Parker at Somerset Inc

Analysis

Parker at Somerset Inc is a registered charity in United States, based in Piscataway, NJ. It received its IRS tax-exemption ruling in April 2018, 8 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Parker at Somerset Inc reported income of $11.2m and spending of $24.9m, spending 223% of what it took in. Across the 6 years on record, from December 2018 to December 2023, income grew from $9.8m to $11.2m (+14%), an average of +2.6% a year. The sharpest change came in the year to December 2023, when income rose by 18%. Over the whole period it spent 204% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Parker at Somerset Inc sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within NJ. Charities of a similar size with the same main cause include Berkshire Extended Care Services Inc ($11.2m), Mile High Council on Alcoholism and Drug Abuse ($11.2m) and Silver Cross Health System Inc ($11.1m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $602k (2.4% of expenses). Other salaries and wages came to $11.6m. At year end it held assets of $52.5m against liabilities of $698k, net assets of $51.8m. It reported 234 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.