Well-Spring Foundation
- Assets
- $11.7m
- Revenue
- $945.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Greensboro, NC
- Founding
- 04/2001
- Data as of
- 12/2023
- EIN
- 56-2217797
Organization Overview
Well-Spring Foundation is located in Greensboro, NC. The organization was established in 2001. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Well-Spring Foundation 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 Foundation generated $945.4k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $1.3m during the year ending 12/2023. While expenses have increased by 8.2% 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
WELL-SPRING FOUNDATION PROVIDES FINANCIAL SUPPORT TO WELL-SPRING RETIREMENT COMMUNITY. THE PRIMARY FINANCIAL SUPPORT IS FOR HEALTH CARE SERVICES PROVIDED AND CHARITY CARE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WELL-SPRING FOUNDATION IS ORGANIZED TO SERVE EXCLUSIVELY AS A SUPPORTING ORGANIZATION FOR THE BENEFIT OF WELL-SPRING RETIREMENT COMMUNITY BY CARRYING OUT PURPOSES THAT ARE CONSISTENT WITH AND THAT SUPPORT THE PURPOSE OF WELL-SPRING RETIREMENT COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Boyd Chairperson | OfficerTrustee | 2 | $0 |
Charles Lucas Secretary | OfficerTrustee | 1 | $0 |
Charles T Hagan III Director | Trustee | 1 | $0 |
Davy Davidson Director | Trustee | 1 | $0 |
Jennifer Koenig Director | Trustee | 1 | $0 |
Kathryn Cookie Billings Director | Trustee | 1 | $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 | $549,856 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $549,856 |
| Total Program Service Revenue | $0 |
| Investment income | $331,423 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $64,076 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $945,355 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $557,248 |
| Grants and other assistance to domestic individuals. | $210,722 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $554,148 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,322,118 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $395,620 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $300,000 |
| Accounts receivable, net | $87 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $11,002,283 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,697,990 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $156,860 |
| 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 | $444,890 |
| Total liabilities | $601,750 |
| Net assets without donor restrictions | $5,563,709 |
| Net assets with donor restrictions | $5,532,531 |
| 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 | $11,697,990 |
Grants Awarded
Over the last fiscal year, Well-Spring Foundation has awarded $83,573 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
WELL-SPRING RETIREMENT COMMUNITY PURPOSE: FOR TWO CERTIFIED NURSING ASSISTANTS - ACTUAL PAY AT FMV PLUS BENEFITS. | $77,573 |
WELL-SPRING RETIREMENT COMMUNITY PURPOSE: TO SUPPORT THE WELLNESS PROGRAM | $6,000 |