Wellspring Inc

Analysis

Wellspring Inc is a registered charity in United States, based in Hull, MA. It received its IRS tax-exemption ruling in December 1988, 38 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 June 2023, Wellspring Inc reported income of $2.7m and spending of $2.1m, leaving 23% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.1m to $2.7m (+142%), an average of +25% a year. The sharpest change came in the year to June 2020, when income rose by 67%. Over the whole period it spent 75% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Wellspring Inc sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 87th percentile within MA. Charities of a similar size with the same main cause include Bayou District Foundation ($2.7m), Modest Community Services Association Inc ($2.7m) and Special Recreation Association of Central Lake County ($2.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 95% and program service revenue 4.4% of the total. Compensation of current officers, directors and key employees was $161k (7.8% of expenses). Other salaries and wages came to $1.0m. At year end it held assets of $4.2m against liabilities of $106k, net assets of $4.1m. It reported 48 employees.