Safe & Sound Somerset Inc

Is Safe & Sound Somerset Inc Legit?

Appears Legitimate

Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →

Safe & Sound Somerset Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.

About Safe & Sound Somerset Inc

Safe & Sound Somerset Inc (EIN: 222205833) is a nonprofit organization based in Somerville, NJ, classified under NTEE code P43Z. The organization reported total revenue of $5.3M and total assets of $2.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Safe & Sound Somerset Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

Organization Overview

Safe & Sound Somerset Inc is a mid-size nonprofit that has been operating for 44 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 7.8%.

Key Financial Metrics (2023)

From the most recent IRS 990 filing on record:

Financial Health Grade: A

In 2023, Safe & Sound Somerset Inc reported a surplus of $74K with revenue exceeding expenses, holds 9.3 months of operating reserves (strong position), has a debt-to-asset ratio of 22.6% (moderate leverage).

Financial Trends

Over 13 years of filings (2011–2023), Safe & Sound Somerset Inc's revenue has grown at a compound annual growth rate (CAGR) of 7.8%.

IRS Tax-Exempt Classification

Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.

AI Transparency Report

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Safe & Sound Somerset Inc with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

• admin: 10%
• programs: 85%
• fundraising: 5%

According to IRS 990 filings, Safe & Sound Somerset Inc allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.

Key Financial Metrics (2023)

From the most recent IRS 990 filing on record:

• The organization reported a surplus of $74K, with revenue exceeding expenses.
• Debt-to-asset ratio: 22.6%.

Executive Compensation Analysis

Executive compensation information is not explicitly detailed in the provided data, preventing a specific assessment of individual salaries.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Strengths

The following positive indicators were identified for Safe & Sound Somerset Inc:

• Consistent growth in net assets over the past several years, indicating strong financial management and sustainability.
• Stable revenue streams, with a rebound in 2023, suggesting resilient donor support and funding strategies.
• Zero lobbying expenses reported, indicating a clear focus on direct program delivery to beneficiaries.
• Healthy liquidity, with current assets significantly exceeding liabilities in recent years (e.g., $2,461,145 assets vs. $556,660 liabilities in 2023).

Frequently Asked Questions about Safe & Sound Somerset Inc

Filing History

IRS 990 filing history for Safe & Sound Somerset Inc showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Safe & Sound Somerset Inc's revenue has grown by 145.1%, moving from $1.3M to $3.2M. Total assets increased by 80.8% over the same period, from $1.4M to $2.5M. Total functional expenses rose by 91.3%, from $1.7M to $3.2M. In its most recent filing year (2023), Safe & Sound Somerset Inc reported a surplus of $74K, with revenue exceeding expenses. The organization holds $557K in liabilities against $2.5M in assets (debt-to-asset ratio: 22.6%), resulting in net assets of $1.9M.

Year-by-Year Financial Summary

• 2023: Revenue of $3.2M, expenses of $3.2M, and assets of $2.5M (revenue -11.4% year-over-year).
• 2022: Revenue of $3.7M, expenses of $3.2M, and assets of $2.2M (revenue +9.1% year-over-year).
• 2021: Revenue of $3.3M, expenses of $2.9M, and assets of $1.6M (revenue +37.3% year-over-year).
• 2020: Revenue of $2.4M, expenses of $2.6M, and assets of $1.5M (revenue +10.5% year-over-year).
• 2019: Revenue of $2.2M, expenses of $2.3M, and assets of $1.3M (revenue -6.8% year-over-year).
• 2018: Revenue of $2.4M, expenses of $2.3M, and assets of $1.4M (revenue +8.3% year-over-year).
• 2017: Revenue of $2.2M, expenses of $2.0M, and assets of $1.3M (revenue +7.9% year-over-year).
• 2016: Revenue of $2.0M, expenses of $1.8M, and assets of $1.2M (revenue +41.6% year-over-year).
• 2015: Revenue of $1.4M, expenses of $1.6M, and assets of $813K (revenue +15.8% year-over-year).
• 2014: Revenue of $1.2M, expenses of $1.4M, and assets of $1.0M (revenue +1.6% year-over-year).
• 2013: Revenue of $1.2M, expenses of $1.4M, and assets of $1.1M (revenue -9.9% year-over-year).
• 2012: Revenue of $1.4M, expenses of $1.4M, and assets of $1.3M (revenue +2.3% year-over-year).
• 2011: Revenue of $1.3M, expenses of $1.7M, and assets of $1.4M.

View Individual Filing Years

Explore detailed financial data from each IRS 990 filing year for Safe & Sound Somerset Inc:

Data Sources and Methodology

This transparency report for Safe & Sound Somerset Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.