Wellfare Inc

Nonprofit profile at a glance

EIN
852658123
IRS 990 coverage
2021–2022
Forms available
Form 990 2022, Form 990-N 2020
Location
Brokolyn, NY, USA
Phone
9178387060
Rating
87
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$3,003,799
Expenses
$2,573,908
Assets
$802,392
Liabilities
$30,675

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • COLE RILEY (CHAIR & CEO)

Highest reported compensation

  • COLE RILEY (CHAIR & CEO): $68,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Wellfare is a 501(c)(3) nonprofit organization based in New York city on a mission to solve food insecurity and transform the state of grocery and nutrition in low-income communities. The better box from wellfare is the first free food program in the country focused on improving access to convenient nutrition for food-insecure households. Each better box is filled with over $250 worth of premium, nutritious and convenient packaged groceries like low-sugar beverages, functional snack bars and protein-packed pasta donated from our growing roster of brand partners. Every month, enrolled families pick up their reserved box from a wellfare distribution outpost in the community.

What it reported doing in 2022

In 2022, we distribued 9,291 better boxes carrying $2,304,192 worth of premium groceries to families in need. 2,637 individuals were subscribed and picking up a box every month.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 94% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Total assets are small relative to annual expenses; liquid coverage is unknown and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 94
  • Accountability: 80
  • Sustainability: 53
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 81.9%; rating input score 82
  • Program expense ratio: 95.6%; rating input score 96
  • Fundraising efficiency: $105.69 raised per $1 spent on fundraising; rating input score 87; 87th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 75%; rating input score 75; 13th percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 14.3%; rating input score 70; 70th percentile among comparable filings
  • Total-asset coverage ratio: 0.31; rating input score 9; 9th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 76; 76th percentile among comparable filings
  • Officer compensation ratio: 2.6%; rating input score 70; 70th percentile among comparable filings

Growth

  • Program expense growth: 91.3% per year; rating input score 100; 99th percentile among comparable filings
  • Revenue growth: 73.6% per year; rating input score 100; 99th percentile among comparable filings
  • Asset growth: 74.7% per year; rating input score 100; 99th percentile among comparable filings

Details

  • Where the money goes: 81.9% of revenue deployed · 95.6% of spending went to programs
  • Governance: 3 of 4 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $2.5M in reported program spending
  • Leadership: top reported pay $68K · 4 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 2 filing years from 2021 to 2022
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Sustainability: Total-asset coverage ratio scored 9/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.