TOTAL REVENUE - FISCAL 2024
$5,239,262
Up 15.7% from $4,530,221 in fiscal 2023.
The Food Bank Network Of Somerset
Bound Brook, New Jersey - EIN 22-2405550 - Latest filing: fiscal 2024 (Jan 1, 2024 - Dec 31, 2024)
HOW TO READ THIS PAGE
How to read this page: every figure below is from the fiscal-2024 Form 990, filed Apr 28, 2026. People named below are shown as reported on the fiscal-2024 Form 990, filed Apr 28, 2026 - the filing is a snapshot of that fiscal year, not a list of current officeholders.
THE FILING IN ONE PARAGRAPH
The Food Bank Network Of Somerset reported $5,239,262 in revenue and $4,865,434 in expenses in fiscal 2024, a surplus of $373,828 for the year. Program services took $4,632,784 of expenses, or 95.2%. The organization closed the year with $3,123,922 in net assets - about 7.7 months of expenses at the fiscal-2024 spending level.
At a Glance - Fiscal 2024
All values are fiscal 2024 unless a tile says otherwise.
TOTAL EXPENSES - FISCAL 2024
$4,865,434
Revenue minus expenses: $373,828 in fiscal 2024.
PROGRAM EXPENSE SHARE - FISCAL 2024
95.2%
$4,632,784 of $4,865,434 went to program services.
NET ASSETS - END OF FISCAL 2024
$3,123,922
Total assets $3,160,726 minus total liabilities $36,804.
TOP EXECUTIVE PAY - FISCAL 2024
$110,240
Steve Katz, Executive Director, as reported on the fiscal-2024 Form 990, filed Apr 28, 2026. Total across all compensation columns.
PEOPLE REPORTED - FISCAL 2024
7 Employees
Plus 100 volunteers reported on the fiscal-2024 Form 990.
Money In, Money Out - Fiscal 2024
Revenue and expenses as reported on the fiscal-2024 Form 990, filed Apr 28, 2026. Donated goods are separated from cash so food and supply donations do not read as cash income.
Where the Money Went - Fiscal 2024
Management and general is the figure reported on the filing (Part IX total); where a filing does not carry it, it is computed as the residual of total expenses minus program and fundraising expenses. Cost to raise a dollar in fiscal 2024: $0.00 - $0 in fundraising expenses divided by $5,091,717 in total contributions. On cash contributions only: $0.00.
Where the Money Came From - Fiscal 2024
| Source | Fiscal 2024 |
|---|---|
| Total Contributions | $5,091,717 |
| Of Which Cash Contributions | $992,584 |
| Of Which Donated Goods (Noncash) | $4,099,133 |
| All Other Contributions | $5,091,717 |
| Program Service Revenue | $0 |
| Investment Income | $146,365 |
| Other Revenue | $1,180 |
| Total Revenue (All Sources) | $5,239,262 |
Government Grants - Not Broken Out
The fiscal-2024 Form 990 does not break out government grants as a separate line for this organization. This page shows Not Broken Out instead of estimating a figure.
The fiscal-2024 Form 990 does not break out government grants as a separate line for this organization. This page shows Not Broken Out instead of estimating a figure.
Donated Goods Are a Large Share Here
For this organization, donated goods were $4,099,133 of $5,091,717 in contributions in fiscal 2024 - a large share of reported contributions is goods valued in dollars, not cash. The cash and noncash split is shown above, and any cost-to-raise-a-dollar figure is shown both ways.
Reserves and Balance Sheet - Fiscal 2024
Reserves and Runway
7.7 Months
of reserves - $3,123,922 in net assets at the end of fiscal 2024, divided by average monthly expenses of about $405,452 in fiscal 2024.
Net assets can include donor-restricted funds, buildings and other assets that cannot be spent like cash. Treat months of reserves as a scale measure, not as cash in the bank.
Balance Sheet - End of Fiscal 2024
| Total Assets | $3,160,726 |
| Total Liabilities | $36,804 |
| Liabilities as Share of Assets | 1.2% |
| Net Assets | $3,123,922 |
Leadership Pay - Fiscal 2024
Pay is the summed total across all compensation columns on the Form 990 - pay from the organization, pay from related organizations, and other compensation. People are shown as reported on the fiscal-2024 Form 990, filed Apr 28, 2026.
| Name and Title, as Reported | Total Pay - Fiscal 2024 | Share of Expenses |
|---|---|---|
| Steve Katz - Executive Director | $110,240 | 2.27% |
The full Part VII table lists every officer, director, trustee and key employee named on the filing, with hours and the same summed total. Compensation is reported for the calendar year ending within the fiscal year, per the Form 990.
Board and Governance - Fiscal 2024
Board and policy answers as reported on the fiscal-2024 Form 990, filed Apr 28, 2026.
Board Roster - as Reported on the Fiscal-2024 Form 990
8 voting members, 8 independent - independence count as reported on the fiscal-2024 Form 990.
| Name, as Reported | Role, as Reported |
|---|---|
| Steve Katz | Executive Director |
| Gordon S White III | President |
| Sumita Saini | Treasurer |
| Cress Dominic | Secretary |
| Bryan Watkinson | Member-At-Large |
| Chris Yen | Member-At-Large |
| Sheila Labrew | Member-At-Large |
| Mike Mahoney | Member-At-Large |
Governance Policy Flags - Fiscal 2024
Conflict of Interest PolicyYes - Reported
Whistleblower PolicyYes - Reported
Document Retention PolicyYes - Reported
Audited Financial StatementsYes - Reported
Audit CommitteeNo
Board Size and Independence8 voting / 8 independent
Flags report what the organization answered on the Form 990. A Yes means the policy was reported on the filing; it is not an outside review of how the policy works in practice.
Grants - Fiscal 2024
Grants Made - Fiscal 2024
This organization reported $4,199,126 in grants paid in fiscal 2024.
Trend - Revenue
Years are shown only where a filing is held. Missing years are absent, never filled in.
| Fiscal Year | Revenue | Change |
|---|---|---|
| Fiscal 2023 (Prior-Year Column on the Fiscal-2024 Filing) | $4,530,221 | - |
| Fiscal 2024 | $5,239,262 | +15.7% |
This table grows to a 10-year view (revenue, expenses, net assets and top pay) as earlier filings for this organization are added to the record. Missing years are absent, never filled in.
Filings on Record
| Tax Period | Form | Status | Source |
|---|---|---|---|
| Jan 1, 2024 - Dec 31, 2024 | Form 990 | In Force - Filed Apr 28, 2026 | Original Filing at the IRS |
If an amended return is filed, the newest amended return supersedes the earlier one and the table marks which filing is in force.