Civic Intelligence

Independence Apartments Inc

EIN 31-1644449 • 501(c)3 • Malvern, AR

Profile

Through our hud housing services we are committed to providing quality housing to assist individuals served in achieving living stability and promoting self-sufficiency.

Refreshing map…

212 S Main StreetMalvern, AR 72104

www.healthresourcesofarkansas.com

Siviq Scores

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

Liabilities / Assets

70th percentile

0.02x

Higher debt load relative to assets than 70% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2025

Liabilities / Revenue

81st percentile

0.07x

Higher debt load relative to revenue than 81% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2025

Net Margin

24th percentile

-19%

Higher net margin than 24% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2025

Top Officer Pay

81st percentile

$0

Higher top officer pay than 81% of similar nonprofits.

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

501(c)3 • <$500k nonprofits • Source year 2025

Asset Growth

45th percentile

-5.1%

Faster asset growth than 45% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2024 to 2025

Revenue Growth

56th percentile

2.7%

Faster revenue growth than 56% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2024 to 2025

Assets

Down

$485,384

Down $28,565 (-5.6%) from 2023

Liabilities

Down

$9,338

Down $6,328 (-40%) from 2023

Net Assets

Down

$476,046

Down $22,237 (-4.5%) from 2023

Revenue

Up

$126,982

Up $8,837 (+7.5%) from 2023

Expenses

Up

$151,039

Up $3,012 (+2.0%) from 2023

Net Income

Up

-$24,057

Up $5,825 (+19%) from 2023

Trend Graphs

Balance Sheet Trend

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

$800K$600K$400K$200K$0Assets 2015: $660,134Liabilities 2015: $5,915Net Assets 2015: $654,2192015Assets 2016: $661,993Liabilities 2016: $19,542Net Assets 2016: $642,4512016Assets 2017: $641,001Liabilities 2017: $18,080Net Assets 2017: $622,9212017Assets 2018: $612,478Liabilities 2018: $15,554Net Assets 2018: $596,9242018Assets 2019: $594,392Liabilities 2019: $7,540Net Assets 2019: $586,8522019Assets 2021: $553,654Liabilities 2021: $10,873Net Assets 2021: $542,7812021Assets 2022: $556,404Liabilities 2022: $28,239Net Assets 2022: $528,1652022Assets 2023: $513,949Liabilities 2023: $15,666Net Assets 2023: $498,2832023Assets 2025: $485,384Liabilities 2025: $9,338Net Assets 2025: $476,0462025

Highlighted filing

2025

Assets$485,384
Liabilities$9,338
Net Assets$476,046

Operations Trend

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

$200K$150K$100K$50K$0-$50KRevenue 2015: $71,179Expenses 2015: $82,036Net Income 2015: -$10,8572015Revenue 2016: $72,242Expenses 2016: $84,010Net Income 2016: -$11,7682016Revenue 2017: $72,270Expenses 2017: $91,800Net Income 2017: -$19,5302017Revenue 2018: $71,182Expenses 2018: $97,179Net Income 2018: -$25,9972018Revenue 2019: $72,349Expenses 2019: $82,421Net Income 2019: -$10,0722019Revenue 2021: $110,776Expenses 2021: $131,051Net Income 2021: -$20,2752021Revenue 2022: $112,626Expenses 2022: $127,242Net Income 2022: -$14,6162022Revenue 2023: $118,145Expenses 2023: $148,027Net Income 2023: -$29,8822023Revenue 2025: $126,982Expenses 2025: $151,039Net Income 2025: -$24,0572025

Highlighted filing

2025

Revenue$126,982
Expenses$151,039
Net Income-$24,057

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Aug 21, 2025
Return Version
2024v5.0
Gross Receipts
$126,982
Mission and Program Overview

Mission

Provide low-income housing to families located in batesville, arkansas under u.s. Department of housing & urban development guidelines.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$468,975$444,323▼ $24,652
Prepaid Expenses and Deferred Charges-$14,672-
Accounts Receivable$81$955▲ $874
Cash and Non-Interest-Bearing Accounts$5,544$169▼ $5,375
Total Assets$511,324$485,384▼ $25,940
Other Assets Total$36,724$25,265▼ $11,459
Liabilities
Other Liabilities$4,750$4,601▼ $149
Accounts Payable and Accrued Expenses$6,268$3,781▼ $2,487
Deferred Revenue$203$956▲ $753
Total Liabilities$11,221$9,338▼ $1,883
Net Assets / Fund Balance
Net Assets With Donor Restrictions$919,200$919,200→ $0
Net Assets Without Donor Restrictions$-419,097$-443,154▼ $24,057
Total Net Assets Fund Balance$500,103$476,046▼ $24,057
Total Liabilities and Net Assets / Fund Balance$511,324$485,384▼ $25,940

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$398,955$522,366$921,321
Land$42,130-$42,130
Equipment$3,238$37,670$40,908
Other Land Buildings-$5,968$5,968
Other Assets Org$12--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Ccarl SchultzPresident
Cynthia WheelerSecretary
Jeffrey OwensTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$126,920
Investment Income
$62
Other Revenue
$0
Change in Net Assets
$-24,057

Audited Revenue Reconciliation

Revenue per Audited Statements
$126,982
Total Revenue per Audited Statements
$126,982
Total Revenue per Form 990
$126,982
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$120,794
Salaries, Compensation, and Employee Benefits$30,245
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$27,852--$27,852
Depreciation Depletion$24,652--$24,652
Fees for Services Management-$23,193-$23,193
Insurance$18,397--$18,397
Occupancy$12,441--$12,441
All Other Expenses$11,425$792-$12,217
Fees for Services Accounting-$9,789-$9,789
Office Expenses$3,321--$3,321
Other Expenses$3,050--$3,050
Payroll Taxes$2,393--$2,393
Conferences and Meetings-$327-$327
Total Functional Expenses$116,938$34,101$0$151,039

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$151,039
Total Expenses per Audited Statements$151,039
Total Expenses per Form 990$151,039
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Ar Consolidate Payroll ProcessingOwnerPayroll ServicesNo$38,568
Intrepid Management IncOwnerManagement AgentYes$23,193
Intrepid Management IncOwnerAdmin ServicesNo$1,889
Certified Heating AirBrotherRepair ServicesNo$1,799
Intrepid Investments IncOwnerBackground ChecksNo$148
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Ten Security Deposits Held$4,601
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
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
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 2

C. Carl schultz cynthia wheeler president secretary siblings c. Carl schultz jeffrey owens president treasurer employer/employee

Form 990, Page 6, Part VI, Line 3

The board has delegated management control to a management company, intrepid management, inc. All decisions except review of the annual audit and form 990 tax return are made by the management company.

Form 990, Page 6, Part VI, Line 7A

The number of directors of the corporation shall be 3, who shall elect their successors, in the event of a vacancy, and who shall elect the officers of the corporation. All directors and officers shall serve one year terms, but shall serve until their successors are elected.

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

The form 990 is prepared by a thrid party cpa firm and provided to all members of the board for review and signature.

Form 990, Page 6, Part VI, Line 12C

The board is required to update and disclose related party transactions in the annual audit each year and submit to 3rdparty grantors.

Form 990, Page 6, Part VI, Line 19

Governing documents are not provided for public access but can be reviewed upon request.

Filing and Contact Details

Filer

Filer Name
Independence Apartments Inc
EIN
31-1644449
Phone
5012800037
Address
212 S MAIN STREET, MALVERN, AR 72104

Signing Officer

Name
Ccarl Schultz
Title
President
Phone
5012800037
Signed
2025-08-21

Organization Details

Principal Officer
Ccarl Schultz
Formed
1999
Voting Board Members
3
Independent Board Members
3
Employees
0

Preparer

Firm
Fleet Firm
Address
759 TEALWOOD LN, CORDOVA, TN 38018-6334
Preparer
Nelson K Fleet CPA
Phone
9013364602
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TEN SECURITY DEPOSITS HELD
IRS990ScheduleD/RevenueSubtotalAmt0126982
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0444323
IRS990ScheduleD/TotalBookValueOtherAssetsAmt025265
IRS990ScheduleD/TotalExpensesPerForm990Amt0151039
IRS990ScheduleD/TotalLiabilityAmt04601
IRS990ScheduleD/TotalRevenuePerForm990Amt0126982
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0126982
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0151039
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0AR CONSOLIDATE PAYROLL PROCESSING
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm1INTREPID INVESTMENTS INC
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm2INTREPID MANAGEMENT INC
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm3INTREPID MANAGEMENT INC
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm4CERTIFIED HEATING AIR
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0OWNER
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1OWNER
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt2OWNER
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt3OWNER
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt4BROTHER
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd1false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd2false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd3true
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd4false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt038568
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt1148
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt21889
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt323193
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt41799
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0PAYROLL SERVICES
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1BACKGROUND CHECKS
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc2ADMIN SERVICES
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc3MANAGEMENT AGENT
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc4REPAIR SERVICES
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0C. CARL SHULTZ IS PRESIDENT OF THE ENTITY AND IS THE SOLE OWNER OF ARKANSAS CONSOLIDATED PAYROLL PROCESSING. SERVICES PROVIDED INCLUDE PAYROLL PROCESSING AND LEASING OF EMPLOYEES. C.CARL SCHULTZ AND CYNTHIA WHEELER ARE SIBLINGS AND OFFICERS OF THE ENTITY. THEY ARE OWNERS OF INTREPID INVESTMENTS, INC. AND INTREPID MANAGEMENT, INC. C. CARL SCHULTZ IS THE PRESIDENT OF THE ENTITY AND IS VICE PRESIDENT OF UNTIED PROPERTIES MANAGEMENT, INC. SERVICES PROVIDED INCLUDE REIMBURSED CENTRAL ADMINISTRATIVE SERVICES.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0C. CARL SCHULTZ CYNTHIA WHEELER PRESIDENT SECRETARY SIBLINGS C. CARL SCHULTZ JEFFREY OWENS PRESIDENT TREASURER EMPLOYER/EMPLOYEE
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD HAS DELEGATED MANAGEMENT CONTROL TO A MANAGEMENT COMPANY, INTREPID MANAGEMENT, INC. ALL DECISIONS EXCEPT REVIEW OF THE ANNUAL AUDIT AND FORM 990 TAX RETURN ARE MADE BY THE MANAGEMENT COMPANY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE NUMBER OF DIRECTORS OF THE CORPORATION SHALL BE 3, WHO SHALL ELECT THEIR SUCCESSORS, IN THE EVENT OF A VACANCY, AND WHO SHALL ELECT THE OFFICERS OF THE CORPORATION. ALL DIRECTORS AND OFFICERS SHALL SERVE ONE YEAR TERMS, BUT SHALL SERVE UNTIL THEIR SUCCESSORS ARE ELECTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FORM 990 IS PREPARED BY A THRID PARTY CPA FIRM AND PROVIDED TO ALL MEMBERS OF THE BOARD FOR REVIEW AND SIGNATURE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE BOARD IS REQUIRED TO UPDATE AND DISCLOSE RELATED PARTY TRANSACTIONS IN THE ANNUAL AUDIT EACH YEAR AND SUBMIT TO 3RDPARTY GRANTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS ARE NOT PROVIDED FOR PUBLIC ACCESS BUT CAN BE REVIEWED UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0511324
IRS990/TotalAssetsEOYAmt0485384
IRS990/TotalAssetsGrp/BOYAmt0511324
IRS990/TotalAssetsGrp/EOYAmt0485384
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt034101
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0116938
IRS990/TotalFunctionalExpensesGrp/TotalAmt0151039
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt011221
IRS990/TotalLiabilitiesEOYAmt09338
IRS990/TotalLiabilitiesGrp/BOYAmt011221
IRS990/TotalLiabilitiesGrp/EOYAmt09338
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0500103
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0476046
IRS990/TotalProgramServiceExpensesAmt0116938
IRS990/TotalProgramServiceRevenueAmt0126920
IRS990/TotalRevenueGrp/ExclusionAmt062
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0126920
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0126982
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0511324
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0485384
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0212 S MAIN STREET
IRS990/USAddress/CityNm0MALVERN
IRS990/USAddress/StateAbbreviationCd0AR
IRS990/USAddress/ZIPCd072104
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/PersonNm0CCARL SCHULTZ
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum05012800037
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-08-21
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0INDEPENDENCE APARTMENTS INC
ReturnHeader/Filer/BusinessNameControlTxt0INDE
ReturnHeader/Filer/EIN0311644449
ReturnHeader/Filer/PhoneNum05012800037
ReturnHeader/Filer/USAddress/AddressLine1Txt0212 S MAIN STREET
ReturnHeader/Filer/USAddress/CityNm0MALVERN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0AR
ReturnHeader/Filer/USAddress/ZIPCd072104
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0621868414
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0FLEET FIRM
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0759 TEALWOOD LN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CORDOVA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0TN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0380186334
ReturnHeader/PreparerPersonGrp/PhoneNum09013364602
ReturnHeader/PreparerPersonGrp/PreparationDt02025-08-21
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0NELSON K FLEET CPA
ReturnHeader/ReturnTs02025-09-24T14:03:14-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-07-01
ReturnHeader/TaxPeriodEndDt02025-06-30
ReturnHeader/TaxYr02024

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