Somos Inc

Analysis

Somos Inc is a registered charity in United States, based in Albany, NY. It received its IRS tax-exemption ruling in February 1993, 33 years ago. 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 June 2023, Somos Inc reported income of $1.8m and spending of $1.4m, leaving 22% of income unspent that year. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.1m to $1.8m (+70%), an average of +19% a year. The sharpest change came in the year to June 2022, when income rose by 361%. Over the whole period it spent 90% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Somos Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 82nd percentile within NY. Charities of a similar size with the same main cause include O and B Community Homes ($1.8m), YWCA of Southeastern Massachuetts ($1.8m) and The Delaware Speech and Hearing Center ($1.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $111k (8.0% of expenses). Other salaries and wages came to $11k. At year end it held assets of $656k against liabilities of $26k, net assets of $631k. It reported 1 employees.