Somosvc

Analysis

Somosvc is a registered charity in United States, based in San Jose, CA. It received its IRS tax-exemption ruling in December 2021, 5 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 December 2023, Somosvc reported income of $510k and spending of $723k, spending 142% of what it took in. Across the 4 years on record, from September 2021 to December 2023, income fell from $600k to $510k (-15%), an average of -5.3% a year. The sharpest change came in the year to December 2023, when income rose by 235%. Over the whole period it spent 72% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Somosvc sits at the 67th percentile: it is larger than about 67% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 72nd percentile within CA. Charities of a similar size with the same main cause include Science Technology and Research Institute of Delaware ($510k), Novella Center for Entrepreneurship by Conscious Venture Lab Inc ($510k) and Innovative Behaviorial Services Inc ($509k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 94% and program service revenue 6.4% of the total. Compensation of current officers, directors and key employees was $175k (24% of expenses). Other salaries and wages came to $93k. At year end it held assets of $480k against liabilities of $115k, net assets of $365k. It reported 2 employees.