Wellspring Inc

Analysis

Wellspring Inc is a registered charity in United States, based in Mitchell, SD. It received its IRS tax-exemption ruling in July 1991, 35 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 June 2023, Wellspring Inc reported income of $3.7m and spending of $4.5m, spending 122% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $2.4m to $3.7m (+54%), an average of +16% a year. The sharpest change came in the year to June 2021, when income rose by 53%. Over the whole period it spent 104% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Wellspring Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 90th percentile within SD. Charities of a similar size with the same main cause include Southeast Asian Maa Coalition Inc ($3.7m), Emmaus Home ($3.7m) and Youthnet ($3.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 25% and program service revenue 75% of the total. Compensation of current officers, directors and key employees was $254k (5.6% of expenses). Other salaries and wages came to $2.9m. At year end it held assets of $6.0m against liabilities of $2.8m, net assets of $3.2m. It reported 142 employees.