% a year. The sharpest change came in the year to December 2021, when income rose by 41%. Over the whole period it spent 98% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Somernites Cruise Inc sits at the 52nd percentile: it is larger than about 52% of them. Against every charity in United States with reported income it ranks in the 55th percentile, and in the 54th percentile within KY. Charities of a similar size with the same main cause include Locking Arms Men ($209k), African Chamber of Commerce of Colorado USA ($210k) and Lead Pa Institute ($209k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 22% and program service revenue 57% of the total. At year end it held assets of $192k against liabilities of $0, net assets of $192k.