Sommerset Neighborhood Incorporated

Analysis

Sommerset Neighborhood Incorporated is a registered charity in United States, based in Oklahoma City, OK. It received its IRS tax-exemption ruling in April 2016, 10 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 March 2023, Sommerset Neighborhood Incorporated reported income of $5.2m and spending of $6.3m, spending 123% of what it took in. Across the 5 years on record, from March 2019 to March 2023, income grew from $5.1m to $5.2m (+1.6%), an average of +0.4% a year. The sharpest change came in the year to March 2023, when income rose by 23%. Over the whole period it spent 113% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Sommerset Neighborhood Incorporated sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within OK. Charities of a similar size with the same main cause include Projecthandup ($5.2m), Chapel Oaks Inc ($5.2m) and Crosby Senior Services ($5.2m).

On its Form 990 for the period ending March 2023, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $180k (2.8% of expenses). Other salaries and wages came to $2.6m. At year end it held assets of $13.1m against liabilities of $15.6m, net assets of -$2.5m. It reported 86 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.