Wellspring Inc
- Assets
- $3.1m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 34
- Location
- Hull, MA
- Founding
- 12/1988
- Data as of
- 06/2022
- 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 06/2022, Wellspring Multi-Service Centers employed 34 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 06/2022, Wellspring Multi-Service Centers generated $2.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 17.5% each year . All expenses for the organization totaled $1.6m during the year ending 06/2022. While expenses have increased by 11.5% per year over the past 6 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
2022
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.
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 |
|---|---|---|---|
Vincent Harte President/chief Executive | Officer | 40 | $141,483 |
Robert Carney Secretary/clerk | OfficerTrustee | 1 | $0 |
Susan Weisenbeck Treasurer | OfficerTrustee | 1 | $0 |
Kris Broe Chairman | OfficerTrustee | 1 | $0 |
Emily Curtis Pott Vice-Chairman | OfficerTrustee | 1 | $0 |
Patricia Cormier 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 |
Cohasset Hospitality Partners Function Space | 6/29/22 | $44,457 |
Mary Stasik Cleaning | 6/29/22 | $11,700 |
Goodwin Graphics Graphic Design | 6/29/22 | $10,525 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $116,043 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,570,920 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,686,963 |
| Total Program Service Revenue | $318,507 |
| Investment income | $683 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $137,538 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,143,691 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $63,369 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $141,483 |
| Compensation of current officers, directors, key employees. | $7,074 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $821,162 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $75,404 |
| Payroll taxes | $88,434 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $18,000 |
| Advertising and promotion | $2,459 |
| Office expenses | $84,756 |
| Information technology | $30,690 |
| Royalties | $0 |
| Occupancy | $104,177 |
| Travel | $24,764 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7,200 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $76,311 |
| Insurance | $52,389 |
| All other expenses | $0 |
| Total functional expenses | $1,647,007 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,412,830 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $125,284 |
| Inventories for sale or use | $17,750 |
| Prepaid expenses and deferred charges | $22,188 |
| Net Land, buildings, and equipment | $1,493,905 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,376 |
| Total assets | $3,076,333 |
| Accounts payable and accrued expenses | $53,533 |
| Grants payable | $0 |
| Deferred revenue | $30,000 |
| 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 | $0 |
| Total liabilities | $83,533 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $2,992,800 |
| Total liabilities and net assets/fund balances | $3,076,333 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Wellspring Inc has recieved totaling $30,000.
| Awarding Organization | Amount |
|---|---|
Tr Ua Harold Brooks Foundation Dallas, TX PURPOSE: WELLSPRING MULTI-SERVICE | $30,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
College Auxiliary Services Inc Plattsburgh, NY | $10,944,939 | $10,630,760 |
Housing Works Thrift Shop Inc Brooklyn, NY | $24,908,354 | $9,982,501 |
Wellspring Inc Hull, MA | $3,076,333 | $2,143,691 |
Housing Works Used Book Cafe Inc Brooklyn, NY | $1,257,687 | $417,079 |
Leeward Charitable Foundation Inc Salisbury, MA | $1,114,900 | $1,587,888 |
Waste-Not-Want-Not Inc New York, NY | $85,775 | $905,044 |
Vintage Thrift Shop Corporation New York, NY | $949,773 | $1,175,007 |
Hospital Thrift Shop Nantucket, MA | $873,056 | $917,813 |
Ridgefield Thrift Shop Inc Ridgefield, CT | $812,308 | $908,350 |
Barristers Book Shop South Royalton, VT | $588,614 | $671,375 |
Cure Thrift Inc New York, NY | $155,357 | $464,737 |
Shelburne Charlotte Hinesburg Interfaith Projects Inc Shelburne, VT | $270,618 | $424,765 |