Wellspring Bridge Apartments Inc

Analysis

Wellspring Bridge Apartments Inc is a registered charity in United States, based in Louisville, KY. It received its IRS tax-exemption ruling in September 2007, 19 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Wellspring Bridge Apartments Inc reported income of $58k and spending of $89k, spending 152% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $45k to $58k (+29%), an average of +8.8% a year. The sharpest change came in the year to June 2023, when income rose by 19%. Over the whole period it spent 158% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Wellspring Bridge Apartments Inc sits at the 13th percentile: it is larger than about 13% of them. Against every charity in United States with reported income it ranks in the 23rd percentile, and in the 21st percentile within KY. Charities of a similar size with the same main cause include Atlantic County Homes Inc ($58k), Harmony Christian Community ($58k) and Kingdom Builders of Cny Inc ($58k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 100% of the total. At year end it held assets of $706k against liabilities of $81k, net assets of $625k.

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.