Somerset Inc

Analysis

Somerset Inc is a registered charity in United States, based in Somerset, PA. It received its IRS tax-exemption ruling in February 1995, 31 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 July 2023, Somerset Inc reported income of $515k and spending of $348k, leaving 32% of income unspent that year. Across the 4 years on record, from July 2020 to July 2023, income grew from $372k to $515k (+38%), an average of +12% a year. The sharpest change came in the year to July 2021, when income rose by 50%. Over the whole period it spent 59% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Somerset Inc sits at the 68th percentile: it is larger than about 68% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 69th percentile within PA. Charities of a similar size with the same main cause include Howe Community Resource Center Inc ($515k), Launchspace ($515k) and Anti-Violence Coalition of Hudson County ($514k).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 82% and program service revenue 18% of the total. Other salaries and wages came to $88k. At year end it held assets of $1.1m against liabilities of $0, net assets of $1.1m. It reported 3 employees.