Form 990 for tax year 2022

Totals

Total revenue

$1,040,334

Total expenses

$751,109

Contributions and grants received

$1,040,334

Grants paid

$0

Program service revenue

$0

Investment income

$0

Other revenue

$0

Total assets, end of year

$854,608

Total liabilities, end of year

$46,000

Net assets or fund balances, end of year

$808,608

Program services expenses (Part IX)

$663,809

Management and general expenses

$87,300

Fundraising expenses

$0

Program service expenses (Part III)

$663,809

Program services were 88.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Mission and programs · 2022

• ACCELERATION: 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. 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.

  Expenses $285,104

• OUTREACH AND TRAINING: BUSINESS TRAINING 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.

  Expenses $231,315

• TENGENEZA: AS PART OF THE MARKET ACCESS PROGRAM, SOMO PRODUCTS ARE SOLD THROUGH BOTH SOMO'S AND THIRD PARTY'S ONLINE AND PHYSICAL CHANNELS. SOMO ALSO HAS A SHARED PRODUCTION FACILITY THAT PROVIDES ENTREPRENEURS WITH ACCESS TO EQUIPMENT, PRINT SERVICES AND STANDARDIZED PROCESSES

  Expenses $147,390

As filed on the 2022 return.

Listed in Part VII

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type

form_990

Tax year

2022

Filed

11 August 2023

IRS schema version

2022v5.0

Source object

202322239349302062

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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