Worksource Montgomery Inc

Analysis

Worksource Montgomery Inc is a registered charity in United States, based in Rockville, MD. It received its IRS tax-exemption ruling in July 2014, 12 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Worksource Montgomery Inc reported income of $12.2m and spending of $12.0m, spending 99% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $6.3m to $12.2m (+92%), an average of +18% a year. The sharpest change came in the year to June 2023, when income rose by 80%. Over the whole period it spent 98% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Worksource Montgomery Inc sits at the 97th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 95th percentile within MD. Charities of a similar size with the same main cause include West Central Minnesota Communities Action Inc ($12.2m), Arab-American Family Support Center Inc ($12.2m) and Native American Development Corporation ($12.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% of the total. Compensation of current officers, directors and key employees was $196k (1.6% of expenses). Other salaries and wages came to $3.0m. At year end it held assets of $10.8m against liabilities of $8.1m, net assets of $2.7m. It reported 118 employees.