Somerset Memorial Scholarship Fund Inc

Analysis

Somerset Memorial Scholarship Fund Inc is a registered charity in United States, based in Somerset, WI. It received its IRS tax-exemption ruling in March 1986, 40 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 Memorial Scholarship Fund Inc reported income of $139k and spending of $68k, leaving 51% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $126k to $139k (+10%), an average of +2.5% a year. The sharpest change came in the year to December 2023, when income rose by 463%. Over the whole period it spent 43% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Somerset Memorial Scholarship Fund Inc sits at the 44th percentile: it is larger than about 44% of them. Against every charity in United States with reported income it ranks in the 45th percentile, and in the 45th percentile within WI. Charities of a similar size with the same main cause include Oakland City University Foundation Inc ($139k), Swartzberg Zoller Family Foundation ($139k) and Meals on Wheels of Fullerton ($139k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 55% of the total. At year end it held assets of $978k against liabilities of $68k, net assets of $910k.