Somerville Community Corporation Inc

Analysis

Somerville Community Corporation Inc is a registered charity in United States, based in Somerville, MA. It received its IRS tax-exemption ruling in December 1974, 52 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, Somerville Community Corporation Inc reported income of $4.7m and spending of $5.5m, spending 118% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.3m to $4.7m (+43%), an average of +9.4% a year. The sharpest change came in the year to December 2020, when income rose by 20%. Over the whole period it spent 122% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Somerville Community Corporation Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 91st percentile within MA. Charities of a similar size with the same main cause include Two Ten Footwear Foundation Inc ($4.7m), Academy of Craft Training ($4.7m) and Community and Economic Development Associates ($4.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 21% and program service revenue 77% of the total. Compensation of current officers, directors and key employees was $257k (4.6% of expenses). Other salaries and wages came to $731k. At year end it held assets of $53.2m against liabilities of $57.2m, net assets of -$4.1m. It reported 21 employees.

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.