Adult Center For Enrichment Inc
- Assets
- $2.9m
- Revenue
- $4.1m
- Investments
- $414.4k
- Employees
- 49
- Location
- Greensboro, NC
- Founding
- 08/1988
- Data as of
- 12/2023
- EIN
- 56-1599072
Organization Overview
Adult Center For Enrichment Inc, operating under the name Well-Spring Solutions, is located in Greensboro, NC. The organization was established in 1988. According to its NTEE Classification (P71) the organization is classified as: Adult Day Care, under the broad grouping of Human Services and related organizations. As of 12/2023, Well-Spring Solutions employed 49 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 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 Solutions generated $4.1m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 10.7% each year . All expenses for the organization totaled $3.6m during the year ending 12/2023. While expenses have increased by 9.5% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO EXCEED THE NEEDS OF A DIVERSE AND EVOLVING OLDER ADULT POPULATION THROUGH INNOVATIVE AND SUPPORTIVE HOME AND COMMUNITY BASED SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION, ALONG WITH ITS SINGLE MEMBER LLC, WELL-SPRING HOME CARE, PROVIDES A SYSTEM OF SUPPORT AND ADULT DAY CARE CENTER FOR THE ELDERLY AND/OR IMPAIRED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aashka Mehta Chair | OfficerTrustee | 1 | $0 |
Keith Volz Vice Chair/asst Treasurer | OfficerTrustee | 1 | $0 |
Ginna Freyaldenhoven Secretary | OfficerTrustee | 1 | $0 |
Connie Collins Board Member | Trustee | 1 | $0 |
Jacqueline Debrew Board Member | Trustee | 1 | $0 |
Art Fitchett Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $86,109 |
| Related organizations | $392,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $418,521 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $896,630 |
| Total Program Service Revenue | $3,193,626 |
| Investment income | $14,431 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$10,935 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,096,593 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,394,376 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $393,401 |
| Payroll taxes | $159,600 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,653 |
| Fees for services: Accounting | $13,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28,999 |
| Advertising and promotion | $59,804 |
| Office expenses | $74,996 |
| Information technology | $23,350 |
| Royalties | $0 |
| Occupancy | $21,865 |
| 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 | $79,132 |
| Insurance | $60,888 |
| All other expenses | $41,586 |
| Total functional expenses | $3,550,616 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $623,612 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $124,081 |
| 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 | $6,190 |
| Net Land, buildings, and equipment | $1,491,129 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $414,431 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $273,799 |
| Total assets | $2,933,242 |
| Accounts payable and accrued expenses | $237,342 |
| 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 | $88,798 |
| Total liabilities | $326,140 |
| Net assets without donor restrictions | $1,970,345 |
| Net assets with donor restrictions | $636,757 |
| 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 | $2,933,242 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Adult Center For Enrichment Inc Greensboro, NC | $2,933,242 | $4,096,593 |
New Life Tn Winchester, TN | $6,541,545 | $3,737,745 |
Circle Center Adult Day Services Richmond, VA | $3,232,978 | $1,423,278 |
Shalom Farms Richmond, VA | $1,111,344 | $1,496,007 |
Charles House Association Chapel Hill, NC | $2,776,285 | $1,681,901 |
Paulding Enterprises Inc Dallas, GA | $1,508,950 | $1,073,347 |
Adult Care Center Of Roanoke Valley Inc Salem, VA | $1,019,343 | $804,188 |
Rosswoods Inc Dalton, GA | $2,353,641 | $963,243 |
Lowenstein House Memphis, TN | $868,337 | $656,676 |
Thrive Memphis Memphis, TN | $427,509 | $546,527 |
Friendship Adult Day Services Inc Burlington, NC | $29,818 | $107,490 |
Creative Living Center Inc Greenville, NC | $38,427 | $168,135 |
The Guest House Inc Gainesville, GA | $0 | $28,593 |
M E Cox Center For The Elder Day Care Norfolk, VA | $271,736 | $0 |
Oah Living Legends Grayson, GA | $100 | $0 |