Civic Intelligence

The Independence Fund Inc.

990 • Fiscal year 2016 • EIN 26-0322088

Jan 01, 2016 to Dec 31, 2016 • Filed on May 12, 2017

9013 Perimeter Woods Drive No ECharlotte, NC 28216

(888) 851-7996

Siviq Scores

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

Liabilities / Assets

4th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

4th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Net Margin

9th percentile

-27%

Higher net margin than 9% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

35th percentile

$135,351

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Asset Growth

4th percentile

-19%

Faster asset growth than 4% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

10th percentile

-32%

Faster revenue growth than 10% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Assets

Down

$11,158,103

Down $2,602,870 (-19%) from 2015

Net Assets

Down

$11,158,103

Down $2,112,870 (-16%) from 2015

Liabilities

Down

$0

Down $490,000 (-100%) from 2015

Revenue

Down

$9,130,188

Down $4,284,098 (-32%) from 2015

Expenses

Down

$11,616,779

Down $3,407,170 (-23%) from 2015

Net Income

Down

-$2,486,591

Down $876,928 (-54%) from 2015

Historical Trend

Balance Sheet Trend

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

$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

2016

Assets$11,158,103
Liabilities$0
Net Assets$11,158,103

Operations Trend

Revenue, expenses, and net income across loaded years, with this 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

2016

Revenue$9,130,188
Expenses$11,616,779
Net Income-$2,486,591
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
May 12, 2017
Return Version
2016v3.0
Gross Receipts
$10,840,983
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 provide wounded veterans the necessary tools and therapies that are not provided by the military.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$9,432,522$7,161,064▼ $2,271,458
Investments in Publicly Traded Securities$1,804,278$1,894,072▲ $89,794
Land, Buildings, and Equipment, Net$2,524,173$1,352,709▼ $1,171,464
Savings and Temporary Cash Investments-$646,338-
Pledges and Grants Receivable-$100,000-
Investments Other Securities-$3,920-
Total Assets$13,760,973$11,158,103▼ $2,602,870
Liabilities
Mortgage Notes Payable Secured by Investment Property$490,000--
Total Liabilities$490,000$0▼ $490,000
Net Assets / Fund Balance
Unrestricted Net Assets$13,270,973$11,158,103▼ $2,112,870
Total Net Assets Fund Balance$13,270,973$11,158,103▼ $2,112,870
Total Liabilities and Net Assets / Fund Balance$13,760,973$11,158,103▼ $2,602,870

Asset Categories

AssetBook ValueDepreciationBasis
Land$805,073-$805,073
Other Land Buildings$258,127$152,074$410,201
Buildings$240,926$16,562$257,488
Equipment$48,583$50,226$98,809
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Alan SilkesDirector of FinanceFT$124,038$11,313$135,351
Jeffrey T Rieman Through 111516Executive DirectorFT$115,384$6,820$122,204
Jeffrey Robinson From 111516Executive DirectorFT$15,481-$15,481

Board Members and Trustees

NameTitle
Richard JadickChairman
Art PueBoard Member
David HenningerBoard Member
Rich GrossBoard Member
Ryan KoelschBoard Member
Will DuttonBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$9,176,937
Program Service Revenue
$0
Investment Income
$-46,749
Other Revenue
$0
All Other Contributions
$9,176,937
Change in Net Assets
$-2,486,591
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$9,991,381
Total Fundraising Expense$1,991,969
Grants and Similar Amounts Paid$823,115
Salaries, Compensation, and Employee Benefits$802,283
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Travel$459,051-$1,075,305$1,534,356
Office Expenses$965,162$174,503$94,957$1,234,622
Grants to Domestic Orgs$823,115--$823,115
Occupancy$487,075$43,142-$530,217
Advertising--$424,383$424,383
Other Salaries and Wages$186,018$116,508$108,537$411,063
Fees for Services Other$37,513$260,010$24,000$321,523
Current Officers, Directors, Trustees, and Key Employees$123,557$77,387$72,092$273,036
Information Technology$104,233$65,283$60,817$230,333
Fees for Services Legal-$155,883-$155,883
Depreciation Depletion$51,548$32,285$30,077$113,910
Payroll Taxes$36,561$22,899$21,332$80,792
Fees for Services Lobbying$67,500--$67,500
Insurance$26,512$16,605$16,471$59,588
Other Employee Benefits$16,921$10,598$9,873$37,392
Other Expenses$5,210,535$28,951$866$29,817
Fees for Service Investment Mgmnt Fees-$18,674-$18,674
Fees for Services Accounting-$6,781-$6,781
Total Functional Expenses$8,595,301$1,029,509$1,991,969$11,616,779
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
After the Impact Fund IncChicago, IL501 (c) (3)Facilitate Comprehensive Treatment, Counseling and Programs for Athletes and$823,115
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
Yes
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
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 draft form 990 is reviewed in detail by management and then given to the entire board to review prior to filing.

Form 990, Part VI, Section C, Line 19

The organization's governing documents are available upon request.

Filing and Contact Details

Filer

Filer Name
The Independence Fund Inc
EIN
26-0322088
Phone
8888517996
Address
9013 PERIMETER WOODS DRIVE NO E, CHARLOTTE, NC 28216

Signing Officer

Name
Richard Jadick
Title
Chairman
Phone
8888517996
Signed
2017-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Jadick
Formed
2007
Legal Domicile
Fl
Voting Board Members
6
Independent Board Members
6
Employees
17
Volunteers
6

Preparer

Firm
Mazars USA Llp
Address
135 WEST 50TH STREET, NEW YORK, NY 10020-0002
Preparer
Israel Tannenbaum
Phone
2128127000
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IRS990/ProgSrvcAccomActy2Grp/Desc0OUR HYPERBARIC OXYGEN THERAPY (HBOT) PROGRAM PROVIDES SIGNIFICANT RELIEF TO THOSE SUFFERING FROM SEVERE TRAUMATIC BRAIN INJURY, NON HEALING WOUNDS AND EXTREME POST TRAUMATIC STRESS. THE HBOT PROVIDES A DRUG FREE APPROACH TO HEALING THESE VETERANS.
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IRS990/ProgSrvcAccomActy3Grp/Desc0OUR LOCAL VETERAN COMMUNITY PROGRAM PROVIDES ASSISTANCE TO VETERANS FOR RETREATS, PEER SUPPORT, ADAPTIVE EQUIPMENT NOT COVERED UNDER OUR MOBILITY PROGRAM AND COMMUNITY ENRICHMENT TO BETTER THE LIVES OF THE WOUNDED VETERNS AND THEIR FAMILIES.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt03384677
IRS990/ProgSrvcAccomActy3Grp/GrantAmt0823115
IRS990/ProgSrvcAccomActyOtherGrp/Desc0NUMEROUS OTHER PROGRAMS AIMED AT SUPPORTING WOUNDED VETERANS SUCH AS AEROFEST, ART THERAPY, CAREGIVER RETREATS, ROCK THE BOAT AND ROCK AND RIDE. WE ALSO PROVIDE SUPPORT TO OTHER NOT FOR PROFIT VETERAN ORGANIZATIONS.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt011707882
IRS990/PYContributionsGrantsAmt013336490
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0455000
IRS990/PYInvestmentIncomeAmt077796
IRS990/PYOtherExpensesAmt02706642
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0-1609663
IRS990/PYSalariesCompEmpBnftPaidAmt0154425
IRS990/PYTotalExpensesAmt015023949
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt013414286
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-2486591
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0646338
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt09132725
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt013336490
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt015974321
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt09315353
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0613860
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt048372749
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0205923
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt014789
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt040868
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0261580
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0304
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IRS990ScheduleA/PublicSupportPY170Pct00.99860
IRS990ScheduleA/PublicSupportTotal170Amt048372749
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt09132725
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt013336490
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt015974321
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt09315353
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0613860
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt048372749
IRS990ScheduleA/TotalSupportAmt048634329
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleC/DirectContactLegislatorsInd00
IRS990ScheduleC/GrantsOtherOrganizationsInd00
IRS990ScheduleC/MailingsMembersAmt067500
IRS990ScheduleC/MailingsMembersInd01
IRS990ScheduleC/MediaAdvertisementsInd00
IRS990ScheduleC/NotDescribedSection501c3Ind00
IRS990ScheduleC/OtherActivitiesInd00
IRS990ScheduleC/PaidStaffOrManagementInd00
IRS990ScheduleC/PublicationsOrBroadcastInd00
IRS990ScheduleC/RalliesDemonstrationsInd00
IRS990ScheduleC/TotalLobbyingExpendituresAmt067500
IRS990ScheduleC/VolunteersInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt0240926
IRS990ScheduleD/BuildingsGrp/DepreciationAmt016562
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0257488
IRS990ScheduleD/EquipmentGrp/BookValueAmt048583
IRS990ScheduleD/EquipmentGrp/DepreciationAmt050226
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt098809
IRS990ScheduleD/LandGrp/BookValueAmt0805073
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0805073
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0258127
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0152074
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0410201
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01352709
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt0823115
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501 (C) (3)
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0FACILITATE COMPREHENSIVE TREATMENT, COUNSELING AND PROGRAMS FOR ATHLETES AND
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0AFTER THE IMPACT FUND INC
IRS990ScheduleI/RecipientTable/RecipientEIN0810871670
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt08770 W BRYN MAWR SUITE 1300
IRS990ScheduleI/RecipientTable/USAddress/CityNm0CHICAGO
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0IL
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd060631
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0GRANT AWARDEES ARE REQUIRED TO SUBMIT NARRATIVE AND FINANCIAL REPORTS UPON COMPLETION OF THE PROGRAM IMPLEMENTATION
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2:
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE DRAFT FORM 990 IS REVIEWED IN DETAIL BY MANAGEMENT AND THEN GIVEN TO THE ENTIRE BOARD TO REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0FL
IRS990/StatesWhereCopyOfReturnIsFldCd1NC
IRS990/StatesWhereCopyOfReturnIsFldCd2SC
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt013760973
IRS990/TotalAssetsEOYAmt011158103
IRS990/TotalAssetsGrp/BOYAmt013760973
IRS990/TotalAssetsGrp/EOYAmt011158103
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt09176937
IRS990/TotalEmployeeCnt017
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt01991969
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt01029509
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt08595301
IRS990/TotalFunctionalExpensesGrp/TotalAmt011616779
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0490000
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt0490000
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt013270973
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt011158103
IRS990/TotalOtherCompensationAmt018133
IRS990/TotalProgramServiceExpensesAmt08595301
IRS990/TotalReportableCompFromOrgAmt0254903
IRS990/TotalRevenueGrp/ExclusionAmt0-46749
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt09130188
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt06
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt013760973
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt011158103
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/FundraisingAmt01075305
IRS990/TravelGrp/ProgramServicesAmt0459051
IRS990/TravelGrp/TotalAmt01534356
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00

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