Somos Inc

Nonprofit profile at a glance

EIN
223128393
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Albany, NY, USA
Phone
5183806003
Rating
85
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$2,247,118
Expenses
$2,237,383
Assets
$687,920
Liabilities
$30,900

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

18 people listed

Highest reported compensation

  • TANIA CAPAZ (EXECUTIVE DI): $100,129 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Somos, inc. Is a nonpartisan nonprofit 501(c)(3) organization committed to addressing the needs of the hispanic population of New York state.

What it reported doing in 2024

Our conferences, held twice yearly, serve as a platform for legislators, scholars, businesses, and labor leaders to address various concerns pertinent to this community. Thought-provoking workshops are held on key issues, such as business development, health and education, and to recruit support on new and existing legislation aimed to address the needs of the hispanic population of New York. Additionally, somos, inc. Uses the funds collected through conferences to empower youths with academic financial awards that encourage furthering their education, college internships to promote retention and apprenticeships to introduce newly graduated adults into the public, nonprofit, labor, and private sectors. The organization aims to create opportunities for hispanic youth that will facilitate their professional development.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 94% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 94
  • Accountability: 90
  • Sustainability: 35
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.7%; rating input score 90
  • Program expense ratio: 90.1%; rating input score 90
  • 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: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0.4%; rating input score 35; 35th percentile among comparable filings
  • Total-asset coverage ratio: 0.31; rating input score 10; 10th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 72; 72nd percentile among comparable filings
  • Officer compensation ratio: 4.5%; rating input score 57; 57th percentile among comparable filings

Growth

  • Program expense growth: 12% per year; rating input score 100; 70th percentile among comparable filings
  • Revenue growth: 11.5% per year; rating input score 100; 73rd percentile among comparable filings
  • Asset growth: 20.1% per year; rating input score 100; 84th percentile among comparable filings

Details

  • Where the money goes: 89.7% of revenue deployed · 90.1% of spending went to programs
  • Governance: 17 of 17 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $2M in reported program spending
  • Leadership: top reported pay $100K · 18 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 8 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • 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.

  • Moderate — Sustainability: Operating margin scored 35/100.
  • High — Sustainability: Total-asset coverage ratio scored 10/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Review — Sustainability: Officer compensation ratio scored 57/100.