Somerset County Business Partnership Foundation
Nonprofit profile at a glance
- EIN
- 223629078
- IRS 990 coverage
- 2016–2024
- Forms available
- Form 990 2024
- Location
- Somerville, NJ, USA
- Phone
- 9082184300
- Rating
- 78
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Urban, Community Economic Development
Reported finances
- Revenue
- $762,625
- Expenses
- $863,748
- Assets
- $179,299
- Liabilities
- $526,776
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
6 people listed
Executive titles in this filing
- Chris Edwards (President & CEO)
Highest reported compensation
- Chris Edwards (President & CEO): $145,000 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The mission of the Somerset County Business Partnership is to create vibrant connections among our public/private partners, members and business community that will enable us to build a prosperous and sustainable future.
What it reported doing in 2024
The Somerset County Business Partnership provides our members and the business community with a wide range of business resources including networking, educational events and educational services. Our top three program areas are member services, tourism and ecomomic development.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 63
- Transparency & Controls: 90
- Accountability: 100
- Sustainability: 10
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 73.6%; rating input score 74
- Program expense ratio: 65%; rating input score 65
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 8 of 8 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -13.3%; rating input score 14; 14th percentile among comparable filings
- Total-asset coverage ratio: 0.21; rating input score 10; 10th percentile among comparable filings
- Liabilities to assets ratio: 2.94; rating input score 1; 1st percentile among comparable filings
- Officer compensation ratio: Limited
Growth
- Program expense growth: 8.6% per year; rating input score 100; 58th percentile among comparable filings
- Revenue growth: 9.3% per year; rating input score 100; 64th percentile among comparable filings
- Asset growth: 10.4% per year; rating input score 100; 60th percentile among comparable filings
Details
- Where the money goes: 73.6% of revenue deployed · 65% of spending went to programs
- Governance: 50 of 50 board members independent · 8 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $561K in reported program spending
- Leadership: top reported pay $145K · 6 people listed
- Consistency: 26 of 26 current checks pass
- Schedules: 4 filed schedules
- Filing history: 6 filing years from 2016 to 2024
- Contacts: How to reach this organization
- Related organizations: 1 filed related-organization link
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Operating margin scored 14/100.
- High — Sustainability: Total-asset coverage ratio scored 10/100.
- High — Sustainability: Liabilities to assets ratio scored 1/100.