Wesco Industries

Analysis

Wesco Industries is a registered charity in United States, based in Denison, IA. It received its IRS tax-exemption ruling in December 1966, 60 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, Wesco Industries reported income of $10.5m and spending of $9.6m, spending 91% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $7.7m to $10.5m (+37%), an average of +11% a year. The sharpest change came in the year to June 2021, when income rose by 32%. Over the whole period it spent 89% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Wesco Industries sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 95th percentile within IA. Charities of a similar size with the same main cause include Fallon Medical Complex Inc ($10.5m), The Information Center Inc the Family Resource Place ($10.5m) and Ronald C Wornick Jewish Day School ($10.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 8.0% and program service revenue 92% of the total. Compensation of current officers, directors and key employees was $165k (1.7% of expenses). Other salaries and wages came to $6.7m. At year end it held assets of $6.4m against liabilities of $786k, net assets of $5.6m. It reported 201 employees.