Worksource Montgomery Inc
- Assets
- $10.0m
- Revenue
- $6.7m
- Investments
- $0.0
- Employees
- 41
- Location
- Rockville, MD
- Founding
- 07/2014
- Data as of
- 06/2022
- EIN
- 46-2725986
Organization Overview
Worksource Montgomery Inc is located in Rockville, MD. The organization was established in 2014. According to its NTEE Classification (S50) the organization is classified as: Nonprofit Management, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Worksource Montgomery Inc employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worksource Montgomery 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 06/2022, Worksource Montgomery Inc generated $6.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $6.9m during the year ending 06/2022. While expenses have increased by 4.9% 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.
Since 2022, Worksource Montgomery Inc has awarded 14 individual grants totaling $494,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ASSIST THE MONTGOMERY COUNTY WIB, IN EXPANDING THE PUBLIC WORKFORCE DEVELOPMENT SYSTEM IN THE COUNTY, THROUGH SERVING AND CONNECTING JOB SEEKERS AND BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WORKSOURCE MONTGOMERY (WSM) HAS SUCCESSFULLY PROVIDED COMPREHENSIVE WORKFORCE DEVELOPMENT SERVICES AS OUTLINED BY THE GOVERNING FEDERAL LEGISLATION. REGARDING JOBSEEKERS, WSM'S SERVICES HAS RESULTED IN EMPLOYMENT PLACEMENTS, INCREASED EARNINGS, MEASURABLE SKILL GAINS, AND CREDENTIAL ATTAINMENTS. EMPLOYMENT PLACEMENTS HAVE SPANNED A VARIETY OF IN-DEMAND INDUSTRIES E.G., LIFE SCIENCE, IT, HOSPITALITY, HEALTHCARE, AND TRANSPORTATION. WSM HAS ALSO WORKED WITH NUMEROUS LOCAL BUSINESSES WITHIN EACH OF THE AFOREMENTIONED INDUSTRIES TO MEET THEIR CURRENT AND FUTURE TALENT NEEDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Treasurer | OfficerTrustee | 2 | $0 |
Name Not Listed Chair (from 3/22) | OfficerTrustee | 3 | $0 |
Name Not Listed Chair (until 1/22) | OfficerTrustee | 3 | $0 |
Name Not Listed Secretary | OfficerTrustee | 2 | $0 |
Name Not Listed Director | Trustee | 1 | $0 |
Name Not Listed Vice Chair (from 3/22) | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Code Partners Llc Program Services | 6/29/19 | $115,927 |
Virtual Window Information Technology Services | 6/29/19 | $100,895 |
Harry Thompson Associates Llc Accounting And Financial Reporting Servi | 6/29/19 | $105,094 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $6,728,106 |
| 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 | $6,728,106 |
| Total Program Service Revenue | $0 |
| Investment income | $13,625 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,741,731 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $494,000 |
| 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. | $202,834 |
| Compensation of current officers, directors, key employees. | $84,269 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,506,860 |
| Pension plan accruals and contributions | $22,485 |
| Other employee benefits | $230,982 |
| Payroll taxes | $237,515 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,751 |
| Fees for services: Accounting | $88,189 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,500 |
| Advertising and promotion | $27,057 |
| Office expenses | $67,203 |
| Information technology | $80,241 |
| Royalties | $0 |
| Occupancy | $709,595 |
| Travel | $38,827 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $30,336 |
| Interest | $38,248 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $41,693 |
| Insurance | $11,137 |
| All other expenses | $28,894 |
| Total functional expenses | $6,852,633 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,177,528 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,766,757 |
| Accounts receivable, net | $46,651 |
| 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 | $28,501 |
| Net Land, buildings, and equipment | $1,912,964 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $49,069 |
| Total assets | $9,981,470 |
| Accounts payable and accrued expenses | $1,484,451 |
| Grants payable | $0 |
| Deferred revenue | $3,704,783 |
| 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 | $814,171 |
| Other liabilities | $1,408,996 |
| Total liabilities | $7,412,401 |
| Net assets without donor restrictions | $2,569,069 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $9,981,470 |
Grants Awarded
Over the last fiscal year, Worksource Montgomery Inc has awarded $494,000 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
ASM EDUCATION CENTER INC PURPOSE: Training, supportive services and/or compensation of employees | $73,440 |
CYBERSECURITY TRAINING CENTER PURPOSE: Training, supportive services and/or compensation of employees | $11,380 |
FRY GUY SOUTHERN HOMESTYLE CUISINE PURPOSE: Training, supportive services and/or compensation of employees | $10,800 |
C&C KIDS GYM INC PURPOSE: Training, supportive services and/or compensation of employees | $14,400 |
GAPBUSTER INC PURPOSE: Training, supportive services and/or compensation of employees | $24,000 |
LATIN AMERICAN YOUTH CENTERS INC PURPOSE: Training, supportive services and/or compensation of employees | $94,691 |