Somercor 504 Inc

Analysis

Somercor 504 Inc is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in October 2024, 2 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 September 2023, Somercor 504 Inc reported income of $7.0m and spending of $6.4m, spending 91% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $5.3m to $7.0m (+32%), an average of +7.2% a year. The sharpest change came in the year to September 2020, when income rose by 123%. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Somercor 504 Inc sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 93rd percentile within IL. Charities of a similar size with the same main cause include Northern Indiana Workforce Board Inc ($7.0m), Proteus Inc ($7.0m) and Rural Action Inc ($7.0m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 22% and program service revenue 67% of the total. Compensation of current officers, directors and key employees was $2.5m (39% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $4.6m against liabilities of $2.1m, net assets of $2.5m. It reported 35 employees.