Food Bank of Somerset County Inc

Analysis

Food Bank of Somerset County Inc is a registered charity in United States, based in Bound Brook, NJ. It received its IRS tax-exemption ruling in August 1985, 41 years ago. Its declared purposes cover food, agriculture and nutrition, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Food Bank of Somerset County Inc reported income of $4.5m and spending of $4.4m, spending 96% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $915k to $4.5m (+395%), an average of +49% a year. The sharpest change came in the year to December 2020, when income rose by 215%. Over the whole period it spent 90% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Food Bank of Somerset County Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 93rd percentile within NJ. Charities of a similar size with the same main cause include Clinton Hill Community and Early Childhood Center Inc ($4.5m), Texas Agricultural Land Trust Foundation ($4.5m) and Attention Inc ($4.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 96% of the total. Compensation of current officers, directors and key employees was $108k (2.5% of expenses). Other salaries and wages came to $142k. At year end it held assets of $2.8m against liabilities of $47k, net assets of $2.8m. It reported 5 employees.