Somerset County Chamber Of Commerce
Somerset County Chamber Of Commerce: Steady Growth, Strong Local Focus
EIN: 221532588 · Somerville, NJ · NTEE: S41 · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $931K |
| Total Expenses | $773K |
| Program Spending | 79% |
| Net Assets | $1.5M |
| Transparency Score | 75/100 |
Is Somerset County Chamber Of Commerce Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Somerset County Chamber Of Commerce directs 79% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Somerset County Chamber Of Commerce
Somerset County Chamber Of Commerce (EIN: 221532588) is a nonprofit organization based in Somerville, NJ, classified under NTEE code S41. The organization reported total revenue of $931K and total assets of $2.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Somerset County Chamber Of Commerce's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Somerset County Chamber Of Commerce is a small nonprofit that has been operating for 84 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 3.8%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $979K |
| Total Expenses | $773K |
| Surplus / Deficit | +$207K |
| Total Assets | $1.6M |
| Total Liabilities | $138K |
| Net Assets | $1.5M |
| Operating Margin | 21.1% |
| Debt-to-Asset Ratio | 8.7% |
| Months of Reserves | 24.7 months |
Financial Health Grade: A
In 2023, Somerset County Chamber Of Commerce reported a surplus of $207K with revenue exceeding expenses, holds 24.7 months of operating reserves (strong position), has a debt-to-asset ratio of 8.7% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Somerset County Chamber Of Commerce's revenue has grown at a compound annual growth rate (CAGR) of 3.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +14.5% | +10.9% | +15.5% |
| 2022 | +2.1% | +7.8% | +13.4% |
| 2021 | +55.5% | +15.3% | -2.9% |
| 2020 | -32.7% | -23.7% | +18.5% |
| 2019 | +7.0% | +3.7% | +3.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 3000 |
| IRS Ruling Date | 1942 |
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 Somerset County Chamber Of Commerce with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 11%
- programs: 79%
- fundraising: 10%
According to IRS 990 filings, Somerset County Chamber Of Commerce allocates its expenses as follows: admin: 11%, programs: 79%, fundraising: 10%. With 79% 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 $207K, with revenue exceeding expenses.
- Debt-to-asset ratio: 8.7%.
Executive Compensation Analysis
Executive compensation is not explicitly detailed in the provided financial data, making a specific assessment difficult without further information.
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.
Red Flags
The following concerns were identified during AI analysis of Somerset County Chamber Of Commerce's IRS 990 filings:
- Lack of detailed program service expense breakdown makes it difficult to assess the specific impact of program spending.
- The provided data does not include specific executive compensation figures, which is a common transparency expectation for nonprofits.
Strengths
The following positive indicators were identified for Somerset County Chamber Of Commerce:
- Consistent revenue growth observed from $538,767 in 2020 to $979,485 in 2023, indicating strong financial health.
- Assets have shown a healthy increase from $1,251,561 in 2020 to $1,591,935 in 2023.
- Low liability-to-asset ratio, with liabilities at $137,851 against assets of $1,591,935 in 2023, suggesting good financial stability.
Frequently Asked Questions about Somerset County Chamber Of Commerce
Is Somerset County Chamber Of Commerce a legitimate charity?
Based on AI analysis of IRS 990 filings, Somerset County Chamber Of Commerce (EIN: 221532588) some concerns. Mission Score: 75/100. 2 red flags identified, 3 strengths noted.
How does Somerset County Chamber Of Commerce spend its money?
Somerset County Chamber Of Commerce directs 79% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Somerset County Chamber Of Commerce tax-deductible?
Somerset County Chamber Of Commerce is registered as a tax-exempt nonprofit (EIN: 221532588). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Somerset County Chamber Of Commerce's spending goes to programs?
Somerset County Chamber Of Commerce directs 79% to programs, 10% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Somerset County Chamber Of Commerce compare to similar nonprofits?
With a transparency score of 75/100 (Good), Somerset County Chamber Of Commerce is above average for NTEE category S41 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Somerset County Chamber Of Commerce located?
Somerset County Chamber Of Commerce is headquartered in Somerville, New Jersey and files with the IRS under EIN 221532588. It is classified under NTEE code S41.
How many years of IRS 990 filings does Somerset County Chamber Of Commerce have?
Somerset County Chamber Of Commerce has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $931K in total revenue.
What does Somerset County Chamber Of Commerce do?
Somerset County Chamber Of Commerce is a nonprofit organization in the Community Improvement sector, located in Somerville, New Jersey. It is classified under NTEE code S41.
How much revenue does Somerset County Chamber Of Commerce have?
Somerset County Chamber Of Commerce reported total revenue of $931,228. Based on 13 IRS 990 filings on record.
What are Somerset County Chamber Of Commerce's total assets?
Somerset County Chamber Of Commerce holds total assets of $2,252,955 as reported in IRS 990 filings.
Where is Somerset County Chamber Of Commerce located?
Somerset County Chamber Of Commerce is based in Somerville, New Jersey.
What is Somerset County Chamber Of Commerce's EIN?
Somerset County Chamber Of Commerce's Employer Identification Number (EIN) is 221532588. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Somerset County Chamber Of Commerce?
Somerset County Chamber Of Commerce is classified under NTEE code S41 (Community Improvement).
Is Somerset County Chamber Of Commerce a registered 501(c)(3)?
Yes, Somerset County Chamber Of Commerce is recognized as a tax-exempt organization by the IRS. EIN: 221532588.
Does Somerset County Chamber Of Commerce file IRS Form 990?
Yes, Somerset County Chamber Of Commerce has 13 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was Somerset County Chamber Of Commerce's revenue in 2023?
In the 202312 filing period, Somerset County Chamber Of Commerce reported total revenue of $979,485, total expenses of $772,733, and net assets of $1,591,935.
Is Somerset County Chamber Of Commerce's revenue growing or declining?
Somerset County Chamber Of Commerce's revenue is growing. Revenue went from $855,382 (202212) to $979,485 (202312), a +14.5% change. Based on 13 filings on record.
What is Somerset County Chamber Of Commerce's most recent 990 filing?
The most recent IRS Form 990 filing for Somerset County Chamber Of Commerce covers tax period 202312. It shows revenue of $979,485, expenses of $772,733, total assets of $1,591,935, and liabilities of $137,851.
How much does Somerset County Chamber Of Commerce spend on programs vs administration?
Based on IRS 990 analysis, Somerset County Chamber Of Commerce allocates approximately 79% of expenses to program services, 11% to administrative costs, and 10% to fundraising. This indicates strong program focus.
Is Somerset County Chamber Of Commerce a trustworthy charity?
Based on AI analysis of IRS 990 data, Somerset County Chamber Of Commerce appears trustworthy. Mission Score: 75/100 (Good). 2 red flags identified. 3 strengths noted.
What are the red flags for Somerset County Chamber Of Commerce?
The following concerns were identified: Lack of detailed program service expense breakdown makes it difficult to assess the specific impact of program spending.. The provided data does not include specific executive compensation figures, which is a common transparency expectation for nonprofits.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Somerset County Chamber Of Commerce's strengths?
Positive indicators for Somerset County Chamber Of Commerce include: Consistent revenue growth observed from $538,767 in 2020 to $979,485 in 2023, indicating strong financial health.. Assets have shown a healthy increase from $1,251,561 in 2020 to $1,591,935 in 2023.. Low liability-to-asset ratio, with liabilities at $137,851 against assets of $1,591,935 in 2023, suggesting good financial stability.. These findings are derived from AI analysis of the organization's financial filings.
How does Somerset County Chamber Of Commerce compensate executives?
Executive compensation is not explicitly detailed in the provided financial data, making a specific assessment difficult without further information. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How transparent is Somerset County Chamber Of Commerce?
• The organization consistently reports 0% lobbying costs across all available filings. • Detailed breakdowns of program service accomplishments are not readily available in the provided data, limiting insight into specific impact areas. Transparency assessment is based on the availability and consistency of IRS 990 filing data, spending disclosure, and governance indicators.
Given the consistent revenue growth and asset accumulation, what specific strategies has the Somerset County Chamber Of Commerce employed to achieve this financial stability and expansion?
The provided data indicates consistent financial growth, but the specific strategies driving this success (e.g., membership drives, event revenue, grant acquisition) are not detailed within the financial filings. Further operational reports would be needed to answer this.
How does the Chamber ensure its program spending directly benefits its members and the local business community, given the absence of detailed program service descriptions?
While the financial data shows a high percentage of spending allocated to programs (79%), the lack of detailed program descriptions makes it challenging to ascertain the direct benefits to members or the community. This would typically be addressed through annual reports or impact statements.
Filing History
IRS 990 filing history for Somerset County Chamber Of Commerce showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Somerset County Chamber Of Commerce's revenue has grown by 56.2%, moving from $627K to $979K. Total assets increased by 157.5% over the same period, from $618K to $1.6M. Total functional expenses rose by 26.8%, from $610K to $773K. In its most recent filing year (2023), Somerset County Chamber Of Commerce reported a surplus of $207K, with revenue exceeding expenses. The organization holds $138K in liabilities against $1.6M in assets (debt-to-asset ratio: 8.7%), resulting in net assets of $1.5M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $979K | $773K | $1.6M | $138K | — | — |
| 2022 | $855K | $697K | $1.4M | $169K | — | View 990 |
| 2021 | $838K | $647K | $1.2M | $207K | — | View 990 |
| 2020 | $539K | $561K | $1.3M | $459K | — | — |
| 2019 | $800K | $735K | $1.1M | $279K | — | View 990 |
| 2018 | $748K | $709K | $1.0M | $299K | — | View 990 |
| 2017 | $615K | $612K | $962K | $276K | — | View 990 |
| 2016 | $633K | $631K | $958K | $275K | — | View 990 |
| 2015 | $707K | $597K | $963K | $288K | — | View 990 |
| 2014 | $700K | $579K | $864K | $288K | — | View 990 |
| 2013 | $609K | $555K | $775K | $313K | — | View 990 |
| 2012 | $664K | $580K | $686K | $278K | — | View 990 |
| 2011 | $627K | $610K | $618K | $295K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $979K, expenses of $773K, and assets of $1.6M (revenue +14.5% year-over-year).
- 2022: Revenue of $855K, expenses of $697K, and assets of $1.4M (revenue +2.1% year-over-year).
- 2021: Revenue of $838K, expenses of $647K, and assets of $1.2M (revenue +55.5% year-over-year).
- 2020: Revenue of $539K, expenses of $561K, and assets of $1.3M (revenue -32.7% year-over-year).
- 2019: Revenue of $800K, expenses of $735K, and assets of $1.1M (revenue +7.0% year-over-year).
- 2018: Revenue of $748K, expenses of $709K, and assets of $1.0M (revenue +21.5% year-over-year).
- 2017: Revenue of $615K, expenses of $612K, and assets of $962K (revenue -2.9% year-over-year).
- 2016: Revenue of $633K, expenses of $631K, and assets of $958K (revenue -10.4% year-over-year).
- 2015: Revenue of $707K, expenses of $597K, and assets of $963K (revenue +1.0% year-over-year).
- 2014: Revenue of $700K, expenses of $579K, and assets of $864K (revenue +15.0% year-over-year).
- 2013: Revenue of $609K, expenses of $555K, and assets of $775K (revenue -8.3% year-over-year).
- 2012: Revenue of $664K, expenses of $580K, and assets of $686K (revenue +6.0% year-over-year).
- 2011: Revenue of $627K, expenses of $610K, and assets of $618K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Somerset County Chamber Of Commerce:
Data Sources and Methodology
This transparency report for Somerset County Chamber Of Commerce 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.