Qsource

Analysis

Qsource is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in September 1974, 52 years ago. 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 July 2023, Qsource reported income of $14.2m and spending of $13.4m, spending 95% of its income. Across the 5 years on record, from July 2019 to July 2023, income fell from $23.1m to $14.2m (-39%), an average of -12% a year. The sharpest change came in the year to July 2020, when income dropped by 36%. Over the whole period it spent 96% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Qsource 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 97th percentile within TN. Charities of a similar size with the same main cause include San Antonio Area Foundation Group Return ($14.1m), Dominican Oaks Corporation ($14.2m) and Supportworks Housing ($14.1m).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 79% and program service revenue 18% of the total. Compensation of current officers, directors and key employees was $1.2m (8.6% of expenses). Other salaries and wages came to $5.8m. At year end it held assets of $29.1m against liabilities of $949k, net assets of $28.2m. It reported 105 employees.