Civic Intelligence

The Independence Fund Inc

EIN 26-0322088 • 501(c)3 • Charlotte, NC

Profile

The Independence Fund's mission is to support our injured and wounded veterans with the tools to achieve their independence in thanks for the freedoms they have fought so hard to preserve by providing them with the mobility and adaptive devices, funding for those veterans and their caregivers to receive medical care and therapies, and advocating with other veteran's organization to obtain continuing services and support.

412 Louise AvenueCharlotte, NC 28204

www.independencefund.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

56th percentile

0.17x

Higher debt load relative to assets than 56% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

42nd percentile

0.11x

Higher debt load relative to revenue than 42% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

5th percentile

-59%

Higher net margin than 5% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

5th percentile

-22%

Faster asset growth than 5% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2024

Revenue Growth

23rd percentile

-8.0%

Faster revenue growth than 23% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2024

Assets

Down

$3,870,763

Down $3,738,452 (-49%) from 2023

Liabilities

Down

$665,062

Down $397,921 (-37%) from 2023

Net Assets

Down

$3,205,701

Down $3,340,531 (-51%) from 2023

Revenue

Down

$6,146,293

Down $6,329,357 (-51%) from 2023

Expenses

Down

$9,763,455

Down $3,544,202 (-27%) from 2023

Net Income

Down

-$3,617,162

Down $2,785,155 (-335%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$15M$10M$5.0M$0Assets 2010: $27,821Liabilities 2010: $0Net Assets 2010: $27,8212010Assets 2012: $52,488Liabilities 2012: $0Net Assets 2012: $52,4882012Assets 2015: $13,760,973Liabilities 2015: $490,000Net Assets 2015: $13,270,9732015Assets 2016: $11,158,103Liabilities 2016: $0Net Assets 2016: $11,158,1032016Assets 2017: $8,862,174Liabilities 2017: $170,218Net Assets 2017: $8,691,9562017Assets 2019: $4,603,509Liabilities 2019: $273,923Net Assets 2019: $4,329,5862019Assets 2020: $5,616,879Liabilities 2020: $807,577Net Assets 2020: $4,809,3022020Assets 2021: $8,188,141Liabilities 2021: $519,266Net Assets 2021: $7,668,8752021Assets 2022: $7,812,789Liabilities 2022: $538,006Net Assets 2022: $7,274,7832022Assets 2023: $7,609,215Liabilities 2023: $1,062,983Net Assets 2023: $6,546,2322023Assets 2024: $3,870,763Liabilities 2024: $665,062Net Assets 2024: $3,205,7012024

Highlighted filing

2024

Assets$3,870,763
Liabilities$665,062
Net Assets$3,205,701

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$20M$15M$10M$5.0M$0-$5.0MExpenses 2010: $315,6902010Expenses 2012: $623,4382012Revenue 2015: $13,414,286Expenses 2015: $15,023,949Net Income 2015: -$1,609,6632015Revenue 2016: $9,130,188Expenses 2016: $11,616,779Net Income 2016: -$2,486,5912016Revenue 2017: $5,441,653Expenses 2017: $8,344,698Net Income 2017: -$2,903,0452017Revenue 2019: $6,457,795Expenses 2019: $9,370,611Net Income 2019: -$2,912,8162019Revenue 2020: $5,645,725Expenses 2020: $4,972,717Net Income 2020: $673,0082020Revenue 2021: $7,884,607Expenses 2021: $5,632,323Net Income 2021: $2,252,2842021Revenue 2022: $8,567,110Expenses 2022: $8,100,266Net Income 2022: $466,8442022Revenue 2023: $12,475,650Expenses 2023: $13,307,657Net Income 2023: -$832,0072023Revenue 2024: $6,146,293Expenses 2024: $9,763,455Net Income 2024: -$3,617,1622024

Highlighted filing

2024

Revenue$6,146,293
Expenses$9,763,455
Net Income-$3,617,162

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Oct 8, 2025
Return Version
2023v6.0
Gross Receipts
$6,146,293
Mission and Program Overview

Mission

To provide wounded veterans the necessary tools and therapies that are not otherwise provided to them as a result of injuries incurred while serving in the armed forces.

To serve the Warfighter community by providing programs and services that foster the physical, mental, emotional, and spiritual independence of our service members, combat Veterans, Caregivers, families and Allies.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$2,805,832$1,766,734▼ $1,039,098
Investments in Publicly Traded Securities$3,764,638$1,001,006▼ $2,763,632
Land, Buildings, and Equipment, Net$650,197$709,996▲ $59,799
Prepaid Expenses and Deferred Charges$17,495$17,495→ $0
Savings and Temporary Cash Investments$67$187▲ $120
Total Assets$7,609,215$3,870,763▼ $3,738,452
Other Assets Total$370,986$375,345▲ $4,359
Liabilities
Unsecured Notes Loans Payable$467,747$467,747→ $0
Accounts Payable and Accrued Expenses$595,236$197,315▼ $397,921
Total Liabilities$1,062,983$665,062▼ $397,921
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,546,232$3,205,701▼ $3,340,531
Total Net Assets Fund Balance$6,546,232$3,205,701▼ $3,340,531
Total Liabilities and Net Assets / Fund Balance$7,609,215$3,870,763▼ $3,738,452

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$686,446$629,919$1,316,365
Leasehold Improvements$23,550$30,221$53,771
Other Assets Org$33,148--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Sarah VeradoCEOFT$297,581$297,581
Clark PenningtonCOOFT$204,495$204,495
Dena LecomptCFOFT$119,958$119,958
Malgorzata ReazkaChief of EngagementsFT$101,808$101,808
John BauerChief StrategistFT$52,071$52,071

Board Members and Trustees

NameTitle
Grant CampbellChair
Cheryl MasonDirector
Jennifer KornDirector
Alea NadeemSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$6,017,739
Program Service Revenue
$0
Investment Income
$52,419
Other Revenue
$76,135
All Other Contributions
$3,767,739
Change in Net Assets
$-3,617,162

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded1$73,861Fair Market Value (FMV)
Total Noncash Contributions1$73,861-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,391,519
Other Expenses$4,379,923
Grants and Similar Amounts Paid$978,740
Total Fundraising Expense$211,795
Professional Fundraising Fees$13,273

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,682,157$1,088,137$40,462$2,810,756
Travel$891,858$306,202$25,237$1,223,297
Fees for Services Other$645,153$489,602$84,469$1,219,224
Grants to Domestic Individuals$864,019--$864,019
Current Officers, Directors, Trustees, and Key Employees$464,362$300,382$11,169$775,913
Other Employee Benefits$313,110$121,424$4,834$439,368
Fees for Services Lobbying$392,096--$392,096
Payroll Taxes$189,242$112,832$4,659$306,733
Occupancy$68,532$199,280$29$267,841
Advertising$206,690$2,935$289$209,914
Office Expenses$48,923$105,481$1,626$156,030
Fees for Services Accounting$64,381$62,243$644$127,268
Information Technology$66,846$57,561$1,527$125,934
Grants to Domestic Orgs$114,721--$114,721
Fees for Services Legal$25,053$45,993$4,302$75,348
Pension Plan Contributions$20,474$37,164$1,111$58,749
Insurance$1,305$46,332-$47,637
Depreciation Depletion-$46,486-$46,486
Other Expenses$11,987$9,429$53$21,469
All Other Expenses$41$15,912$114$16,067
Fees for Services Professional Fundraising--$13,273$13,273
Fees for Service Investment Mgmnt Fees$1,603--$1,603
Total Functional Expenses$6,386,916$3,164,744$211,795$9,763,455
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Fallen Hero FundLoxahatchee, FL501c3Veteran Support$61,234
82nd Airborne Division AssociationFayetteville, NC501c3Sponsorship$15,000
American Freedom FundWashington, DC501c19Sponsorship$15,000
CA Narcotic Officers' AssocValencia, CA501c6Sponsorship$10,000
Women in Military Service for America Memorial FoundationArlington, VA501c3Sponsorship$10,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$13,273
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The organization reviews the 990 form at a board meeting prior to submitting to the IRS.

Form 990, Part VI, Section B, Line 12C

The organization enforced compliance with its conflict of interest policy by reviewing it periodically at board meetings.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
The Independence Fund Inc
EIN
26-0322088
Phone
8888517996
Address
412 Louise Ave, Charlotte, NC 28204

Signing Officer

Name
Clark Pennington
Title
Chief Operating Officer
Phone
8888517996
Signed
2025-10-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sarah Verardo
Formed
2007
Legal Domicile
Nc
Voting Board Members
4
Independent Board Members
4
Employees
48
Volunteers
50

Preparer

Firm
Foundation Group Inc
Address
2451 Atrium Way Suite 300, Nashville, TN 37214
Preparer
Andrew D Payne EA
Phone
6153619445
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

The organizations previously reported ending balance was understated by 259,804.

Form 990, Part III, Line 4A

Advocacy Program The Independence Funds Advocacy team champions Veterans voices, focusing on their most critical needs upon returning home. We amplify their experiences, ensuring their fight for independence continues and their sacrifies are honored. Allies Program The organization proudly extends program eligibiity to Afgahan combat interpreters in the US. We connect resettled Afghans with vital resources, including partner organizations, interpretation services, and healthcare nationwide, ensuring comprehensive support. Caregiver Program The organization supports caregivers from all eras through small group retreats. These provide respite, resources, and peer-to-peer empowerment. We were the first VSO to host a national retreat for male caregivers, including fathers, husbands, and brothers of wounded service members. Casework Program The organizations carework team assists Veterans and Caregivers with post-military benefits and VA resources. They specialize in service-connected benefits, VA Medical eligibility, caregiver assistance, discharge statuses, medical referrals, vocational rehabilitation, medical accessibility, and legal resources. Family Program The organizations family program supports families of catastrophically wounded Veterans. It offers art therapy, respite, and comprehensive individual aftercare. We believe true independence requires total family care. Mobility Program The organizations flagship mobility program provides specialized all-terrain trackchairs to catastrophically wounded Veterans of all eras, helping them regain independence after sever service-connected injuries or illness. Operation Resilience Program Operation Resilience reunites post 9/11 military units affected by Veteran suicide and shared traumatic deployment experiences. Veterans engage in peer support, physical activity and social connectedness to build crucial resiliency skills. TIF Tactical Our TIF Tactical adaptive shooting program enables catastrophically wounded, injured or ill Veterans to re-engage with hunting and shooting sports. We provide unforgettable opportunities nationwide through patner ranges and hunting locations. Veterans Justice Initiative The organizations Veterans Justice Initiative connects Veterans and First Responders with shared experiences, training, and resources. It helps First Responder agencies understand Veterans mental health obstacles, equipping them with de-escalation techniques for safe, compassionate interactions with Veterans in crisis.

Form 990, Part IX, Line 11G

Other Professional Fees include Program Strategy consulting and grant writing.

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