Somerset County Foundation for Higher Education

Analysis

Somerset County Foundation for Higher Education is a registered charity in United States, based in Somerset, PA. It received its IRS tax-exemption ruling in August 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 County Foundation for Higher Education reported income of $713k and spending of $683k, spending 96% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $162k to $713k (+340%), an average of +45% a year. The sharpest change came in the year to December 2022, when income rose by 173%. Over the whole period it spent 91% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Somerset County Foundation for Higher Education sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 74th percentile within PA. Charities of a similar size with the same main cause include Onnie Mae Spruill Foundation Inc ($713k), United Way of the Lewis and Clark Area ($713k) and Haven Project Inc ($713k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 84% and program service revenue 12% of the total. Other salaries and wages came to $66k. At year end it held assets of $1.3m against liabilities of $100k, net assets of $1.2m. It reported 1 employees.