Well-Spring Services Inc

Analysis

Well-Spring Services Inc is a registered charity in United States, based in Greensboro, NC. It received its IRS tax-exemption ruling in August 2014, 12 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a supporting organisation (type i) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Well-Spring Services Inc reported income of $5.0m and spending of $2.7m, leaving 47% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.1m to $5.0m (+352%), an average of +46% a year. The sharpest change came in the year to December 2022, when income rose by 1636%. Over the whole period it spent 23% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Well-Spring Services Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within NC. Charities of a similar size with the same main cause include Greater Lynchburg Community Foundation ($5.0m), Communities of Coastal Georgia Foundation Inc ($5.1m) and Catholic Foundation of South Louisiana ($5.0m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 55% of the total. Compensation of current officers, directors and key employees was $941k (35% of expenses). Other salaries and wages came to $1.0m. At year end it held assets of $66.7m against liabilities of $1.9m, net assets of $64.8m. It reported 26 employees.