Wellspring Inc

Analysis

Wellspring Inc is a registered charity in United States, based in Louisville, KY. It received its IRS tax-exemption ruling in November 1981, 45 years ago. 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 Inc reported income of $7.8m and spending of $6.8m, spending 87% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $5.2m to $7.8m (+49%), an average of +11% a year. The sharpest change came in the year to June 2023, when income rose by 23%. Over the whole period it spent 96% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Wellspring 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 94th percentile within KY. Charities of a similar size with the same main cause include Project Return Inc ($7.8m), N E W Community Clinic ($7.8m) and St Peter Community Health Care Center ($7.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 58% and program service revenue 40% of the total. Compensation of current officers, directors and key employees was $237k (3.5% of expenses). Other salaries and wages came to $3.3m. At year end it held assets of $9.0m against liabilities of $4.7m, net assets of $4.3m. It reported 127 employees.