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← SOMO PROJECT

Form 990 for tax year 2024

Filed by SOMO PROJECT.

Totals

Total revenue
$1,069,620
Total expenses
$901,579
Contributions and grants received
$1,048,393
Grants paid
$0
Program service revenue
$2,614
Investment income
$18,613
Other revenue
$0
Total assets, end of year
$1,421,353
Total liabilities, end of year
$78,801
Net assets or fund balances, end of year
$1,342,552
Program services expenses (Part IX)
$807,029
Management and general expenses
$63,022
Fundraising expenses
$31,528
Program service expenses (Part III)
$807,029

Program services were 89.5% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $1,048,393

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: PRODUCT SALES

    total $2,614 · related or exempt $2,614 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $18,613 · related or exempt $0 · unrelated business $0 · excluded $18,613

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $11,367 · management and general $11,367

  • 11e · Fees: professional fundraising services

    total $31,528 · fundraising $31,528

  • 11g · Fees: other

    total $14,939 · management and general $14,939

  • 12 · Advertising and promotion

    total $3,643 · program services $3,278 · management and general $365

  • 14 · Information technology

    total $31,502 · management and general $31,502

  • 22 · Depreciation, depletion and amortization

    total $13,951 · program services $9,766 · management and general $4,185

  • 24a · Other expenses: PROGRAM EXPENSES

    total $793,985 · program services $793,985 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $664 · management and general $664

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $840,101 · end of year $997,507

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

    $229,797

  • 10b · Land, buildings and equipment: accumulated depreciation

    $78,451

  • 10c · Land, buildings and equipment, net

    beginning of year $156,751 · end of year $151,346

  • 11 · Investments: publicly traded securities

    end of year $272,500

  • 24 · Unsecured notes and loans payable

    end of year $78,801

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $996,852 · end of year $1,342,552

Mission and programs · 2024

Mission

THE SOMO PROJECT PROVIDES TRAINING, MENTORSHIP AND CAPITAL TO IMPACT ENTREPRENEURS BUILDING BUSINESSES OUT OF LOW-INCOME URBAN AREAS.

Activities or mission (Part I)

REGISTERED 501(C)(3) THAT PROVIDES TRAINING, MENTORSHIP, AND CAPITAL TO ENTREPRENEURS BUILDING BUSINESSES OUT OF LOW INCOME URBAN.

  • DIGISOMO & TRAINING AND ACCELERATION & BUSINESS INCUBATION: TRAINING TO ENTREPRENEURS IN MARGINALIZED COMMUNITIES. THROUGH SOMO ACADEMY, OUR TRAINING PROGRAM, SOMO FOCUSES ON ENTREPRENEURS FROM LOW-INCOME BACKGROUNDS (INCLUDING REFUGEE CAMPS) BUILDING BUSINESSES WITH THE POTENTIAL FOR JOB CREATION. SOMO HAS ALREADY DEVELOPED CONTENT SPECIALLY FOCUSED ON SPECIFIC BUSINESSES, FOR EXAMPLE GREEN AND SOCIAL BUSINESSES IMPLEMENTED AS PART OF THIS PROGRAM. THE TRAINING IS TAILORED TO THE NEEDS OF EACH ENTREPRENEUR AND DRIVEN BY THE MARKET RESEARCH THEY CONDUCT WITH OUR ASSISTANCE, STARTING WITH PROBLEM-SOLVING AND IDEATION, ENCOMPASSING MARKET RESEARCH, BUSINESS PLANNING, FINANCIAL MODELING AND DIGITAL LITERACY, AND FINISHING WITH CAPITALIZING A BUSINESS AND A PRESENTATION TO VOLUNTEER JUDGES BY EACH ENTREPRENEUR. ACCELERATION: SOMO LEADS ON PROGRAMME APPROACH TO BUSINESS ACCELERATION FOR TARGETED ENTREPRENEURS. SOMO'S ACCELERATION PROGRAMME ALLOWS MSMES TO LEVERAGE ON THE ACQUIRED KNOWLEDGE AND SKILLS FROM DIGISOMO AND SOMO ACADEMY, AND ADOPT NEW BUSINESS PRACTICES TO GENERATE MORE REVENUE, HAVE ACCESS TO BETTER FINANCING, CREATE MORE QUALITY JOBS ACROSS THE VALUE CHAIN, AND PROVIDE BETTER PRODUCTS OR SERVICES TO ADDRESS DEMAND IN NEW MARKETS. DURING ACCELERATION, ENTREPRENEURS ARE FURTHER MENTORED, TRAINED, AND RECEIVE ACCESS TO SOMO INVEST. BUSINESS INCUBATION: SELECT ENTREPRENEURS (USUALLY THOSE MANUFACTURING FOOD, BEAUTY AND CRAFT PRODUCTS IN OUR TARGET PRODUCT LINE) HAVE ACCESS TO TENGENEZA FOR AFFORDABLE PRODUCTION, QUALITY CONTROL, BRANDING, MARKETING AND SALES SUPPORT.

    Expenses $807,029 · Revenue $2,614

As filed on the 2024 return.

Listed in Part VII

  • AMELIA HOPKINS PHILLIPS

    CEO

    Total calculated
    $0
    Hours/week
    40

  • EDEL WERE

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    2

  • BRITTANY RYDEN

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • TOM PHILLIPS

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • CHARLES WARRIA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • KAGURE WAMUNYU

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ESKOR JOHN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • FIONA KIRUBI

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

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
2024
Filed
13 May 2025
IRS schema version
2024v5.0
Source object
202541339349306419

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