Wellspring Cultural&educational Foundation Inc

Nonprofit profile at a glance

EIN
061610852
IRS 990 coverage
2009–2023
Forms available
Form 990 2023, Form 990-T 2023
Location
Milford, CT, USA
Phone
2039344900
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Elementary, Secondary Education, K - 12

Reported finances

Revenue
$288,977
Expenses
$266,630
Assets
$1,345,431
Liabilities
$892,474

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • ISMAIL YILMAZ (PRESIDENT)
  • ADEM KALKAN (VICE PRESIDENT)
  • SUAT YIGIT (EXECUTIVE DIRECTOR)

Highest reported compensation

  • SUAT YIGIT (EXECUTIVE DIRECTOR): $110,052 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Run programs to promote understanding of turkish culture and turkish language in the united states of america.

What it reported doing in 2023

To establish, maintain and nourish educational and cultural programs for the benefit of turkish americans and persons of turkish-american descent.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

SUPPORTED - 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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 67
  • Transparency & Controls: 78
  • Accountability: 74
  • Sustainability: 52
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 73.3%; rating input score 73
  • Program expense ratio: 79.4%; rating input score 79
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 81.8%; rating input score 82; 1st percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 7.7%; rating input score 57; 57th percentile among comparable filings
  • Total-asset coverage ratio: 5.05; rating input score 80; 80th percentile among comparable filings
  • Liabilities to assets ratio: 0.66; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 41.3%; rating input score 6; 6th percentile among comparable filings

Growth

  • Program expense growth: -34.2% per year; rating input score 0; 3rd percentile among comparable filings
  • Revenue growth: -17.6% per year; rating input score 0; 4th percentile among comparable filings
  • Asset growth: -8.2% per year; rating input score 0; 8th percentile among comparable filings

Details

  • Where the money goes: 73.3% of revenue deployed · 79.4% of spending went to programs
  • Governance: 7 of 7 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $212K in reported program spending
  • Leadership: top reported pay $110K · 8 people listed
  • Consistency: 22 of 25 current checks pass · 3 findings to review
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 12 filing years from 2009 to 2023
  • 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.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Operating margin scored 57/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX DepreciationDepletion column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX OfficeExpenses column sum did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 6/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.