Somos Healthcare Providers Inc

Analysis

Somos Healthcare Providers Inc is a registered charity in United States, based in Bronx, NY. It received its IRS tax-exemption ruling in May 2017, 9 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. 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, Somos Healthcare Providers Inc reported income of $20.6m and spending of $42.9m, spending 209% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $104.8m to $20.6m (-80%), an average of -33% a year. The sharpest change came in the year to December 2021, when income rose by 176%. Over the whole period it spent 160% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Somos Healthcare Providers Inc sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 96th percentile within NY. Charities of a similar size with the same main cause include Mental Health Emergency Center Inc ($20.5m), Harrison Community Hospital Inc ($20.6m) and Community Health Centers of South Central Texas Inc ($20.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 73% of the total. Compensation of current officers, directors and key employees was $2.3m (5.3% of expenses). Other salaries and wages came to $3.7m. At year end it held assets of $59.8m against liabilities of $8.3m, net assets of $51.5m. It reported 73 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.