Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 2014.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
96 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
8 people listed on the 990.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2Yes
- Top official's pay set by an independent reviewPt VI · Ln 15aNo
Programs and updates
Empowers urban entrepreneurs with training, mentorship, and capital to build businesses.
Questions for The Somo Project
Your first name shows with your question. The Somo Project answers here, for everyone.
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Inuka
As part of our 2-year Accelerator Program, Somo provides non-repayable grants to each qualifying entrepreneur 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.
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.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2020 990, line by line.
Download 990
| Line | Start FY20 | End FY20 |
|---|---|---|
| Cash and savingsLn 1–2 | $119K | $339K |
| Land, buildings, equipmentLn 10c | $32K | $55K |
| Total assetsLn 16 | $166K | $394K |
| LiabilitiesLn 26 | $0 | $0 |
| Net assetsLn 32 | $166K | $394K |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $4K | $4K | ||
| Grants and assistance to foreign recipientsLn 3 | $0 | |||
| Other salaries and wagesLn 7 | $0 | |||
| Legal feesLn 11b | $3K | $3K | ||
| Accounting feesLn 11c | $0 | |||
| Professional fundraising feesLn 11e | $355 | $355 | ||
| Other fees for servicesLn 11g | $0 | |||
| Advertising and promotionLn 12 | $106 | $96 | $10 | |
| Office expensesLn 13 | $10K | $5K | $5K | |
| Information technologyLn 14 | $2K | $1K | $406 | |
| RoyaltiesLn 15 | $0 | |||
| OccupancyLn 16 | $9K | $6K | $3K | |
| TravelLn 17 | $6K | $6K | $100 | |
| Conferences, conventions and meetingsLn 19 | $0 | |||
| InterestLn 20 | $3K | $3K | ||
| Payments to affiliatesLn 21 | $0 | |||
| Depreciation, depletion and amortizationLn 22 | $0 | |||
| Other expenses (24a–d)Ln 24 | $301K | $301K | $579 | $0 |
| Total functional expensesLn 25 | $339K | $327K | $12K | $355 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest | $1.2M | $1.3M | −$10K | $1.0M | 990 PDF |
| FY2024 | $1.1M | $902K | $168K | $1.3M | 990 PDF |
| FY2023 | $1.1M | $965K | $98K | $997K | 990 PDF |
| FY2022 | $1.0M | $751K | $289K | $809K | 990 PDF |
| FY2021 | $657K | $643K | $14K | $621K | 990 PDF |
| FY2020 Viewing | $543K | $339K | $204K | $394K | 990 PDF |
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Schedules filed Part IV
See the full FY2020 990 (6 parts)
Part I · Summary $543,027 revenue, 12 lines filed
Part VI · Governance 8 of 8 board members independent, 2 to look at
Part VIII · Statement of revenue $543,027 across 11 lines filed
Part IX · Statement of functional expenses $339,201 across 18 lines filed
Part X · Balance sheet $393,745 assets, 6 lines filed
Part XI · Reconciliation of net assets $393,745 net assets at year end
Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File
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