Springwell Network Inc

Analysis

Springwell Network Inc is a registered charity in United States, based in Winston Salem, NC. It received its IRS tax-exemption ruling in January 1976, 50 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, Springwell Network Inc reported income of $2.1m and spending of $2.3m, spending 110% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $2.4m to $2.1m (-12%), an average of -3.1% a year. The sharpest change came in the year to June 2022, when income dropped by 20%. Over the whole period it spent 98% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Springwell Network Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 87th percentile within NC. Charities of a similar size with the same main cause include Transformation Center ($2.1m), Life Asset Inc ($2.1m) and Berkeley Senior Sevices ($2.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 1.6% and program service revenue 99% of the total. Compensation of current officers, directors and key employees was $100k (4.4% of expenses). Other salaries and wages came to $1.3m. At year end it held assets of $2.2m against liabilities of $630k, net assets of $1.6m. It reported 86 employees.