Somerset County Economic Development Council
| Fiscal year | Revenue | Expenses | Net | Reserve mo. | Staff % |
|---|---|---|---|---|---|
| 2020 | 157,341 | 167,887 | −10,546 | 131.5 | 57% |
| 2021 | 93,709 | 68,650 | 25,059 | 326.1 | 28% |
| 2022 | 74,120 | 24,776 | 49,344 | 927.4 | 0% |
| 2023 | −1,541,086 | 227,765 | −1,768,851 | 7.7 | 0% |
In its most recent public year (2023), this organization spent $1,768,851 more than it brought in. Its reserves stood at about 7.7 months of spending, down from 131.5 in 2020. Staff pay was 0% of spending. $219,968 of its net assets are donor-restricted.
Reserve months = net assets ÷ average monthly spending; net assets count everything the organization owns beyond its debts — buildings and donor-restricted funds included, not just cash. Staff pay = salaries, wages, and officer compensation; it excludes benefits and payroll taxes. The IRS releases this data years after the fact — this organization's newest public year is 2023. Years refer to the calendar year in which the organization's fiscal year ended. Short-form filers do not publicly report donor-restricted balances or staffing costs. Source filings
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