Somosvc
Nonprofit profile at a glance
- EIN
- 863684224
- IRS 990 coverage
- 2021–2024
- Forms available
- Form 990 2024
- Location
- San Jose, CA, USA
- Phone
- 6505182871
- Rating
- 73
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Economic Development
Reported finances
- Revenue
- $494,492
- Expenses
- $577,117
- Assets
- $333,258
- Liabilities
- $51,170
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
12 people listed
Executive titles in this filing
- MARIELA SALAS (EXECUTIVE DIRECTOR/SECRETARY)
- JOANNA LICHTER (PRESIDENT)
- ALAN ARTURO DAY (VICE PRESIDENT)
Highest reported compensation
- MARIELA SALAS (EXECUTIVE DIRECTOR/SECRETARY): $218,060 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To accelerate and elevate the presence of latinos/as and allies in venture capital.
What it reported doing in 2024
During the tax year, the organization had a fellowship program providing free lectures to latinx professionals interested in entering the venture capital industry and a mentorship program connecting junior latinx venture professionals with senior venture professionals for mentorship. The organization also had a regular newsletter, private twitter forum, and slack groups focused on informing professionals about job opportunities in venture capital and other professional development opportunities, with a focus on latinx professionals, an event for latinx emerging managers to share best fundraising practices, educational virtual programming events, and industry specific educational panels.
Operating model
- Revenue model
- Donor-supported. 90% of the money available for current operations came from contributions and gifts.
- 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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and fundraising costs are high for each dollar raised.
Rating breakdown
- Financial Efficiency: 83
- Transparency & Controls: 70
- Accountability: 70
- Sustainability: 19
- Growth: 80
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 92.6%; rating input score 93
- Program expense ratio: 79.2%; rating input score 79
- Fundraising efficiency: $12.36 raised per $1 spent on fundraising; rating input score 45; 45th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 91.7%; rating input score 92; 25th percentile among comparable filings
- Governance controls: 3 of 8 controls in place; rating input score 38
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Pass
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: -16.7%; rating input score 16; 16th percentile among comparable filings
- Total-asset coverage ratio: 0.58; rating input score 27; 27th percentile among comparable filings
- Liabilities to assets ratio: 0.15; rating input score 22; 22nd percentile among comparable filings
- Officer compensation ratio: 37.8%; rating input score 7; 7th percentile among comparable filings
Growth
- Program expense growth: 55.1% per year; rating input score 100; 96th percentile among comparable filings
- Revenue growth: 54.6% per year; rating input score 100; 97th percentile among comparable filings
- Asset growth: -15.8% per year; rating input score 0; 4th percentile among comparable filings
Details
- Where the money goes: 92.6% of revenue deployed · 79.2% of spending went to programs
- Governance: 11 of 12 board members independent · 3 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $457K in reported program spending
- Leadership: top reported pay $218K · 12 people listed · 1 of 6 pay-setting controls reported
- Consistency: 26 of 26 current checks pass
- Schedules: 4 filed schedules · includes major donors and executive pay
- Filing history: 4 filing years from 2021 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Related organizations: Filed and resolved organization relationships.
- 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.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Accountability: Governance controls: 4 of 7 not reported.
- Moderate — Financial Efficiency: Fundraising efficiency scored 45/100.
- High — Sustainability: Operating margin scored 16/100.
- High — Sustainability: Total-asset coverage ratio scored 27/100.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Officer compensation ratio scored 7/100.
- High — Sustainability: Liabilities to assets ratio scored 22/100.