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 12/2021, Somerset County Business Partnership Foundation generated $492.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $523.2k during the year ending 12/2021. While expenses have increased by 1.5% per year over the past 7 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
2021
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.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Edward Dolan Chairperson | OfficerTrustee | 2 | $0 |
Audris Francis Secretary | OfficerTrustee | 2 | $0 |
Chris Zarelli Vice Chairperson | OfficerTrustee | 2 | $0 |
Tom Elliott Treasurer | OfficerTrustee | 2 | $0 |
Chris Edwards President & CEO | Officer | 15 | $0 |
Catherine Rickner Immediate Past Chairperson | Trustee | 2 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $35,677 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $265,000 |
All other contributions, gifts, grants, and similar amounts not included above | $191,400 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $492,077 |
Total Program Service Revenue | $345 |
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 | $492,922 |
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. | $159,477 |
Compensation of current officers, directors, key employees. | $37,828 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $0 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $48,709 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $6,250 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $167,986 |
Office expenses | $52,591 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $60,044 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $6,136 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $0 |
Insurance | $0 |
All other expenses | $0 |
Total functional expenses | $523,157 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $104,383 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $22,083 |
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 | $3,619 |
Total assets | $130,085 |
Accounts payable and accrued expenses | $6,582 |
Grants payable | $0 |
Deferred revenue | $10,545 |
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 | $236,529 |
Total liabilities | $253,656 |
Net assets without donor restrictions | -$123,571 |
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 | $130,085 |
Organization Name | Assets | Revenue |
---|---|---|
43north Bpc Inc Buffalo, NY | $13,425,800 | $3,001,464 |
Grameen America Inc Jackson Heights, NY | $237,127,552 | $50,248,348 |
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |
South Bronx Overall Economic Development Corporation Bronx, NY | $11,273,834 | $9,485,057 |
National Basketball Association Foundation New York, NY | $26,984,536 | $31,000,000 |
Newark Downtown District Management Corporation Newark, NJ | $7,203,712 | $5,205,083 |
Rdc Commercial Center Inc Brooklyn, NY | $15,313,985 | $4,091,889 |
Pittsburgh Downtown Partnership Pittsburgh, PA | $5,197,454 | $6,457,703 |
Grow America Fund Inc Brooklyn, NY | $143,748,091 | $12,181,976 |
Upper Manhattan Empowerment Zone Development Corporation New York, NY | $90,632,786 | $3,433,188 |
Enterprise Center Philadelphia, PA | $14,775,584 | $14,297,548 |