Wellspring Inc
- Assets
- $4.2m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 48
- Location
- Hull, MA
- Founding
- 12/1988
- Data as of
- 06/2023
- EIN
- 04-2969215
Organization Overview
Wellspring Inc, operating under the name Wellspring Multi-Service Centers, is located in Hull, MA. The organization was established in 1988. According to its NTEE Classification (P29) the organization is classified as: Thrift Shops, under the broad grouping of Human Services and related organizations. As of 06/2023, Wellspring Multi-Service Centers employed 48 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wellspring Multi-Service Centers is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Wellspring Multi-Service Centers generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 24.8% each year . All expenses for the organization totaled $2.1m during the year ending 06/2023. While expenses have increased by 18.9% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
MULTI-SERVICE AGENCY PROVIDING MANY DIRECT SOCIAL SERVICES: EDUCATION, COMMUNITY OUTREACH, CASE MANAGEMENT, COUNSELING, TRANSPORTATION, CRISIS INTERVENTION, FOOD PROGRAMS,THRIFT SHOPS, ETC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CLIENT SERVICES & CASE MANAGEMENT; COUNSELING, INCLUDING DOMESTIC VIOLENCE INTERVENTION AND OTHER CRISIS ISSUES; FOOD PANTRY; HOLIDAY MEALS & GIFTS; COMMUNITY OUTREACH AND SOCIAL SERVICE REFERRAL; ALL AT NO CHARGE.
ADULT LEARNING PROGRAMS FOR ALL AGES, FREE TO THE PUBLIC; ADULT LITERACY; GED/HI-SET, DIPLOMA PROGRAMS, PROGRAMS FOR YOUNG ADULTS WITH LEARNING DISABILITIES, YOUNG MOTHERS AND OTHER STUDENTS IN THE AGE RANGE OF 16-22; ENGLISH FOR SPEAKERS OF OTHER LANGUAGES (ESOL).
THRIFT SHOP SELLING DONATED CLOTHING, BOOKS, TOYS, FURNITURE & HOUSEHOLD ITEMS AT LOW COST TO THE PUBLIC. ALL MERCHANDISE IS RECEIVED AS DONATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Carney Secretary/clerk/director | OfficerTrustee | 1 | $0 |
Patricia Cormier Director | Trustee | 1 | $0 |
Susan Weisenbeck Treasurer/director | OfficerTrustee | 1 | $0 |
Amy Whitcomb Slemmer Director | Trustee | 1 | $0 |
Kris Broe Chairman/director | OfficerTrustee | 1 | $0 |
Stephanie Shute Kelsch Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
409 Washington St Realty Trust Rent | 6/29/22 | $48,780 |
Hatherly Country Club Tournament Space | 6/29/22 | $24,130 |
Goodwin Graphics Graphic Design | 6/29/22 | $10,525 |
Cohasset Hospitality Partners Function Space | 6/29/22 | $44,457 |
Mary Stasik Cleaning | 6/29/22 | $11,700 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $80,504 |
| Related organizations | $0 |
| Government grants | $113,596 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,339,837 |
| Noncash contributions included in lines 1a–1f | $496,180 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,533,937 |
| Total Program Service Revenue | $118,187 |
| Investment income | $19,117 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$298 |
| Net Income from Fundraising Events | $1,007 |
| Net Income from Gaming Activities | -$5,166 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,666,784 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $171,236 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $161,493 |
| Compensation of current officers, directors, key employees. | $7,771 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,015,318 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $76,763 |
| Payroll taxes | $106,821 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,650 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $37,435 |
| Advertising and promotion | $15,488 |
| Office expenses | $108,702 |
| Information technology | $46,299 |
| Royalties | $0 |
| Occupancy | $117,466 |
| Travel | $30,996 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $90,350 |
| Insurance | $56,483 |
| All other expenses | $0 |
| Total functional expenses | $2,065,777 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $350 |
| Savings and temporary cash investments | $1,064,218 |
| Pledges and grants receivable | $398,082 |
| Accounts receivable, net | $50,367 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $16,245 |
| Prepaid expenses and deferred charges | $24,581 |
| Net Land, buildings, and equipment | $1,531,242 |
| Investments—publicly traded securities | $1,045,178 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $100,256 |
| Total assets | $4,230,519 |
| Accounts payable and accrued expenses | $11,845 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $94,311 |
| Total liabilities | $106,156 |
| Net assets without donor restrictions | $3,019,325 |
| Net assets with donor restrictions | $1,105,038 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,230,519 |