Wells of Life Inc

Analysis

Wells of Life Inc is a registered charity in United States, based in San Juan Capo, CA. It received its IRS tax-exemption ruling in January 2012, 14 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 of Life Inc reported income of $2.5m and spending of $3.1m, spending 126% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.5m to $2.5m (+68%), an average of +14% a year. The sharpest change came in the year to December 2021, when income rose by 100%. Over the whole period it spent 86% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Wells of Life Inc sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 88th percentile within CA. Charities of a similar size with the same main cause include Muscatine Community Y ($2.5m), Filipino-American Development Foundation ($2.5m) and Hope Inc ($2.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 108% of the total. Other salaries and wages came to $412k. At year end it held assets of $3.1m against liabilities of $164k, net assets of $2.9m. It reported 9 employees.