Wells Academy Inc

Analysis

Wells Academy Inc is a registered charity in United States, based in Bemidji, MN. It received its IRS tax-exemption ruling in May 2006, 20 years ago. Its declared purposes cover employment, which this site groups under community and economic development. 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, Wells Academy Inc reported income of $102k and spending of $178k, spending 175% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $81k to $102k (+26%), an average of +6.0% a year. The sharpest change came in the year to December 2021, when income rose by 73%. Over the whole period it spent 139% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Wells Academy Inc sits at the 36th percentile: it is larger than about 36% of them. Against every charity in United States with reported income it ranks in the 37th percentile, and in the 35th percentile within MN. Charities of a similar size with the same main cause include Hoc Realty ($102k), M2squared Associates II Inc ($102k) and Rotary Club of St Cloud Inc ($102k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 80% of the total. At year end it held assets of $49k against liabilities of $0, net assets of $49k.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.