Well-Spring Services Inc
- Assets
- $66.7m
- Revenue
- $5.0m
- Investments
- $0.0
- Employees
- 26
- Location
- Greensboro, NC
- Founding
- 08/2014
- Data as of
- 12/2023
- EIN
- 90-0885759
Organization Overview
Well-Spring Services Inc, operating under the name Well-Spring Group Home Care From Well-Spring Solutions, is located in Greensboro, NC. The organization was established in 2014. According to its NTEE Classification (T11) the organization is classified as: Single Organization Support, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Well-Spring Group Home Care From Well-Spring Solutions employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Well-Spring Group Home Care From Well-Spring Solutions 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 12/2023, Well-Spring Group Home Care From Well-Spring Solutions generated $5.0m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 23.4% each year . All expenses for the organization totaled $2.7m during the year ending 12/2023. 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
WELL-SPRING SERVICES, INC. SUPPORTS WELL-SPRING RETIREMENT COMMUNITY, INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES SUPPORT SERVICES TO WELL-SPRING RETIREMENT COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Boggs Vice-Chair, Imm. Past Chai | OfficerTrustee | 1 | $0 |
Kathryn Cookie Billings Chair | OfficerTrustee | 1 | $0 |
Jerry Bailey Board Member | Trustee | 1 | $0 |
Jeff Blaser Assistant Secretary | OfficerTrustee | 1 | $0 |
Anthony Boyd Board Member | Trustee | 1 | $0 |
Chris Brown Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,770,190 |
| Investment income | $70,449 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$13,198 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,048,007 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $941,112 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,001,010 |
| Pension plan accruals and contributions | $40,174 |
| Other employee benefits | $97,459 |
| Payroll taxes | $105,392 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $30,824 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,337 |
| Advertising and promotion | $0 |
| Office expenses | $18,033 |
| Information technology | $1,597 |
| Royalties | $0 |
| Occupancy | $42,474 |
| Travel | $22,130 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,883 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,017 |
| Insurance | $13,182 |
| All other expenses | $1,639 |
| Total functional expenses | $2,667,563 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $959,718 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $116 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $24,180 |
| Net Land, buildings, and equipment | $27,534 |
| Investments—publicly traded securities | $2,454,257 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $63,238,234 |
| Total assets | $66,704,039 |
| Accounts payable and accrued expenses | $533,644 |
| 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 | $1,352,689 |
| Total liabilities | $1,886,333 |
| Net assets without donor restrictions | $57,414,102 |
| Net assets with donor restrictions | $7,403,604 |
| 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 | $66,704,039 |