Civic Intelligence

The Independence Fund Inc.

990 • Fiscal year 2020 • EIN 26-0322088

Jul 01, 2019 to Jun 30, 2020 • Filed on Mar 30, 2021

9013 Perimeter Woods DriveCharlotte, NC 28216

(888) 851-7966

Siviq Scores

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

Liabilities / Assets

47th percentile

0.14x

Higher debt load relative to assets than 47% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

38th percentile

0.14x

Higher debt load relative to revenue than 38% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Net Margin

65th percentile

12%

Higher net margin than 65% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

84th percentile

$252,221

Higher top officer pay than 84% of similar nonprofits.

Top officer pay equals 4.5% of source-year revenue.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Asset Growth

76th percentile

22%

Faster asset growth than 76% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

26th percentile

-13%

Faster revenue growth than 26% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Assets

Up

$5,616,879

Up $1,013,370 (+22%) from 2019

Net Assets

Up

$4,809,302

Up $479,716 (+11%) from 2019

Liabilities

Up

$807,577

Up $533,654 (+195%) from 2019

Revenue

Down

$5,645,725

Down $812,070 (-13%) from 2019

Expenses

Down

$4,972,717

Down $4,397,894 (-47%) from 2019

Net Income

Up

$673,008

Up $3,585,824 (+123%) from 2019

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

2020

Assets$5,616,879
Liabilities$807,577
Net Assets$4,809,302

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

2020

Revenue$5,645,725
Expenses$4,972,717
Net Income$673,008
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Mar 30, 2021
Return Version
2019v5.1
Gross Receipts
$5,645,725
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.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,011,904$2,754,384▲ $1,742,480
Investments in Publicly Traded Securities$3,194,415$2,709,679▼ $484,736
Pledges and Grants Receivable$256,350$0▼ $256,350
Land, Buildings, and Equipment, Net$90,245$55,909▼ $34,336
Savings and Temporary Cash Investments-$54,292-
Prepaid Expenses and Deferred Charges$45,909$30,186▼ $15,723
Total Assets$4,603,509$5,616,879▲ $1,013,370
Other Assets Total$4,686$12,429▲ $7,743
Liabilities
Mortgage Notes Payable Secured by Investment Property-$555,200-
Accounts Payable and Accrued Expenses$118,700$152,568▲ $33,868
Other Liabilities$98,415$99,809▲ $1,394
Grants Payable$56,808$0▼ $56,808
Total Liabilities$273,923$807,577▲ $533,654
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,129,371$4,809,302▲ $1,679,931
Net Assets With Donor Restrictions$1,200,215$0▼ $1,200,215
Total Net Assets Fund Balance$4,329,586$4,809,302▲ $479,716
Total Liabilities and Net Assets / Fund Balance$4,603,509$5,616,879▲ $1,013,370

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$31,760$235,830$267,590
Other Land Buildings$7,998$200,289$208,287
Leasehold Improvements$16,151$4,795$20,946
Land$0--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Sarah VerardoCEOFT$250,868$1,353$252,221
Sarah Verardo--$173,462$78,759$252,221
Bob CareyChief Advocacy OfficerFT$154,615$15,605$170,220
Bob Carey--$154,615$15,605$170,220
Samuel JohnsonChief Program OfficerFT$133,538$1,266$134,804
Samuel Johnson--$133,538$1,266$134,804
Mervyn JonesGovernment Affairs DirectorFT$125,000$4,807$129,807
Marvyn Jones--$125,000$4,807$129,807
Robert BeckerCaseworker DirectorFT$101,538$20,263$121,801
Robert Becker--$101,538-$101,538

Board Members and Trustees

NameTitle
Arthur PueChairman
Mike LenhartDirector
Sean SpicerDirector
Richard GrossSecretary
David HenningerTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Carlson MobilityAll-terrain mobility600 W University Drive, Arlington Heights, IL 60004$479,837
TSS Equipment LLCAll-terrain mobility14302 Pigeon River Rd, Cleveland, WI 53015$187,717
1st DegreeAnalysis & Consulting9720 Capital Court, Manassas, VA 20110$129,832
SCG Perimeter Woods LLCRent440South church Street Suite 800, Charlotte, NC 28202$102,497
Revenue and Support

Revenue Composition

Contributions and Grants
$5,573,814
Program Service Revenue
$0
Investment Income
$69,029
Other Revenue
$2,882
All Other Contributions
$5,573,814
Change in Net Assets
$673,008

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
Securities Publicly Traded3$324,354
Other Non Cash Contri Table-$12,090
Other Non Cash Contri Table-$469
Total Noncash Contributions3$336,913

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,625,284
Revenue Not Reported on Financial Statements
$20,441
Revenue Not Reported on Form 990
$21,461,600
Total Revenue per Audited Statements
$27,086,884
Total Revenue per Form 990
$5,645,725
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,095,009
Salaries, Compensation, and Employee Benefits$1,877,708
Total Fundraising Expense$472,373
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$516,615$181,765$78,169$776,549
Current Officers, Directors, Trustees, and Key Employees$607,582$118,483$39,494$765,559
Travel$341,499$36,330$40,107$417,936
Advertising$180,558$0$180,558$361,116
Occupancy$228,496$29,832$8,351$266,679
Fees for Services Other$98,803$110,995$9,208$219,006
Other Employee Benefits$136,861$36,552$14,324$187,737
Office Expenses$64,525$82,145$33,986$180,656
Payroll Taxes$107,792$28,789$11,282$147,863
Other Expenses$8,594$4,742$55,289$68,625
Fees for Service Investment Mgmnt Fees$0$20,441$0$20,441
Insurance$0$20,224$0$20,224
Total Functional Expenses$3,830,046$670,298$472,373$4,972,717

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$26,522,168
Expenses Not Reported on Form 990$21,569,892
Total Expenses per Form 990$4,972,717
Expenses per Audited Statements$4,952,276
Expenses Not Reported on Financial Statements$20,441
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
Pig & Oyster Roast$83,115$44,465$2,387$42,078
Total Events$83,115$44,465$14,459$30,006
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll liabilities$99,809
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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
Filing and Contact Details

Filer

Filer Name
The Independence Fund Inc
EIN
26-0322088
Phone
8888517966
Address
9013 Perimeter Woods Drive, Charlotte, NC 28216

Signing Officer

Name
Sarah Verardo
Title
CEO
Phone
8888517966
Signed
2021-03-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sarah Verardo
Formed
2007
Legal Domicile
Nc
Voting Board Members
6
Independent Board Members
5
Employees
27
Volunteers
190

Preparer

Firm
Franklin & Franklin Pa
Address
3320 Siskey Parkway Suite 102, Matthews, NC 28105
Preparer
John a Franklin CPA
Phone
7048451195
Supplemental Narrative

Additional Explanations

Other

Form 990, Part III, Line 4a- Program Service Accomplishments Mobility Program - many severely wounded Veterans have lost the ability to experience activities they previously enjoyed. Wounded Veterans who use our all-terrain mobility devices regain the ability to do the things they love, transforming their lives toward a better future. During the year ended June 30, 2020, the Fund provided 75 chairs to Veterans, and we have provided more than 2,400 mobility devices since our founding. Independence@Home - The COVID-19 pandemic had a disproportional effect on our Veterans, Caregivers, and their families. In order to address the immediate needs of these Heroes, The Independence Fund showed flexibility in developing a new program called Independence@Home. This program was able to provide more than 913 families with financial and disaster support during their time of need. Caregiver Program - The Fund serves the heroes behind the heroes; the Caregivers who work tirelessly to support the 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 the year ended June 30, 2020, The Fund conducted two in-person Caregiver Retreats,serving 26 Caregivers. The Fund transitioned to a virtual model to support our Caregivers and we were able to support more than 531 Caregivers through virtual peer support, training and comradery.

Other

Family Program - Open to families of catastrophically wounded Veterans, the Family Program focuses on art therapy, respite, and comprehensive individual aftercare. With the understanding that true independence can only be reached through total family care, The Independence Fund tailors its Family Program to provide aftercare that is specifically created for each family. While we were unable to conduct in-person retreats this year, we were able to provide virtual programming for more than 200 families. Operation Resiliency - The Fund and the Veterans Health Administration Office of Mental Health and Suicide Prevention (OMHSP) have partnered together in order to make an immediate impact on the lives of our Veterans and their families. The structure is a mutually beneficial manner that advances and improves Veterans' mental health and wellbeing and expands and promotes community collaboration to increase access to mental health resources for all Veterans and their families and prevent suicide in the Veteran community. Through virtual suicide prevention training and support, The Independence Fund has directly impacted over 276 combat Veterans this year. Advocacy Program - For Veterans returning with the scars of war, the fight doesn't end upon thier arrival home. Unfortunately, some of the biggest battles are with the very institutions who are supposed to be on their side. Our Advocacy Program assists where the need is greatest right now; giving a voice to Veterans for VA health care reform, ensuring the Caregivers of the seriously disabled are properly supported, and addressing the latent problems of toxic exposure. The Fund fights for those who fought for us.

Pt VI, Line 11B

The draft Form 990 is reviewed in detail by management and then given to the entire board to review prior to filing.

Pt VI, Line 12C

Board members are required to review the Conflict of Interest Policy and sign a document stating that they have reviewed, understand, and are in compliance with the Conflict of Interest Policy on an annual basis. In addition, there is a Conflict of Interest clause in the Employee Handbook. All staff members receive the handbook upon hiring and must acknowledge via signature page that they have received, reviewed, and comply with the policies in the handbook.

Pt VI, Line 15A

The BOD approves the fiscal year budget annually which includes a listing of salaries by authorized position, including the CEO and COO positions.

Pt VI, Line 15B

The COO and CEO fill positions according to the budget, with the CEO making the final decision as to staff salaries. The BOD Executive Committee makes determination on the CEO salary,based upona salary study.The CEO is excluded from the study as well as the determination and vote of the salary.

Pt VI, Line 19

Available upon request.

Pt III, Line 3

Adaptive Sports is now considered part of the mobility program and not tracked as a separate program.

Pt VI, Line 12C

Conflict of Interest policy was maintained and all employees were briefed on the policy during the fiscal year.

Pt III, Line 2

In addition to moving Adaptive Sports under Mobility and forgoing having it as a stand alone program, we started Independence @ Home. Providing assistance to Veterans, Caregivers, and families in need that have been directly impacted by Covid-19.

Financial Statement Notes

Other

Line 2b for Part XI and Line 2a for part XII relate to donated public service announcements which have been accumulated by an independent advertising agency

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