Wellspring Inc

Analysis

Wellspring Inc is a registered charity in United States, based in Bangor, ME. It received its IRS tax-exemption ruling in September 1985, 41 years ago. Its declared purposes cover mental health and crisis intervention, which this site groups under health and saving lives. 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 $6.1m and spending of $6.2m, spending 102% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $3.9m to $6.1m (+57%), an average of +12% a year. The sharpest change came in the year to June 2023, when income rose by 20%. Over the whole period it spent 99% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Wellspring Inc sits at the 81st percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within ME. Charities of a similar size with the same main cause include North Star Special Services Inc ($6.1m), Inperium Inc ($6.1m) and Lauderdale Christian Nursing Home ($6.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 33% and program service revenue 66% of the total. Compensation of current officers, directors and key employees was $97k (1.6% of expenses). Other salaries and wages came to $3.8m. At year end it held assets of $1.9m against liabilities of $1.5m, net assets of $352k. It reported 107 employees.