Overview
What is The Somo Project?
The Somo Project is a 501(c)(3) organization situated in San Francisco, California. With a focus on low-income urban areas, they offer a comprehensive approach to supporting entrepreneurs. Their program includes one-on-one coaching, mentorship from volunteers, and access to startup series events where lessons are taught on various areas of expertise. The organization provides 1:1 support to businesses, either through office hours or direct involvement with a specific enterprise. As part of their two-year accelerator program, they grant non-repayable funds to qualified entrepreneurs for initial venture capital expenditures. Later-stage funding is provided as debt capital, contingent upon success metrics developed in collaboration with the entrepreneurs and the Somo team.
Official website here: www.somoafrica.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81%, Three Stars
The Somo Project has received a Three-Star out of Four Star rating from Charity Navigator, indicating a solid performance in terms of accountability and finance. The organization scored 81% overall, with the rating derived entirely from its strong accountability and financial practices. This score is significant as it reflects the nonprofit’s commitment to transparency and responsible management of resources.
The Somo Project demonstrates several strengths in its operations. It boasts a fully independent board, with 100% of its members meeting this criterion, and maintains robust policies including conflict of interest and whistleblower protections. Additionally, the organization has no reported material diversion of assets and shows a high program expense ratio of 87.32%, suggesting that the majority of its spending effectively supports its mission.
While the organization has solid financial practices, the overall rating is solely based on the accountability and finance beacon, leaving out other potential areas of impact and effectiveness that may not be captured in this score. However, its transparency and governance indicate a commitment to ethical practices that can inspire trust among donors and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is The Somo Project legitimate?
The Somo Project is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Somo Project submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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For more financial information, click here
Official website here: www.somoafrica.org
What is the mission statement of The Somo Project?
The Somo Project, a registered 501(c)(3) organization, is committed to providing training, mentorship, and capital to entrepreneurs who are establishing businesses in low-income urban areas. Its mission is to empower impact entrepreneurs, helping them grow their ventures successfully. Through its accelerator program, entrepreneurs receive one-on-one coaching from both the Somo team and volunteer advisors. These advisors offer mentorship and guidance, aiding in the growth of Somo businesses. Entrepreneurs also have access to monthly startup series events, where Somo advisors teach lessons on various areas of expertise. Somo advisors provide individual support to businesses through office hours or direct engagement with a single enterprise. As part of its two-year accelerator program, Somo provides non-repayable grants to qualifying entrepreneurs for their initial capital expenditures. Later-stage funding is provided as debt capital, with continued funding contingent upon success metrics developed by the entrepreneurs in collaboration with the Somo team.
Official website here: www.somoafrica.org
Who is the CEO of The Somo Project?
Lilian Wanjiku is the Principal Officer of The Somo Project.
Official website here: www.somoafrica.org
What is the revenue of The Somo Project?
The Somo Project's revenue in 2022 was $1,040,334.
Official website here: www.somoafrica.org
Who are the executives of The Somo Project and what are their salaries?
There 8 volunteers at The Somo Project.
Here are 8 key members and their salaries:
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Official website here: www.somoafrica.org
Where can I find the form 990 for The Somo Project?
The Somo Project's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.somoafrica.org
Learn more at the official website: www.somoafrica.org
Mission Statement of The Somo Project
The Somo Project, a registered 501(c)(3), is dedicated to supporting entrepreneurs who are building businesses in low-income urban areas. Their mission is to provide these impact entrepreneurs with essential training, mentorship, and capital. Through their accelerator program, entrepreneurs receive one-on-one coaching from both the Somo team and volunteer advisors. These advisors offer mentorship and guidance, helping to grow the Somo businesses. Entrepreneurs also have access to monthly startup series events, where Somo advisors teach lessons on various areas of expertise. The Somo advisors provide 1:1 support to businesses, either through office hours or by working directly with a single enterprise. As part of their two-year accelerator program, Somo provides non-repayable grants to qualifying entrepreneurs for the initial capital expenditures necessary to launch their ventures. Later-stage funding is provided as debt capital, with continued funding contingent on success metrics developed by the entrepreneurs in collaboration with the Somo team.
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Impact
July, 2024
The Somo Project empowers impact entrepreneurs in low-income urban areas by providing them with training, mentorship, and capital to build successful businesses. Through its accelerator program, entrepreneurs receive personalized coaching from the Somo team and volunteer advisors, access to monthly startup series events, and non-repayable grants for initial capital expenditures. As a registered 501(c)(3) nonprofit based in San Francisco, California, The Somo Project is making a tangible difference by supporting entrepreneurs in creating sustainable businesses that positively impact their communities.
This information is meant to be a general summary of The Somo Project. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Gross Receipts: $1,040,334
Assets and Liabilities:
- Total Assets: $854,608
- Total Liabilities: $46,000
- Net Assets: $808,608
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Organization Details
Founding Year
2014
Phone
(914) 426-2055Principal Officer
Lilian Wanjiku
Main Address
10TH STREET APT 1222, SAN FRANCISCO, CA, 94122
Website
www.somoafrica.orgNTEE Category
Code: Q33 - International
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