Springwell Inc

Analysis

Springwell Inc is a registered charity in United States, based in Waltham, MA. It received its IRS tax-exemption ruling in March 1977, 49 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Springwell Inc reported income of $109.4m and spending of $104.5m, spending 96% of its income. Across the 5 years on record, from June 2020 to June 2024, income grew from $49.8m to $109.4m (+120%), an average of +22% a year. The sharpest change came in the year to June 2023, when income rose by 59%. Over the whole period it spent 96% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Springwell Inc sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within MA. Charities of a similar size with the same main cause include Advance Care Alliance of Ny Inc ($108.8m), Homeless Action Network of Detroit ($109.6m) and Access Supports for Living Inc ($108.5m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 0.4% and program service revenue 99% of the total. Compensation of current officers, directors and key employees was $947k (0.9% of expenses). Other salaries and wages came to $12.3m. At year end it held assets of $48.5m against liabilities of $19.2m, net assets of $29.3m. It reported 278 employees.