Soma West Community Benefit District

Analysis

Soma West Community Benefit District is a registered charity in United States, based in San Francisco, CA. It received its IRS tax-exemption ruling in March 2020, 6 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Soma West Community Benefit District reported income of $4.6m and spending of $3.8m, spending 81% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $3.8m to $4.6m (+20%), an average of +6.2% a year. Over the whole period it spent 75% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Soma West Community Benefit District sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 92nd percentile within CA. Charities of a similar size with the same main cause include Lucas County Economic Development Corporation ($4.6m), Flatbush Development Corporation ($4.6m) and Civic Community Partners Inc ($4.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 1.7% and program service revenue 98% of the total. Compensation of current officers, directors and key employees was $231k (6.2% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $4.5m against liabilities of $321k, net assets of $4.2m. It reported 39 employees.