Wellspring House Inc

Nonprofit profile at a glance

EIN
042735048
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Gloucester, MA, USA
Phone
9782813558
Rating
79
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Family Violence Shelters

Official website

Reported finances

Revenue
$4,816,564
Expenses
$4,393,086
Assets
$3,668,590
Liabilities
$359,596

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

Leadership & pay

16 people listed

Executive titles in this filing

  • MELISSA A DIMOND (PRESIDENT AND EXECUTIVE DIRECTOR)

Highest reported compensation

  • MELISSA A DIMOND (PRESIDENT AND EXECUTIVE DIRECTOR): $138,254 total reported compensation

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

Overview

Mission

Wellspring inspires families and adults on the north shore to achieve employment and financial security through stable housing, education, job training and career readiness.

What it reported doing in 2024

Family shelter and homelessness prevention: a shelter program and related case management services for homeless families or those at serious risk for homelessness. Families require shelter and/or homelessness prevention assistance because market rate rents are beyond their means.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 88% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 90
  • Accountability: 96
  • Sustainability: 52
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.7%; rating input score 70
  • Program expense ratio: 68.7%; rating input score 69
  • Fundraising efficiency: $4.12 raised per $1 spent on fundraising; rating input score 13; 13th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 88.9%; rating input score 89; 3rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 87.8%; rating input score 88; 24th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 94.1%; rating input score 94; 24th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 8.8%; rating input score 60; 60th percentile among comparable filings
  • Total-asset coverage ratio: 0.84; rating input score 31; 31st percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 59; 59th percentile among comparable filings
  • Officer compensation ratio: 3.1%; rating input score 68; 68th percentile among comparable filings

Growth

  • Program expense growth: 7.6% per year; rating input score 100; 54th percentile among comparable filings
  • Revenue growth: 7.7% per year; rating input score 100; 58th percentile among comparable filings
  • Asset growth: 5.8% per year; rating input score 100; 39th percentile among comparable filings

Details

  • Where the money goes: 69.7% of revenue deployed · 68.7% of spending went to programs
  • Governance: 16 of 17 board members independent · 8 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $3M in reported program spending
  • Leadership: top reported pay $138K · 16 people listed
  • Consistency: 36 of 38 current checks pass · 2 findings to review
  • Schedules: 7 filed schedules · includes major donors and grants
  • Filing history: 15 filing years from 2010 to 2024
  • 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.

  • High — Financial Efficiency: Fundraising efficiency scored 13/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 31/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Liabilities to assets ratio scored 59/100.