Somo Project
- Assets
- $620.9k
- Revenue
- $657.2k
- Investments
- $0.0
- Employees
- 0
- Location
- San Francisco, CA
- Founding
- 09/2014
- Data as of
- 12/2021
- EIN
- 46-4140758
Organization Overview
Somo Project is located in San Francisco, CA. The organization was established in 2014. According to its NTEE Classification (Q33) the organization is classified as: International Relief, under the broad grouping of International, Foreign Affairs & National Security and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somo Project 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, Somo Project generated $657.2k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 39.2% each year . All expenses for the organization totaled $643.0k during the year ending 12/2021. While expenses have increased by 43.6% per year over the past 4 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
REGISTERED 501(C)(3) THAT PROVIDES TRAINING, MENTORSHIP, AND CAPITAL TO ENTREPRENEURS BUILDING BUSINESSES OUT OF LOW INCOME URBAN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INUKA: AS PART OF OUR 2-YEAR ACCELERATOR PROGRAM, SOMO PROVIDES NON- REPAYABLE GRANTS TO EACH QUALIFYING ENTREPRENEURS FOR THE INITIAL CAPITAL EXPENDITURES NECESSARY TO LAUNCH THEIR VENTURES. LATER STAGE FUNDING IS PROVIDED AS DEBT CAPITAL. CONTINUED FUNDING IS CONTINGENT ON SUCCESS METRICS DEVELOPED BY THE ENTREPRENEURS WITH THE SOMO TEAM.
BURUKA: BURUKA IS A 3-MONTH TRAINING PROGRAM THAT TEACHES BUSINESS SKILLS, STORYTELLING, AND FINANCIAL LITERACY. THE TRAINING IS TAILORED TO THE NEEDS OF EACH ENTREPRENEUR AND DRIVEN BY THE MARKET RESEARCH THEY CONDUCT WITH OUR ASSISTANCE. TRAINING STARTS WITH PROBLEM-SOLVING AND IDEATION, ENCOMPASSES MARKET RESEARCH, BUSINESS PLANNING, FINANCIAL MODELING AND DIGITAL LITERACY, AND FINISHES WITH CAPITALIZING A BUSINESS AND A PRESENTATION TO VOLUNTEER JUDGES BY EACH ENTREPRENEUR.
CHANUKA: DURING OUR ACCELERATOR PROGRAM, ENTREPRENEURS RECEIVE 1:1 COACHING FROM BOTH THE SOMO TEAM AND OUR VOLUNTEER ADVISORS. SOMO'S ADVISORS PROVIDE MENTORSHIP AND HELP GROW SOMO BUSINESSES. ENTREPRENEURS HAVE ACCESS TO MONTHLY STARTUP SERIES EVENTS WHERE SOMO ADVISORS TEACH LESSONS ON AREAS OF EXPERTISE. SOMO ADVISORS PROVIDE 1:1 SUPPORT TO BUSINESSES, EITHER THROUGH OFFICE HOURS OR BY WORKING DIRECTLY WITH ONE ENTERPRISE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amelia Hopkins Phillips Executive Director | OfficerTrustee | 40 | $0 |
Brittany Ryden Treasurer | OfficerTrustee | 40 | $0 |
Edel Were Secretary | OfficerTrustee | 40 | $0 |
Tom Phillips Board Chair | OfficerTrustee | 40 | $0 |
Kagure Wamunyu Board Member | Trustee | 40 | $0 |
Eskor John Board Member | Trustee | 40 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $657,172 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $657,172 |
| Total Program Service Revenue | $0 |
| 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 | $657,172 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,462 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $32,492 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,968 |
| Office expenses | $32,356 |
| Information technology | $7,150 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,531 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $75,268 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $642,970 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $98,630 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $522,274 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $620,904 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $620,904 |
| Total liabilities and net assets/fund balances | $620,904 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Somo Project has recieved totaling $102,500.
| Awarding Organization | Amount |
|---|---|
Follow Your Dream Foundation Inc New York, NY PURPOSE: GENERLA SUPPORT | $100,000 |
Gordon Fund Garden City, NY PURPOSE: GENERAL PURPOSE | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Good Neighbors Global Partnership Center Tustin, CA | $7,369,016 | $74,277,628 |
Give2asia Oakland, CA | $46,076,655 | $66,536,782 |
International Relief Teams San Diego, CA | $7,706,512 | $52,337,669 |
Armenia Artsakh Fund Inc Northridge, CA | $19,924 | $33,562,642 |
Global Operations And Development- Giving Children Hope Buena Park, CA | $8,064,213 | $30,512,149 |
Eden Reforestation Projects Glendora, CA | $7,036,830 | $26,588,598 |
Mission Without Borders International Camarillo, CA | $12,905,795 | $20,022,100 |
Assist International Inc Ripon, CA | $15,283,547 | $16,657,420 |
Maranatha Volunteers International Inc Roseville, CA | $22,832,161 | $24,229,076 |
Alliance For Medical Outreach And Relief Fresno, CA | $15,431,819 | $11,809,946 |
Iris Global Redding, CA | $6,251,509 | $13,219,595 |
Behring Global Educational Foundation Danville, CA | $225,486,118 | $12,863,733 |