Wellspring Cooperative Corporation
- Assets
- $156.3k
- Revenue
- $407.8k
- Investments
- $0.0
- Employees
- 5
- Location
- Indian Orchard, MA
- Founding
- 05/2015
- Data as of
- 12/2021
- EIN
- 46-5509253
Organization Overview
Wellspring Cooperative Corporation is located in Indian Orchard, MA. The organization was established in 2015. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Wellspring Cooperative Corporation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wellspring Cooperative Corporation 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 12/2021, Wellspring Cooperative Corporation generated $407.8k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 26.5% each year . All expenses for the organization totaled $372.1k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE A NETWORK OF WORKER-OWNED FIRMS TO PROVIDE JOBS AND WEALTH FOR LOW-INCOME RESIDENTS OF THE CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COOPERATIVE BUSINESS DEVELOPMENT - IN 2021 WELLSPRING SUPPORTED THE FORMATION OF THREE NEW COOPERATIVE BUSINESSES, ASSISTED 11 EMERGING COOPERATIVE BUSINESSES AND PARTICIPATED IN A NATIONAL CHILDCARE COLLABORATION AND TRAINING.COMMUNICATIONS ABOUT WELLSPRING'S COOPERATIVE MISSION AND PROGRAMS BOTH INTERNALLY AND IN THE WIDER COMMUNITY THROUGH NEWSLETTERS, SOCIAL MEDIA AND PUBLIC EVENTS.COMMUNITY ENGAGEMENT THROUGH ORGANIZING THE GROW INDIAN ORCHARD NETWORK TO CARRY OUT COMMUNITY IMPROVEMENT PROGRAMS INCLUDING LEADERSHIP IN REDEVELOPMENT OF THE INDIAN ORCHARD FIRE STATION, AND SELECTION TO MANAGE THE GO FRESH MOBILE MARKET TO MEET FOOD ACCESS NEEDS ACROSS SPRINGFIELD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristan Bakker Director At Large | Trustee | 0.5 | $0 |
Steven Boyle Director | Trustee | 0.5 | $0 |
Ernesto Cruz Director | Trustee | 0.5 | $0 |
Jasper James Director | Trustee | 0.5 | $0 |
Jeff Jones Director | Trustee | 0.5 | $0 |
Clive Ndlovu Director | Trustee | 0.5 | $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 | $402,968 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $402,968 |
| Total Program Service Revenue | $4,875 |
| Investment income | $1 |
| 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 | $407,844 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $147,984 |
| 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. | $144,942 |
| Compensation of current officers, directors, key employees. | $15,944 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $22,902 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $14,933 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,057 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $32,245 |
| Advertising and promotion | $1,960 |
| Office expenses | $129 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $1,236 |
| All other expenses | $0 |
| Total functional expenses | $372,137 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $146,253 |
| Savings and temporary cash investments | $0 |
| 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 | $10,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $156,253 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $155,923 |
| Net assets with donor restrictions | $330 |
| 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 | $156,253 |
Grants Awarded
Over the last fiscal year, Wellspring Cooperative Corporation has awarded $147,984 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
WELLSPRING HARVEST CORPORATION PURPOSE: WELLSPRING HARVEST | $44,274 |
WELLSPRING COMMUNITY HARVEST INC PURPOSE: GO FRESH MOBILE MARKET | $103,710 |