Wellspring Foundation Inc

Analysis

Wellspring Foundation Inc is a registered charity in United States, based in Bethlehem, CT. It received its IRS tax-exemption ruling in April 1984, 42 years ago. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Wellspring Foundation Inc reported income of $7.2m and spending of $6.7m, spending 93% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $6.6m to $7.2m (+11%), an average of +3.4% a year. The sharpest change came in the year to June 2023, when income rose by 28%. Over the whole period it spent 98% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Wellspring Foundation Inc sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 93rd percentile within CT. Charities of a similar size with the same main cause include Maui Family Support Services ($7.2m), Lawrence Community Works Inc ($7.3m) and Young Womens Christian Association of Utah ($7.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 5.0% and program service revenue 94% of the total. Compensation of current officers, directors and key employees was $303k (4.5% of expenses). Other salaries and wages came to $4.1m. At year end it held assets of $7.3m against liabilities of $861k, net assets of $6.4m. It reported 131 employees.