Primary Source Inc

Analysis

Primary Source Inc is a registered charity in United States, based in Watertown, MA. It received its IRS tax-exemption ruling in September 1986, 40 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Primary Source Inc reported income of $1.1m and spending of $1.1m, spending 102% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $798k to $1.1m (+39%), an average of +8.5% a year. The sharpest change came in the year to December 2020, when income rose by 27%. Over the whole period it spent 95% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Primary Source Inc sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 79th percentile within MA. Charities of a similar size with the same main cause include Northeast Georgia Care Inc ($1.1m), The Green Byrne Child Care Center Inc ($1.1m) and Shepherds Staff Ministries Inc ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 33% and program service revenue 65% of the total. Compensation of current officers, directors and key employees was $138k (12% of expenses). Other salaries and wages came to $541k. At year end it held assets of $775k against liabilities of $272k, net assets of $503k. It reported 10 employees.