Wespac Foundation Inc

Analysis

Wespac Foundation Inc is a registered charity in United States, based in White Plains, NY. It received its IRS tax-exemption ruling in May 1982, 44 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 August 2023, Wespac Foundation Inc reported income of $2.4m and spending of $1.8m, leaving 25% of income unspent that year. Across the 5 years on record, from August 2019 to August 2023, income grew from $418k to $2.4m (+469%), an average of +54% a year. The sharpest change came in the year to August 2023, when income rose by 122%. Over the whole period it spent 80% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Wespac Foundation 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 87th percentile, and in the 84th percentile within NY. Charities of a similar size with the same main cause include Young Mens Christian Association of Corry ($2.4m), Nurturing Independence Through Artistic Development ($2.4m) and Young Mens Christian Association of Berwick Pennsylvania ($2.4m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 80% and program service revenue 0.8% of the total. Other salaries and wages came to $86k. At year end it held assets of $1.7m against liabilities of $2,959, net assets of $1.7m. It reported 1 employees.