Somarts

Analysis

Somarts is a registered charity in United States, based in San Francisco, CA. It received its IRS tax-exemption ruling in May 1980, 46 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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, Somarts reported income of $3.5m and spending of $3.2m, spending 90% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.8m to $3.5m (+93%), an average of +18% a year. The sharpest change came in the year to June 2022, when income rose by 36%. Over the whole period it spent 94% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Somarts sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 91st percentile within CA. Charities of a similar size with the same main cause include Wisconsin Conservatory of Music Inc ($3.5m), Sag Harbor Cinema Arts Center Inc ($3.5m) and Nebraska State Historical Society Foundation ($3.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 95% and program service revenue 5.1% of the total. Compensation of current officers, directors and key employees was $108k (3.4% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $1.8m against liabilities of $303k, net assets of $1.5m. It reported 39 employees.