Civic Intelligence

The Independence Fund Inc.

990 • Fiscal year 2017 • EIN 26-0322088

Jan 01, 2017 to Dec 31, 2017 • Filed on Aug 03, 2018

9013 Perimeter Fund Dr Ste ECharlotte, NC 28216

(888) 851-7996

Siviq Scores

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

Liabilities / Assets

22nd percentile

0.02x

Higher debt load relative to assets than 22% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

17th percentile

0.03x

Higher debt load relative to revenue than 17% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Net Margin

5th percentile

-53%

Higher net margin than 5% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

65th percentile

$158,084

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Asset Growth

4th percentile

-21%

Faster asset growth than 4% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

6th percentile

-40%

Faster revenue growth than 6% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Assets

Down

$8,862,174

Down $2,295,929 (-21%) from 2016

Net Assets

Down

$8,691,956

Down $2,466,147 (-22%) from 2016

Liabilities

Up

$170,218

Up $170,218 from 2016

Revenue

Down

$5,441,653

Down $3,688,535 (-40%) from 2016

Expenses

Down

$8,344,698

Down $3,272,081 (-28%) from 2016

Net Income

Down

-$2,903,045

Down $416,454 (-17%) from 2016

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

2017

Assets$8,862,174
Liabilities$170,218
Net Assets$8,691,956

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

2017

Revenue$5,441,653
Expenses$8,344,698
Net Income-$2,903,045
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Aug 3, 2018
Return Version
2017v2.2
Gross Receipts
$6,426,757
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$7,161,064$4,909,645▼ $2,251,419
Investments in Publicly Traded Securities$1,894,072$2,688,343▲ $794,271
Pledges and Grants Receivable-$581,832-
Savings and Temporary Cash Investments$646,338$470,081▼ $176,257
Land, Buildings, and Equipment, Net$1,352,709$208,353▼ $1,144,356
Accounts Receivable$100,000$0▼ $100,000
Investments Other Securities$3,920$3,920→ $0
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$11,158,103$8,862,174▼ $2,295,929
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses-$125,693-
Other Liabilities-$44,525-
Total Liabilities$0$170,218▲ $170,218
Net Assets / Fund Balance
Unrestricted Net Assets$11,158,103$8,691,956▼ $2,466,147
Total Net Assets Fund Balance$11,158,103$8,691,956▼ $2,466,147
Total Liabilities and Net Assets / Fund Balance$11,158,103$8,862,174▼ $2,295,929

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$135,088$166,201$301,289
Other Land Buildings$59,769$67,822$127,591
Leasehold Improvements$13,496$1,526$15,022
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Sarah VerardoExecutive DirectorFT$156,731$1,353$158,084
Nicholas KaylorFormer COOFT$101,923$17,841$119,764
Donald McAlisterFormer COOFT$104,231$1,353$105,584
Tammy HeapCOOFT$51,077$291$51,368

Board Members and Trustees

NameTitle
Arthur PueChairman
Rich JadickFrmr Chairman
Ryan KoelschDirector
Will DuttonDirector
Richard GrossSecretary
David HenningerTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Carlson MobilityAll-terrain mobility600 W University Dr, Arlington Heights, IL 60004$810,548
TSS Equipment LLCAll-terrain mobility14302 Pigeon River Rd, Cleveland, WI 53015$572,125
Trac Fabrication LLCAll-terrain mobility111 Arrowhead Dr D, Slippery Rock, PA 16057$505,147
Innovation in MotionAll-terrain mobility201 Growth Pkwy, Angola, IN 46703$469,237
Ti-Trikes IncAll-terrain mobility34 Hopmeadow St, Weatogue, CT 06089$415,616
Revenue and Support

Revenue Composition

Contributions and Grants
$6,385,648
Program Service Revenue
$0
Investment Income
$-943,995
Other Revenue
$0
All Other Contributions
$6,367,315
Change in Net Assets
$-2,903,045

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeReported AmountValuation Method
Other Non Cash Contri Table$30,053Fair Market Value (FMV)
Total Noncash Contributions$30,053-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,441,653
Revenue Not Reported on Form 990
$377,024
Total Revenue per Audited Statements
$5,818,677
Total Revenue per Form 990
$5,441,653
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,518,088
Salaries, Compensation, and Employee Benefits$956,905
Grants and Similar Amounts Paid$869,705
Total Fundraising Expense$814,225
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$869,705--$869,705
Fees for Services Other$604,760$140,004$30,999$775,763
Travel$347,316$47,317$122,635$517,268
Other Salaries and Wages$109,769$190,689$113,909$414,367
Current Officers, Directors, Trustees, and Key Employees$118,766$184,793$110,403$413,962
Advertising--$281,031$281,031
Other Expenses$32,156$38,603$13,161$83,920
All Other Expenses$1,888$18,248$56,550$76,686
Fees for Services Accounting-$73,636-$73,636
Other Employee Benefits$19,878$32,658$19,510$72,046
Fees for Services Legal-$67,325-$67,325
Payroll Taxes$15,597$25,625$15,308$56,530
Insurance-$23,542-$23,542
Total Functional Expenses$6,598,193$932,280$814,225$8,344,698

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$8,344,698
Total Expenses per Audited Statements$8,344,698
Total Expenses per Form 990$8,344,698
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
After the Impact Fund IncChicago, IL-Facilitate comprehensive treatment$263,205
America SalutesMcLean, VA-Sponsorship$200,000
Charlotte Touchdown ClubCharlotte, NC-Sponsorship$75,000
Corpsmen Memorial FoundationJacksonville, NC-Grant$75,000
Soldiers AngelsSan Antonio, TX-Grant$75,000
Susan M Tillis FoundationCornelius, NC-Grant$75,000
Healing Household 6Richlands, NC-Grants$35,000
Elizabeth Dole FoundationWashington, DC-Hidden Heroes Grant$25,000
Veterans Bridge HomeCharlotte, NC-Grant$25,000
Student Veterans of AmericanWashington, DC-Sponsorship$20,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Decade of Independence$18,333---
Total Events$18,333---
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll liabilities$44,525
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
No
Backup withholding compliance
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

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, Line 19: Other Organization Documents Publicly Available

Available upon request.

Filing and Contact Details

Filer

Filer Name
The Independence Fund Inc
EIN
26-0322088
Phone
8888517996
Address
9013 Perimeter Fund Dr Ste E, Charlotte, NC 28216

Signing Officer

Name
Sarah Verardo
Title
Executive Director
Signed
2018-08-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sarah Verardo
Formed
2007
Legal Domicile
Fl
Voting Board Members
10
Independent Board Members
6
Employees
21

Preparer

Firm
C DeWitt Foard & Co PA CPAs
Address
817 E Morehead Street Ste 100, Charlotte, NC 28202-2767
Preparer
Terry W Lancaster
Phone
7043721515
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IRS990/Desc0Mobility Program - Many severely wounded Veterans have lost the ability to experience activities they previously enjoyed. Wounded Veterans who use all-terrain mobility devices regain the ability to do the things they love, transforming their lives toward a better future. During 2017 the Fund provided 287 chairs, 128 bikes, and 70 sets of soft wheels to Veterans.Caregiver Program - The Fund serves the heroes behind the heroes: the Caregivers who work tirelessly to support wounded Veterans day-in and day-out. The Fund provides Caregivers the means to build strong networks and receive the emotional and physical support they need. During 2017, the Fund directly served 49 Caregivers through retreats conducted by the Fund and indirectly served hundreds more through grants to other nonprofit organization that solely serve Caregivers, such as The Elizabeth Dole Foundation and Healing Household 6.Adaptive Sports - By inviting Veterans to participate in sporting events, providing funding for adaptive equipment, and granting funds for Veterans adaptive sports organization, our Adaptive Sports Program gives wounded Veterans the opportunity to improve their well-being.Advocacy Program - For Veterans returning with the scars of war, the fight doesn't end upon their arrival home. Unfortunately, some of the biggest battles are with the very institutions who are supposed to be on their side. The Fund fights for those who fought for us.
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