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Nonprofiteer
← SOMERSET COUNTY BUSINESS PARTNERSHIP FOUNDATION

Form 990 for tax year 2022

Filed by SOMERSET COUNTY BUSINESS PARTNERSHIP FOUNDATION.

Totals

Total revenue
$959,404
Total expenses
$1,084,871
Contributions and grants received
$605,400
Grants paid
$0
Program service revenue
$350,253
Investment income
$0
Other revenue
$3,751
Total assets, end of year
$54,044
Total liabilities, end of year
$303,082
Net assets or fund balances, end of year
-$249,038
Program services expenses (Part IX)
$797,699
Management and general expenses
$287,172
Fundraising expenses
$0
Program service expenses (Part III)
$797,699

Program services were 73.5% 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.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $265,000

  • 1f · All other contributions, gifts and grants

    $340,400

  • 2a · Program service revenue: Projects and Events

    total $350,253 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Other Income

    total $3,751 · related or exempt $3,751 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $3,751

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $175,157 · program services $0 · management and general $175,157 · fundraising $0

  • 10 · Payroll taxes

    total $46,152 · program services $0 · management and general $46,152 · fundraising $0

  • 11c · Fees: accounting

    total $6,450 · program services $0 · management and general $6,450 · fundraising $0

  • 12 · Advertising and promotion

    total $679,291 · program services $679,273 · management and general $18 · fundraising $0

  • 13 · Office expenses

    total $58,408 · program services $30,089 · management and general $28,319 · fundraising $0

  • 16 · Occupancy

    total $91,768 · program services $67,213 · management and general $24,555 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $6,521 · program services $0 · management and general $6,521 · fundraising $0

  • 24a · Other expenses: Projects and events

    total $7,047 · program services $7,047 · management and general $0 · fundraising $0

  • 24b · Other expenses: Other

    total $14,077 · program services $14,077 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $104,383 · end of year $24,840

  • 3 · Pledges and grants receivable

    beginning of year $22,083 · end of year $25,583

  • 10a · Land, buildings and equipment: cost or other basis

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $3,619 · end of year $3,621

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,582 · end of year $41,043

  • 19 · Deferred revenue

    beginning of year $10,545

  • 25 · Other liabilities

    beginning of year $236,529 · end of year $262,039

  • 27 · Net assets without donor restrictions

    beginning of year -$123,571 · end of year -$249,038

Mission and programs · 2022

Mission

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.

  • 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.

    Expenses $797,699 · Revenue $350,253

As filed on the 2022 return.

Listed in Part VII

  • Edward Dolan

    Chairperson

    Total calculated
    $0
    Hours/week
    2

  • Chris Zarelli

    Vice Chairperson

    Total calculated
    $0
    Hours/week
    2

  • Audris Francis

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Tom Elliott

    Treasurer

    Total calculated
    $0
    Hours/week
    2

  • Catherine Rickner

    Immediate Past Chairperson

    Total calculated
    $0
    Hours/week
    2

  • Chris Edwards

    President & CEO

    Total calculated
    $137,513
    From this org
    $0
    From related orgs
    $137,513
    Other
    $0
    Hours/week
    15

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202343189349306669

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