Wellspring Cooperative Corporation

Analysis

Wellspring Cooperative Corporation is a registered charity in United States, based in Indian Orch, MA. It received its IRS tax-exemption ruling in May 2015, 11 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 December 2023, Wellspring Cooperative Corporation reported income of $818k and spending of $647k, leaving 21% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $207k to $818k (+295%), an average of +41% a year. The sharpest change came in the year to December 2023, when income rose by 123%. Over the whole period it spent 85% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Wellspring Cooperative Corporation sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 77th percentile within MA. Charities of a similar size with the same main cause include The Beacon Council Economic Development Foundation Inc ($817k), Cape and Islands Workforce Development Board Inc ($819k) and Erie County Restorative Justice Coalition Inc ($817k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 98% and program service revenue 2.1% of the total. Compensation of current officers, directors and key employees was $171k (26% of expenses). Other salaries and wages came to $70k. At year end it held assets of $423k against liabilities of $45k, net assets of $378k. It reported 4 employees.