Somerset County Business Partnership Foundation

Analysis

Somerset County Business Partnership Foundation is a registered charity in United States, based in Somerville, NJ. It received its IRS tax-exemption ruling in January 2000, 26 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 (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 County Business Partnership Foundation reported income of $920k and spending of $918k, spending 100% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $426k to $920k (+116%), an average of +21% a year. The sharpest change came in the year to December 2022, when income rose by 95%. Over the whole period it spent 103% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Somerset County Business Partnership Foundation sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 81st percentile within NJ. Charities of a similar size with the same main cause include Central Kenilworth Avenue Revitalization Community Developme ($920k), Union Square Main Streets Inc ($921k) and Hardee County Economic Development Council Inc ($920k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 60% and program service revenue 38% of the total. Other salaries and wages came to $182k. At year end it held assets of $62k against liabilities of $308k, net assets of -$246k.