Empower Somerset Inc

Analysis

Empower Somerset Inc is a registered charity in United States, based in Somerville, NJ. It received its IRS tax-exemption ruling in July 1974, 52 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, Empower Somerset Inc reported income of $2.6m and spending of $2.5m, spending 98% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.1m to $2.6m (+124%), an average of +22% a year. The sharpest change came in the year to December 2022, when income rose by 34%. Over the whole period it spent 96% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Empower Somerset Inc sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 89th percentile within NJ. Charities of a similar size with the same main cause include Kentucky Humanities Council Inc University of Kentucky ($2.6m), Long Beach Ballet Arts Center ($2.6m) and Associated Builders & Contractors of Iowa Trust ($2.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 95% and program service revenue 4.3% of the total. Compensation of current officers, directors and key employees was $112k (4.5% of expenses). Other salaries and wages came to $1.3m. At year end it held assets of $961k against liabilities of $598k, net assets of $364k. It reported 47 employees.