Recoversource Inc
- Assets
- $71.4k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Grand Rapids, MN
- Founding
- 01/1995
- Data as of
- 09/2024
- EIN
- 41-1753679
Organization Overview
Recoversource Inc is located in Grand Rapids, MN. The organization was established in 1995. According to its NTEE Classification (F20) the organization is classified as: Substance Abuse Dependency, Prevention & Treatment, under the broad grouping of Mental Health & Crisis Intervention and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Recoversource Inc 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 09/2024, Recoversource Inc generated $124.7k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.5%) each year. All expenses for the organization totaled $121.0k during the year ending 09/2024. As we would expect to see with falling revenues, expenses have declined by (2.6%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2024
Describe the Organization's Program Activity:
Part 3
THE MISSION OF RECOVERSOURCE IS TO ENROLL INDIVIDUALS AND SUPPORT GROUPS AS DUES PAYING MEMBERS PROVIDING ACCESS TO INSURANCE PRODUCTS. PRIMARY MEMBERSHIP CRITERIA WILL BE THOSE IN RECOVERY, OR CONCERNED ABOUT RECOVERY, FROM CHEMICAL DEPENDENCY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Wilbur President/exec Director/tr | 10 | $0 | |
Steve Whitehead Secretary | 1 | $0 | |
Michael Kane Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $113,281 |
| Membership dues | $7,549 |
| Investment income | $3,870 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $124,700 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $7,500 |
| Professional fees and other payments to independent contractors | $1,075 |
| Occupancy, rent, utilities, and maintenance | $6,000 |
| Printing, publications, postage, and shipping | $186 |
| Other expenses | $106,254 |
| Total expenses | $121,015 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $70,198 |
| Other assets | $0 |
| Total assets | $71,427 |
| Total liabilities | $1,200,607 |
| Net assets or fund balances | -$1,129,180 |