Civic Intelligence

Independence Foundation Inc.

990 • Fiscal year 2023 • EIN 46-1746787

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

Organization ProfileINDEPENDENCEFOUNDATIONINC.ORG
13 S Carrollton AvenueBaltimore, MD 21223

(443) 204-1134

Siviq Scores

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

Liabilities / Assets

85th percentile

0.21x

Higher debt load relative to assets than 85% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

90th percentile

0.34x

Higher debt load relative to revenue than 90% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Net Margin

32nd percentile

-5.8%

Higher net margin than 32% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Top Officer Pay

78th percentile

$0

Higher top officer pay than 78% of similar nonprofits.

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

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Asset Growth

40th percentile

-4.2%

Faster asset growth than 40% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

52nd percentile

5.9%

Faster revenue growth than 52% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets85th percentile

Assets

Down

$257,807

Down $11,256 (-4.2%) from 2022

Net Assets

Down

$203,234

Down $9,422 (-4.4%) from 2022

Liabilities

Down

$54,573

Down $1,834 (-3.3%) from 2022

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin32nd percentile

Revenue

Up

$162,171

Up $9,044 (+5.9%) from 2022

Expenses

Up

$171,593

Up $16,994 (+11%) from 2022

Net Income

Down

-$9,422

Down $7,950 (-540%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth40th percentile

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

$300K$200K$100K$0Assets 2014: $1Liabilities 2014: $02014Assets 2016: $0Net Assets 2016: $18,5182016Assets 2017: $261,915Liabilities 2017: $48,034Net Assets 2017: $213,8812017Assets 2018: $260,807Liabilities 2018: $41,363Net Assets 2018: $219,4442018Assets 2019: $257,771Liabilities 2019: $22,087Net Assets 2019: $235,6842019Assets 2020: $298,424Liabilities 2020: $58,357Net Assets 2020: $240,0672020Assets 2021: $271,896Liabilities 2021: $54,524Net Assets 2021: $217,3722021Assets 2022: $269,063Liabilities 2022: $56,407Net Assets 2022: $212,6562022Assets 2023: $257,807Liabilities 2023: $54,573Net Assets 2023: $203,2342023Assets 2024: $252,275Liabilities 2024: $47,306Net Assets 2024: $204,9692024

Highlighted filing

2023

Assets$257,807
Liabilities$54,573
Net Assets$203,234
Open 2023 Filing

Operations Trend

Revenue Growth52nd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$600K$400K$200K$0-$200KRevenue 2014: $0Expenses 2014: $0Net Income 2014: $02014Revenue 2016: $199,880Expenses 2016: $181,362Net Income 2016: $18,5182016Revenue 2017: $396,324Expenses 2017: $416,361Net Income 2017: -$20,0372017Revenue 2018: $341,180Expenses 2018: $335,617Net Income 2018: $5,5632018Revenue 2019: $283,659Expenses 2019: $267,419Net Income 2019: $16,2402019Revenue 2020: $288,877Expenses 2020: $284,494Net Income 2020: $4,3832020Revenue 2021: $182,817Expenses 2021: $205,512Net Income 2021: -$22,6952021Revenue 2022: $153,127Expenses 2022: $154,599Net Income 2022: -$1,4722022Revenue 2023: $162,171Expenses 2023: $171,593Net Income 2023: -$9,4222023Revenue 2024: $193,463Expenses 2024: $191,728Net Income 2024: $1,7352024

Highlighted filing

2023

Revenue$162,171
Expenses$171,593
Net Income-$9,422
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.0
Gross Receipts
$162,171
Mission and Program Overview

Mission

We enhance stability and financial freedom through skill acquisition for children and adults in underserved communities to promote self- determination and independence.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$260,416$256,198▼ $4,218
Rtn Earn Endowment Incm Other Fnds$212,656$203,234▼ $9,422
Loans From Officers Directors$45,461$54,573▲ $9,112
Cash and Non-Interest-Bearing Accounts$8,647$1,609▼ $7,038
Total Assets$269,063$257,807▼ $11,256
Liabilities
Other Liabilities$10,946--
Total Liabilities$56,407$54,573▼ $1,834
Net Assets / Fund Balance
Total Net Assets Fund Balance$212,656$203,234▼ $9,422
Total Liabilities and Net Assets / Fund Balance$269,063$257,807▼ $11,256

Asset Categories

AssetBook ValueDepreciationBasis
Land$250,000-$250,000
Equipment$6,198$45,197$51,395
Other Land Buildings-$6,000$6,000
Compensation and Service Providers
Top Officer Pay78th percentile

Board Members and Trustees

NameTitle
Vincent MartinChairman
Micheal PopeVice-chairma
Hakim AliDirector
Lavon MagruderDirector
Tashawna FennellSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$162,171
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-9,422
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$100,345
Salaries, Compensation, and Employee Benefits$71,248
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$71,248--$71,248
Insurance-$23,704-$23,704
Occupancy-$10,636-$10,636
Office Expenses-$7,592-$7,592
All Other Expenses-$5,637-$5,637
Other Expenses-$4,659-$4,659
Fees for Services Accounting-$4,430-$4,430
Depreciation Depletion-$4,218-$4,218
Interest-$3,065-$3,065
Advertising-$650-$650
Travel-$630-$630
Total Functional Expenses$71,248$100,345$0$171,593
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

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$45,461$54,573▲ $9,112
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Backup withholding compliance
No
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
No

Governance Explanations

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

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Independence Foundation Inc
EIN
46-1746787
Phone
4432041134
Address
13 S CARROLLTON AVENUE, BALTIMORE, MD 21223

Signing Officer

Name
Lavon Magruder
Title
Director
Phone
4432041134
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lavon Magruder
Formed
2013
Legal Domicile
Md
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
2

Preparer

Firm
Ak & Associates Pa
Address
3300 N RIDGE RD SUITE 380, ELLICOTT CITY, MD 21043
Preparer
Albert Kim
Phone
4107191000
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IRS990/USAddress/StateAbbreviationCd0MD
IRS990/USAddress/ZIPCd021133
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0INDEPENDENCEFOUNDATIONINC.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0LAVON MAGRUDER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum04432041134
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0INDEPENDENCE FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0INDE
ReturnHeader/Filer/EIN0461746787
ReturnHeader/Filer/PhoneNum04432041134
ReturnHeader/Filer/USAddress/AddressLine1Txt013 S CARROLLTON AVENUE
ReturnHeader/Filer/USAddress/CityNm0BALTIMORE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MD
ReturnHeader/Filer/USAddress/ZIPCd021223
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0521984594
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0AK & ASSOCIATES PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt03300 N RIDGE RD SUITE 380
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ELLICOTT CITY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd021043
ReturnHeader/PreparerPersonGrp/PhoneNum04107191000
ReturnHeader/PreparerPersonGrp/PreparationDt02024-11-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ALBERT KIM
ReturnHeader/ReturnTs02024-11-15T13:37:55-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$257,807
Liabilities
$54,573
Net assets
$203,234
Revenue
$162,171
Expenses
$171,593
Net income
-$9,422
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.52$0.47$2.05$1.93$1.92$0.02
2023Detailed filing. Detailed filing data is available for this year.$2.58$0.55$2.03$1.62$1.72$0.09
2022Detailed filing. Detailed filing data is available for this year.$2.69$0.56$2.13$1.53$1.55$0.01
2021Detailed filing. Detailed filing data is available for this year.$2.72$0.55$2.17$1.83$2.06$0.23
2020Detailed filing. Detailed filing data is available for this year.$2.98$0.58$2.40$2.89$2.84$0.04
2019Detailed filing. Detailed filing data is available for this year.$2.58$0.22$2.36$2.84$2.67$0.16
2018Detailed filing. Detailed filing data is available for this year.$2.61$0.41$2.19$3.41$3.36$0.06
2017Detailed filing. Detailed filing data is available for this year.$2.62$0.48$2.14$3.96$4.16$0.20
2016Detailed filing. Detailed filing data is available for this year.$0.00$0.19$2.00$1.81$0.19
2014Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00