Somerset Health Care Foundation Inc

Analysis

Somerset Health Care Foundation Inc is a registered charity in United States, based in Oceanport, NJ. It received its IRS tax-exemption ruling in September 1994, 32 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 December 2023, Somerset Health Care Foundation Inc reported income of $4.2m and spending of $7.7m, spending 183% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $4.0m to $4.2m (+5.4%), an average of +1.3% a year. The sharpest change came in the year to December 2021, when income rose by 85%. Over the whole period it spent 136% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Somerset Health Care Foundation Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 92nd percentile within NJ. Charities of a similar size with the same main cause include The American Austrian Foundation ($4.2m), Habitat for Humanity Inc ($4.2m) and Association for Learning Environments ($4.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 64% and program service revenue 34% of the total. It paid $294k in professional fundraising fees. At year end it held assets of $4.9m against liabilities of $495k, net assets of $4.4m.

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.