Wellspring Bridge Apartments Inc
Wellspring Bridge Apartments Inc. consistently operates at a deficit, drawing down assets despite stable revenue.
EIN: 208284525 · Louisville, KY · NTEE: L21 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $67K |
| Total Expenses | $89K |
| Program Spending | 90% |
| Net Assets | $625K |
| Transparency Score | 75/100 |
Is Wellspring Bridge Apartments Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Wellspring Bridge Apartments Inc directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Wellspring Bridge Apartments Inc
Wellspring Bridge Apartments Inc (EIN: 208284525) is a nonprofit organization based in Louisville, KY, classified under NTEE code L21. The organization reported total revenue of $67K and total assets of $689K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Wellspring Bridge Apartments Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Wellspring Bridge Apartments Inc is a micro nonprofit that has been operating for 19 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 3.8%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $58K |
| Total Expenses | $89K |
| Surplus / Deficit | $-30,387 |
| Total Assets | $706K |
| Total Liabilities | $81K |
| Net Assets | $625K |
| Operating Margin | -52.2% |
| Debt-to-Asset Ratio | 11.4% |
| Months of Reserves | 95.6 months |
Financial Health Grade: B
In 2023, Wellspring Bridge Apartments Inc reported a deficit of $30K with expenses exceeding revenue, holds 95.6 months of operating reserves (strong position), has a debt-to-asset ratio of 11.4% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Wellspring Bridge Apartments Inc's revenue has grown at a compound annual growth rate (CAGR) of 3.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +19.4% | +21.7% | -1.9% |
| 2022 | +2.9% | -8.0% | -2.7% |
| 2021 | +4.7% | +6.8% | -2.1% |
| 2020 | -5.1% | +12.7% | -2.5% |
| 2019 | +2.8% | -19.2% | -3.4% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2007 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Wellspring Bridge Apartments Inc with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 90%
- fundraising: 0%
According to IRS 990 filings, Wellspring Bridge Apartments Inc allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $30K, with expenses exceeding revenue.
- Debt-to-asset ratio: 11.4%.
Executive Compensation Analysis
Executive compensation has consistently been reported as 0% across all available filings, indicating that the organization's leadership is either entirely volunteer-based or compensated through other means not reported as officer compensation, which is a positive sign for resource allocation directly to mission.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Wellspring Bridge Apartments Inc's IRS 990 filings:
- Consistent deficit spending, with expenses regularly exceeding revenue (e.g., $88,565 expenses vs. $58,178 revenue in 2023).
- Gradual decline in total assets over the past decade (from $881,323 in 2014 to $705,711 in 2023) due to deficit operations.
Strengths
The following positive indicators were identified for Wellspring Bridge Apartments Inc:
- Zero reported officer compensation across all filings, indicating efficient use of funds for mission.
- Consistent filing of IRS Form 990s, demonstrating good transparency.
- Relatively stable revenue stream over the past decade, suggesting a reliable base of support.
Frequently Asked Questions about Wellspring Bridge Apartments Inc
Is Wellspring Bridge Apartments Inc a legitimate charity?
Wellspring Bridge Apartments Inc (EIN: 208284525) is a registered tax-exempt nonprofit based in Kentucky. Our AI analysis gives it a Mission Score of 75/100. It has 13 years of IRS 990 filings on record. Total revenue: $67K. 2 red flags identified. 3 strengths noted. Financial health grade: B.
How does Wellspring Bridge Apartments Inc spend its money?
Wellspring Bridge Apartments Inc directs 90% of its spending to programs and services. This exceeds the 65% industry benchmark.
Are donations to Wellspring Bridge Apartments Inc tax-deductible?
Wellspring Bridge Apartments Inc is registered as a tax-exempt nonprofit (EIN: 208284525). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Wellspring Bridge Apartments Inc compare to similar nonprofits?
With a transparency score of 75/100 (Good), Wellspring Bridge Apartments Inc is above average for NTEE category L21 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Wellspring Bridge Apartments Inc located?
Wellspring Bridge Apartments Inc is headquartered in Louisville, Kentucky and files with the IRS under EIN 208284525. It is classified under NTEE code L21.
How many years of IRS 990 filings does Wellspring Bridge Apartments Inc have?
Wellspring Bridge Apartments Inc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $67K in total revenue.
Is Wellspring Bridge Apartments Inc. financially sustainable in the long term given its consistent deficit spending?
The organization has consistently spent more than it earns, with expenses exceeding revenue in every reported period. For example, in 2023, expenses were $88,565 against revenue of $58,178. This trend has led to a decrease in assets from $881,323 in 2014 to $705,711 in 2023, raising concerns about long-term financial sustainability without increased revenue or reduced expenses.
What is the primary source of Wellspring Bridge Apartments Inc.'s revenue?
While specific revenue sources are not detailed in the provided data, the consistent revenue figures suggest a stable, possibly grant-based or rental income stream, given its NTEE code L21 (Housing/Shelter). Further investigation into the full 990 forms would be needed to identify exact sources.
How does Wellspring Bridge Apartments Inc. manage its liabilities?
Liabilities have fluctuated but remained relatively low compared to assets. For instance, in 2023, liabilities were $80,554 against assets of $705,711, indicating a healthy asset-to-liability ratio. This suggests responsible management of its financial obligations.
Filing History
IRS 990 filing history for Wellspring Bridge Apartments Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Wellspring Bridge Apartments Inc's revenue has grown by 55.7%, moving from $37K to $58K. Total assets decreased by 23.9% over the same period, from $928K to $706K. Total functional expenses rose by 42.2%, from $62K to $89K. In its most recent filing year (2023), Wellspring Bridge Apartments Inc reported a deficit of $30K, with expenses exceeding revenue. The organization holds $81K in liabilities against $706K in assets (debt-to-asset ratio: 11.4%), resulting in net assets of $625K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $58K | $89K | $706K | $81K | — | View 990 |
| 2022 | $49K | $73K | $719K | $64K | — | View 990 |
| 2021 | $47K | $79K | $739K | $60K | — | — |
| 2020 | $45K | $74K | $755K | $44K | — | View 990 |
| 2019 | $48K | $66K | $775K | $34K | — | View 990 |
| 2018 | $46K | $81K | $802K | $43K | — | View 990 |
| 2017 | $48K | $66K | $827K | $34K | — | View 990 |
| 2016 | $48K | $72K | $857K | $45K | — | View 990 |
| 2015 | $47K | $60K | $867K | $30K | — | View 990 |
| 2014 | $48K | $66K | $881K | $31K | — | View 990 |
| 2013 | $51K | $64K | $899K | $31K | — | View 990 |
| 2012 | $42K | $66K | $951K | $70K | — | View 990 |
| 2011 | $37K | $62K | $928K | $22K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $58K, expenses of $89K, and assets of $706K (revenue +19.4% year-over-year).
- 2022: Revenue of $49K, expenses of $73K, and assets of $719K (revenue +2.9% year-over-year).
- 2021: Revenue of $47K, expenses of $79K, and assets of $739K (revenue +4.7% year-over-year).
- 2020: Revenue of $45K, expenses of $74K, and assets of $755K (revenue -5.1% year-over-year).
- 2019: Revenue of $48K, expenses of $66K, and assets of $775K (revenue +2.8% year-over-year).
- 2018: Revenue of $46K, expenses of $81K, and assets of $802K (revenue -2.5% year-over-year).
- 2017: Revenue of $48K, expenses of $66K, and assets of $827K (revenue +-0.0% year-over-year).
- 2016: Revenue of $48K, expenses of $72K, and assets of $857K (revenue +0.9% year-over-year).
- 2015: Revenue of $47K, expenses of $60K, and assets of $867K (revenue -1.4% year-over-year).
- 2014: Revenue of $48K, expenses of $66K, and assets of $881K (revenue -6.1% year-over-year).
- 2013: Revenue of $51K, expenses of $64K, and assets of $899K (revenue +22.2% year-over-year).
- 2012: Revenue of $42K, expenses of $66K, and assets of $951K (revenue +11.4% year-over-year).
- 2011: Revenue of $37K, expenses of $62K, and assets of $928K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Wellspring Bridge Apartments Inc:
Data Sources and Methodology
This transparency report for Wellspring Bridge Apartments Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.