Civic Intelligence

Wellspring Cultural and Educational Foundation Inc.

990 • Fiscal year 2015 • EIN 06-1610852

Jul 01, 2014 to Jun 30, 2015 • Filed on Feb 15, 2016

Organization ProfileWWW.PUTNAMSCIENCE.ORG
727 Campbell AvenueWest Haven, CT 06516

(203) 934-4900

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

74th percentile

0.40x

Higher debt load relative to assets than 74% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

78th percentile

0.55x

Higher debt load relative to revenue than 78% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

44th percentile

1.0%

Higher net margin than 44% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

23rd percentile

-4.7%

Faster asset growth than 23% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

86th percentile

41%

Faster revenue growth than 86% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets74th percentile

Assets

Down

$3,005,146

Down $149,536 (-4.7%) from 2014

Net Assets

Down

$1,802,727

Down $27,699 (-1.5%) from 2014

Liabilities

Down

$1,202,419

Down $121,837 (-9.2%) from 2014

Revenue And Expenses
Liabilities / Revenue78th percentileNet Margin44th percentile

Revenue

Up

$2,201,803

Up $641,517 (+41%) from 2014

Expenses

Down

$2,179,133

Down $303,684 (-12%) from 2014

Net Income

Up

$22,670

Up $945,201 (+102%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth23rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2010: $2,876,620Liabilities 2010: $1,217,185Net Assets 2010: $1,659,4352010Assets 2011: $3,523,076Liabilities 2011: $1,372,146Net Assets 2011: $2,150,9302011Assets 2012: $3,849,186Liabilities 2012: $1,028,422Net Assets 2012: $2,820,7642012Assets 2013: $3,908,439Liabilities 2013: $1,157,207Net Assets 2013: $2,751,2322013Assets 2014: $3,154,682Liabilities 2014: $1,324,256Net Assets 2014: $1,830,4262014Assets 2015: $3,005,146Liabilities 2015: $1,202,419Net Assets 2015: $1,802,7272015Assets 2016: $1,098,430Liabilities 2016: $252Net Assets 2016: $1,098,1782016Assets 2017: $1,652,208Liabilities 2017: $665,800Net Assets 2017: $986,4082017Assets 2018: $1,460,975Liabilities 2018: $854,718Net Assets 2018: $606,2572018Assets 2019: $1,417,950Liabilities 2019: $831,408Net Assets 2019: $586,5422019Assets 2020: $1,425,571Liabilities 2020: $826,306Net Assets 2020: $599,2652020Assets 2021: $1,326,106Liabilities 2021: $721,298Net Assets 2021: $604,8082021Assets 2022: $1,407,199Liabilities 2022: $985,413Net Assets 2022: $421,7862022Assets 2023: $1,383,073Liabilities 2023: $952,463Net Assets 2023: $430,6102023Assets 2024: $1,345,431Liabilities 2024: $892,474Net Assets 2024: $452,9572024

Highlighted filing

2015

Assets$3,005,146
Liabilities$1,202,419
Net Assets$1,802,727
Open 2015 Filing

Operations Trend

Revenue Growth86th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$2.0M$0-$2.0MExpenses 2010: $2,401,5822010Expenses 2011: $3,013,1742011Expenses 2012: $3,254,0112012Revenue 2013: $2,851,339Expenses 2013: $2,920,871Net Income 2013: -$69,5322013Revenue 2014: $1,560,286Expenses 2014: $2,482,817Net Income 2014: -$922,5312014Revenue 2015: $2,201,803Expenses 2015: $2,179,133Net Income 2015: $22,6702015Revenue 2016: $454,948Expenses 2016: $1,208,624Net Income 2016: -$753,6762016Revenue 2017: $201,171Expenses 2017: $220,176Net Income 2017: -$19,0052017Revenue 2018: $121,880Expenses 2018: $147,463Net Income 2018: -$25,5832018Revenue 2019: $153,627Expenses 2019: $141,840Net Income 2019: $11,7872019Revenue 2020: $179,124Expenses 2020: $137,925Net Income 2020: $41,1992020Revenue 2021: $154,800Expenses 2021: $97,273Net Income 2021: $57,5272021Revenue 2022: $254,901Expenses 2022: $127,934Net Income 2022: $126,9672022Revenue 2023: $341,900Expenses 2023: $325,858Net Income 2023: $16,0422023Revenue 2024: $288,977Expenses 2024: $266,630Net Income 2024: $22,3472024

Highlighted filing

2015

Revenue$2,201,803
Expenses$2,179,133
Net Income$22,670
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Feb 15, 2016
Return Version
2014v6.0
Gross Receipts
$2,201,803
Mission and Program Overview

Mission

Science, mathematics, and technology, it is a small structured school delivering a rigorous, innovative educational program to boys

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,854,711$2,748,938▼ $105,773
Accounts Receivable$244,409$191,095▼ $53,314
Cash and Non-Interest-Bearing Accounts$42,487$43,015▲ $528
Intangible Assets$2,669$2,501▼ $168
Total Assets$3,154,682$3,005,146▼ $149,536
Other Assets Total$10,406$19,597▲ $9,191
Liabilities
Other Liabilities$1,162,428$1,182,664▲ $20,236
Accounts Payable and Accrued Expenses$159,628$17,555▼ $142,073
Deferred Revenue$2,200$2,200→ $0
Total Liabilities$1,324,256$1,202,419▼ $121,837
Net Assets / Fund Balance
Unrestricted Net Assets$1,830,426$1,802,727▼ $27,699
Total Net Assets Fund Balance$1,830,426$1,802,727▼ $27,699
Total Liabilities and Net Assets / Fund Balance$3,154,682$3,005,146▼ $149,536

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,351,823$694,023$3,045,846
Land$242,309-$242,309
Other Land Buildings$-135,765$135,765-
Equipment$-107,156$107,156-
Compensation and Service Providers
Top Officer Pay35th percentile

Board Members and Trustees

NameTitle
Omer Faruk KizilcikPresident
Mesut BayramInstructor,
Ismail AgirmanTreasurer
Kemal ErdagiVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$188,368
Program Service Revenue
$2,013,435
Investment Income
$0
Other Revenue
$0
All Other Contributions
$188,368
Change in Net Assets
$22,670

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported Amount
Other Non Cash Contri Table2$31,277
Total Noncash Contributions2$31,277

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,201,803
Total Revenue per Audited Statements
$2,201,803
Total Revenue per Form 990
$2,201,803
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,217,134
Salaries, Compensation, and Employee Benefits$961,999
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$766,079$136,987-$903,066
Occupancy$427,102$75,372-$502,474
Fees for Services Other$164,895--$164,895
Depreciation Depletion$103,429$31,896-$135,325
All Other Expenses$82,206$16,991-$99,197
Insurance$56,972$10,054-$67,026
Payroll Taxes$50,093$8,840-$58,933
Fees for Services Legal$18,096$9,744-$27,840
Interest$22,515$3,974-$26,489
Other Expenses$23,154$4,225-$23,154
Office Expenses$11,674$2,060-$13,734
Travel$6,445$2,149-$8,594
Advertising$769$136-$905
Information Technology$31--$31
Total Functional Expenses$1,876,705$302,428$0$2,179,133

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,179,133
Total Expenses per Audited Statements$2,179,133
Total Expenses per Form 990$2,179,133
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Long Term Loan Payable$1,182,664
Payroll Liabilities-
Line of Credit Account-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Draft of return is sent to the accountant who reviews it with the principle of putnam science academy”

Form 990, Page 6, Part VI, Line 19

“UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Wellspring Cultural & Educational
EIN
06-1610852
Phone
2039344900
Address
727 CAMPBELL AVENUE, WEST HAVEN, CT 06516

Signing Officer

Name
Omer Faruk Kizilcik
Title
President
Phone
2039344900
Signed
2016-02-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Omer Faruk Kizilcik
Formed
2000
Legal Domicile
Ct
Voting Board Members
4
Independent Board Members
4
Employees
30

Preparer

Firm
Atlantic Accounting Services LLC
Address
417 TOTOWA ROAD, TOTOWA, NJ 07512-2080
Preparer
Ilke Ozan Bacak
Phone
9737777723
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Prior period adjustments 0”

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 4B

“Prior period adjustments 0”

Raw XML Appendix360 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0false
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0false
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0false
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd0false
IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt02
IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd0X
IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt031277
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd0false
IRS990ScheduleM/ThirdPartiesUsedInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DRAFT OF RETURN IS SENT TO THE ACCOUNTANT WHO REVIEWS IT WITH THE PRINCIPLE OF PUTNAM SCIENCE ACADEMY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2PRIOR PERIOD ADJUSTMENTS 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0CT
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt03154682
IRS990/TotalAssetsEOYAmt03005146
IRS990/TotalAssetsGrp/BOYAmt03154682
IRS990/TotalAssetsGrp/EOYAmt03005146
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0188368
IRS990/TotalEmployeeCnt030
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0302428
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01876705
IRS990/TotalFunctionalExpensesGrp/TotalAmt02179133
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01324256
IRS990/TotalLiabilitiesEOYAmt01202419
IRS990/TotalLiabilitiesGrp/BOYAmt01324256
IRS990/TotalLiabilitiesGrp/EOYAmt01202419
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01830426
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01802727
IRS990/TotalProgramServiceExpensesAmt01876705
IRS990/TotalProgramServiceRevenueAmt02013435
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02013435
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02201803
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03154682
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03005146
IRS990/TravelGrp/ManagementAndGeneralAmt02149
IRS990/TravelGrp/ProgramServicesAmt06445
IRS990/TravelGrp/TotalAmt08594
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt01830426
IRS990/UnrestrictedNetAssetsGrp/EOYAmt01802727
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0727 CAMPBELL AVENUE
IRS990/USAddress/CityNm0WEST HAVEN
IRS990/USAddress/StateAbbreviationCd0CT
IRS990/USAddress/ZIPCd006516
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0HTTP://WWW.PUTNAMSCIENCE.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-08-17 19:52:53Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0OMER FARUK KIZILCIK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02039344900
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-02-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0WELLSPRING CULTURAL & EDUCATIONAL
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0WELL
ReturnHeader/Filer/EIN0061610852
ReturnHeader/Filer/PhoneNum02039344900
ReturnHeader/Filer/USAddress/AddressLine1Txt0727 CAMPBELL AVENUE
ReturnHeader/Filer/USAddress/CityNm0WEST HAVEN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CT
ReturnHeader/Filer/USAddress/ZIPCd006516
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0263645875
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ATLANTIC ACCOUNTING SERVICES LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0417 TOTOWA ROAD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0TOTOWA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NJ
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0075122080
ReturnHeader/PreparerPersonGrp/PhoneNum09737777723
ReturnHeader/PreparerPersonGrp/PreparationDt02016-02-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ILKE OZAN BACAK
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02016-02-15T20:58:38-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-07-01
ReturnHeader/TaxPeriodEndDt02015-06-30
ReturnHeader/TaxYr02014

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,005,146
Liabilities
$1,202,419
Net assets
$1,802,727
Revenue
$2,201,803
Expenses
$2,179,133
Net income
$22,670
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.35$0.89$0.45$0.29$0.27$0.02
2023Detailed filing. Detailed filing data is available for this year.$1.38$0.95$0.43$0.34$0.33$0.02
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.41$0.99$0.42$0.25$0.13$0.13
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.33$0.72$0.60$0.15$0.10$0.06
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.43$0.83$0.60$0.18$0.14$0.04
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.42$0.83$0.59$0.15$0.14$0.01
2018Summary only. Only limited summary data is available for this year.$1.46$0.85$0.61$0.12$0.15$0.03
2017Summary only. Only limited summary data is available for this year.$1.65$0.67$0.99$0.20$0.22$0.02
2016Summary only. Only limited summary data is available for this year.$1.10$0.00$1.10$0.45$1.21$0.75
2015Detailed filing. Detailed filing data is available for this year.$3.01$1.20$1.80$2.20$2.18$0.02
2014Detailed filing. Detailed filing data is available for this year.$3.15$1.32$1.83$1.56$2.48$0.92
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.91$1.16$2.75$2.85$2.92$0.07
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.85$1.03$2.82$3.25
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.52$1.37$2.15$3.01
2010XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.88$1.22$1.66$2.40