Somerset County Business Partnership Foundation
- Assets
- $61.6k
- Revenue
- $920.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Bridgewater, NJ
- Founding
- 01/2000
- Data as of
- 12/2023
- EIN
- 22-3629078
Organization Overview
Somerset County Business Partnership Foundation is located in Bridgewater, NJ. The organization was established in 2000. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somerset County Business Partnership Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Somerset County Business Partnership Foundation generated $920.3k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 11.8% each year . All expenses for the organization totaled $917.6k during the year ending 12/2023. While expenses have increased by 11.4% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE SOMERSET COUNTY BUSINESS PARTNERSHIP IS TO CREATE VIBRANT CONNECTIONS AMONG OUR PUBLIC/PRIVATE PARTNERS, MEMBERS AND BUSINESS COMMUNITY THAT WILL ENABLE US TO BUILD A PROSPEROUS AND SUSTAINABLE FUTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SOMERSET COUNTY BUSINESS PARTNERSHIP PROVIDES OUR MEMBERS AND THE BUSINESS COMMUNITY WITH A WIDE RANGE OF BUSINESS RESOURCES INCLUDING NETWORKING,EDUCATIONAL EVENTS AND EDUCATIONAL SERVICES. OUR TOP THREE PROGRAM AREAS ARE MEMBER SERVICES, TOURISM AND ECOMOMIC DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward Dolan Chairperson | OfficerTrustee | 2 | $0 |
Chris Zarelli Vice Chairperson | OfficerTrustee | 2 | $0 |
Audris Francis Secretary | OfficerTrustee | 2 | $0 |
Tom Elliott Treasurer | OfficerTrustee | 2 | $0 |
Catherine Rickner Immediate Past Chairperson | Trustee | 2 | $0 |
Chris Edwards President & CEO | Officer | 15 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $265,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $288,500 |
| Noncash contributions included in lines 1a–1f | $500 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $553,500 |
| Total Program Service Revenue | $352,796 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $920,296 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $182,049 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $38,425 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,656 |
| Fees for services: Accounting | $7,475 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,520 |
| Advertising and promotion | $462,884 |
| Office expenses | $36,246 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $113,770 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,357 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $29,049 |
| Total functional expenses | $917,612 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,631 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $25,083 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,899 |
| Total assets | $61,613 |
| Accounts payable and accrued expenses | $7,739 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $300,228 |
| Total liabilities | $307,967 |
| Net assets without donor restrictions | -$246,354 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $61,613 |