Civic Intelligence

Project Independence

EIN 42-1162709 • 501(c)3 • Mechanicsville, IA

Profile

To construct and operate elderly and handicapped housing.

C/O Right Way Management LlcMechanicsville, IA 52306

n/A

Siviq Scores

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

Liabilities / Assets

95th percentile

1.27x

Higher debt load relative to assets than 95% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

97th percentile

4.18x

Higher debt load relative to revenue than 97% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

27th percentile

-7.0%

Higher net margin than 27% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

Score unavailable

No value available

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

Asset Growth

25th percentile

-5.8%

Faster asset growth than 25% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

27th percentile

-7.4%

Faster revenue growth than 27% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$544,242

Down $33,554 (-5.8%) from 2019

Liabilities

Down

$693,898

Down $21,965 (-3.1%) from 2019

Net Assets

Down

-$149,656

Down $11,589 (-8.4%) from 2019

Operations
Liabilities / Revenue97th percentileNet Margin27th percentile

Revenue

Down

$166,186

Down $13,195 (-7.4%) from 2019

Expenses

Down

$177,775

Down $692 (-0.4%) from 2019

Net Income

Down

-$11,589

Down $12,503 (-1368%) from 2019

Trend Graphs

Balance Sheet Trend

Asset Growth25th percentile

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

$1.0M$500K$0-$500KAssets 2010: $823,840Liabilities 2010: $845,748Net Assets 2010: -$21,9082010Assets 2011: $777,064Liabilities 2011: $837,180Net Assets 2011: -$60,1162011Assets 2012: $764,707Liabilities 2012: $841,809Net Assets 2012: -$77,1022012Assets 2013: $707,445Liabilities 2013: $817,024Net Assets 2013: -$109,5792013Assets 2014: $680,048Liabilities 2014: $805,020Net Assets 2014: -$124,9722014Assets 2015: $655,289Liabilities 2015: $790,522Net Assets 2015: -$135,2332015Assets 2016: $637,386Liabilities 2016: $773,641Net Assets 2016: -$136,2552016Assets 2017: $626,669Liabilities 2017: $763,771Net Assets 2017: -$137,1022017Assets 2018: $602,276Liabilities 2018: $741,257Net Assets 2018: -$138,9812018Assets 2019: $577,796Liabilities 2019: $715,863Net Assets 2019: -$138,0672019Assets 2020: $544,242Liabilities 2020: $693,898Net Assets 2020: -$149,6562020

Highlighted filing

2020

Assets$544,242
Liabilities$693,898
Net Assets-$149,656
Open 2020 Filing

Operations Trend

Revenue Growth27th percentile

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

$200K$100K$0-$100KRevenue 2010: $181,401Expenses 2010: $197,686Net Income 2010: -$16,2852010Expenses 2011: $193,4922011Revenue 2012: $171,147Expenses 2012: $188,133Net Income 2012: -$16,9862012Revenue 2013: $150,524Expenses 2013: $183,001Net Income 2013: -$32,4772013Revenue 2014: $174,157Expenses 2014: $189,550Net Income 2014: -$15,3932014Revenue 2015: $179,600Expenses 2015: $189,861Net Income 2015: -$10,2612015Revenue 2016: $179,635Expenses 2016: $180,657Net Income 2016: -$1,0222016Revenue 2017: $173,498Expenses 2017: $174,345Net Income 2017: -$8472017Revenue 2018: $171,711Expenses 2018: $173,590Net Income 2018: -$1,8792018Revenue 2019: $179,381Expenses 2019: $178,467Net Income 2019: $9142019Revenue 2020: $166,186Expenses 2020: $177,775Net Income 2020: -$11,5892020

Highlighted filing

2020

Revenue$166,186
Expenses$177,775
Net Income-$11,589
Open 2020 Filing

Filings

Most recent year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$544,242
Liabilities
$693,898
Net assets
-$149,656
Revenue
$166,186
Expenses
$177,775
Net income
-$11,589
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2020Detailed filing. Detailed filing data is available for this year.$5.44$6.94$1.50$1.66$1.78$0.12
2019Detailed filing. Detailed filing data is available for this year.$5.78$7.16$1.38$1.79$1.78$0.01
2018Detailed filing. Detailed filing data is available for this year.$6.02$7.41$1.39$1.72$1.74$0.02
2017Detailed filing. Detailed filing data is available for this year.$6.27$7.64$1.37$1.73$1.74$0.01
2016Detailed filing. Detailed filing data is available for this year.$6.37$7.74$1.36$1.80$1.81$0.01
2015Detailed filing. Detailed filing data is available for this year.$6.55$7.91$1.35$1.80$1.90$0.10
2014Detailed filing. Detailed filing data is available for this year.$6.80$8.05$1.25$1.74$1.90$0.15
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.07$8.17$1.10$1.51$1.83$0.32
2012Summary only. Only limited summary data is available for this year.$7.65$8.42$0.77$1.71$1.88$0.17
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.77$8.37$0.60$1.93
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.24$8.46$0.22$1.81$1.98$0.16
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2019 to Sep 30, 2020
Signed
Oct 14, 2020
Return Version
2019v5.0
Gross Receipts
$166,186
Mission and Program Overview

Mission

To construct and operate elderly and handicapped housing.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$449,944$434,945▼ $14,999
Savings and Temporary Cash Investments$120,724$108,684▼ $12,040
Prepaid Expenses and Deferred Charges$6,737--
Cash and Non-Interest-Bearing Accounts$391$613▲ $222
Total Assets$577,796$544,242▼ $33,554
Liabilities
Mortgage Notes Payable Secured by Investment Property$631,684$603,218▼ $28,466
Accounts Payable and Accrued Expenses$80,493$85,099▲ $4,606
Other Liabilities$3,686$5,581▲ $1,895
Total Liabilities$715,863$693,898▼ $21,965
Net Assets / Fund Balance
Net Assets With Donor Restrictions$149,680$129,193▼ $20,487
Net Assets Without Donor Restrictions$-287,747$-278,849▲ $8,898
Total Net Assets Fund Balance$-138,067$-149,656▼ $11,589
Total Liabilities and Net Assets / Fund Balance$577,796$544,242▼ $33,554

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$353,014$1,207,903$1,560,917
Land$65,438-$65,438
Equipment$16,493$23,533$40,026
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Mary HindmanPresident
Dorothy PetersonVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$166,051
Investment Income
$135
Other Revenue
$0
Change in Net Assets
$-11,589

Audited Revenue Reconciliation

Revenue per Audited Statements
$166,186
Total Revenue per Audited Statements
$166,186
Total Revenue per Form 990
$166,186
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$172,579
Salaries, Compensation, and Employee Benefits$5,196
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$56,215--$56,215
Occupancy$48,629--$48,629
Depreciation Depletion$38,861--$38,861
Fees for Services Accounting-$9,459-$9,459
Fees for Services Management-$8,916-$8,916
Insurance$7,752--$7,752
Other Salaries and Wages$4,800--$4,800
Office Expenses-$654-$654
Payroll Taxes$396--$396
Other Expenses-$107-$107
Total Functional Expenses$156,653$21,122$0$177,775

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$177,775
Total Expenses per Audited Statements$177,775
Total Expenses per Form 990$177,775
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposits$3,595
Residual Receipts for Recapture$1,986
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
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 3

“The project entered into an agreement with right way management services llc to manage the property effective october 1, 2007. Such agreement is subject to all pertinent requirements of the project's regulatory agreement with hud and has been approved by hud. The agreement provides that right way management services, llc will be compensated by monthly fees in an amount equal to 5.37 percent of total operating income received during the month. The total fees paid and accrued to the management company for the year ended september 30, 2020 were 8,916. The agreement with right way management services, llc automatically renews unless notification is made of an intention to terminate the agreement.”

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

“The management agent will be reviewing the return prior to filing.”

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

“The management agent enforces the organizations conflict of interest policy.”

Form 990, Page 6, Part VI, Line 19

“Documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Project Independence
EIN
42-1162709
Phone
5639423330
Address
C/O RIGHT WAY MANAGEMENT LLC, MECHANICSVILLE, IA 52306

Signing Officer

Name
Mary Hindman
Title
President
Phone
5634326160
Signed
2020-10-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mary Hindman
Formed
1985
Legal Domicile
Ia
Voting Board Members
2
Independent Board Members
2
Employees
1

Preparer

Firm
Tdt Cpas and Advisors Pc
Address
1700 42ND ST NE, CEDAR RAPIDS, IA 52402
Preparer
Ross Vanlaar CPA
Phone
3193932374
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“The organization is incorporated under the laws of iowa as a non-profit organization. Because of its non-profit status, the organization is exempt from income taxes under irc section 501(c)(3). The organization is not classified as a private foundation. The organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/SubstantialContributorsAmtGrp/CurrentTaxYearMinus3YearsAmt075115
IRS990ScheduleA/SubstantialContributorsAmtGrp/CurrentTaxYearMinus4YearsAmt081221
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0173247
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0179387
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0182790
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IRS990ScheduleD/BuildingsGrp/BookValueAmt0353014
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01207903
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01560917
IRS990ScheduleD/EquipmentGrp/BookValueAmt016493
IRS990ScheduleD/EquipmentGrp/DepreciationAmt023533
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1RESIDUAL RECEIPTS FOR RECAPTURE
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS INCORPORATED UNDER THE LAWS OF IOWA AS A NON-PROFIT ORGANIZATION. BECAUSE OF ITS NON-PROFIT STATUS, THE ORGANIZATION IS EXEMPT FROM INCOME TAXES UNDER IRC SECTION 501(C)(3). THE ORGANIZATION IS NOT CLASSIFIED AS A PRIVATE FOUNDATION. THE ORGANIZATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalExpensesPerForm990Amt0177775
IRS990ScheduleD/TotalLiabilityAmt05581
IRS990ScheduleD/TotalRevenuePerForm990Amt0166186
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0166186
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE PROJECT ENTERED INTO AN AGREEMENT WITH RIGHT WAY MANAGEMENT SERVICES LLC TO MANAGE THE PROPERTY EFFECTIVE OCTOBER 1, 2007. SUCH AGREEMENT IS SUBJECT TO ALL PERTINENT REQUIREMENTS OF THE PROJECT'S REGULATORY AGREEMENT WITH HUD AND HAS BEEN APPROVED BY HUD. THE AGREEMENT PROVIDES THAT RIGHT WAY MANAGEMENT SERVICES, LLC WILL BE COMPENSATED BY MONTHLY FEES IN AN AMOUNT EQUAL TO 5.37 PERCENT OF TOTAL OPERATING INCOME RECEIVED DURING THE MONTH. THE TOTAL FEES PAID AND ACCRUED TO THE MANAGEMENT COMPANY FOR THE YEAR ENDED SEPTEMBER 30, 2020 WERE 8,916. THE AGREEMENT WITH RIGHT WAY MANAGEMENT SERVICES, LLC AUTOMATICALLY RENEWS UNLESS NOTIFICATION IS MADE OF AN INTENTION TO TERMINATE THE AGREEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE MANAGEMENT AGENT WILL BE REVIEWING THE RETURN PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE MANAGEMENT AGENT ENFORCES THE ORGANIZATIONS CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0156653
IRS990/TotalFunctionalExpensesGrp/TotalAmt0177775
IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesEOYAmt0693898
IRS990/TotalLiabilitiesGrp/BOYAmt0715863
IRS990/TotalLiabilitiesGrp/EOYAmt0693898
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-138067
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IRS990/TotalProgramServiceExpensesAmt0156653
IRS990/TotalProgramServiceRevenueAmt0166051
IRS990/TotalRevenueGrp/ExclusionAmt03063
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0166186
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0577796
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IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0205 E 1ST ST
IRS990/USAddress/CityNm0MECHANICSVILLE
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IRS990/USAddress/ZIPCd052306
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IRS990/WebsiteAddressTxt0N/A
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ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MARY HINDMAN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum05634326160
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-10-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PROJECT INDEPENDENCE
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0C/O RIGHTWAY MANAGEMENT
ReturnHeader/Filer/BusinessNameControlTxt0PROJ
ReturnHeader/Filer/EIN0421162709
ReturnHeader/Filer/PhoneNum05639423330
ReturnHeader/Filer/USAddress/AddressLine1Txt0C/O RIGHT WAY MANAGEMENT LLC
ReturnHeader/Filer/USAddress/CityNm0MECHANICSVILLE
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ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0A5B0638ED3D255FA3FAFCE4D039A45AC52B1D85E
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId06FCDACA042BE281A61D289F1CADEEFE19E6E2CBA
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt052.38.98.93
ReturnHeader/FilingSecurityInformation/IPDt02020-10-29
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm010:59:38
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0421029744
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0TDT CPAS AND ADVISORS PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01700 42ND ST NE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CEDAR RAPIDS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd052402
ReturnHeader/PreparerPersonGrp/PhoneNum03193932374
ReturnHeader/PreparerPersonGrp/PreparationDt02020-10-29
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ROSS VANLAAR CPA
ReturnHeader/ReturnTs02020-10-29T10:59:38-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-10-01
ReturnHeader/TaxPeriodEndDt02020-09-30
ReturnHeader/TaxYr02019

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