Wellspring Bridge Apartments

Nonprofit profile at a glance

EIN
208284525
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Louisville, KY, USA
Phone
5026374361
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$74,241
Expenses
$95,126
Assets
$676,393
Liabilities
$92,831

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • KATHARINE DOBBINS (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • KATHARINE DOBBINS (CHIEF EXECUTIVE OFFICER): $149,873 total reported compensation
  • JOHN ALEXANDER (CHIEF FINANCIAL OFFICER): $126,110 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide affordable housing for eight men and women with mental illness

Operating model

Revenue model
Earned-program. 93% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 90
  • Accountability: 91
  • Sustainability: 37
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 81.6%; rating input score 82
  • Fundraising efficiency: Limited

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: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -28.1%; rating input score 36; 36th percentile among comparable filings
  • Total-asset coverage ratio: 7.11; rating input score 56; 56th percentile among comparable filings
  • Liabilities to assets ratio: 0.14; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 21.6%; rating input score 13; 13th percentile among comparable filings

Growth

  • Program expense growth: 4.8% per year; rating input score 100; 65th percentile among comparable filings
  • Revenue growth: 6.2% per year; rating input score 100; 81st percentile among comparable filings
  • Asset growth: -2.5% per year; rating input score 0; 28th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 81.6% of spending went to programs
  • Governance: 3 of 3 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $78K in reported program spending
  • Leadership: top reported pay $150K · 6 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 8 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 6 filed related-organization links
  • 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.

  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Moderate — Sustainability: Operating margin scored 36/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 56/100.
  • High — Sustainability: Officer compensation ratio scored 13/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.