Civic Intelligence

The Independence School Inc

990 • Fiscal year 2021 • EIN 51-0225189

Jul 01, 2020 to Jun 30, 2021 • Filed on May 13, 2022

1300 Paper Mill RoadNewark, DE 19711-3408

(302) 239-0330

Siviq Scores

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

Liabilities / Assets

59th percentile

0.30x

Higher debt load relative to assets than 59% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

74th percentile

0.74x

Higher debt load relative to revenue than 74% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Net Margin

44th percentile

9.3%

Higher net margin than 44% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

53rd percentile

$258,579

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Asset Growth

35th percentile

5.0%

Faster asset growth than 35% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

46th percentile

10%

Faster revenue growth than 46% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Assets

Up

$26,545,837

Up $1,270,985 (+5.0%) from 2020

Net Assets

Up

$18,612,904

Up $2,306,294 (+14%) from 2020

Liabilities

Down

$7,932,933

Down $1,035,309 (-12%) from 2020

Revenue

Up

$10,738,864

Up $992,021 (+10%) from 2020

Expenses

Down

$9,744,368

Down $32,909 (-0.3%) from 2020

Net Income

Up

$994,496

Up $1,024,930 (+3368%) from 2020

Historical Trend

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2011: $30,002,756Liabilities 2011: $11,548,333Net Assets 2011: $18,454,4232011Assets 2012: $29,367,937Liabilities 2012: $11,814,632Net Assets 2012: $17,553,3052012Assets 2014: $28,511,664Liabilities 2014: $10,726,151Net Assets 2014: $17,785,5132014Assets 2015: $27,424,998Liabilities 2015: $10,012,900Net Assets 2015: $17,412,0982015Assets 2016: $26,229,622Liabilities 2016: $9,723,542Net Assets 2016: $16,506,0802016Assets 2018: $25,428,392Liabilities 2018: $9,104,911Net Assets 2018: $16,323,4812018Assets 2019: $25,175,111Liabilities 2019: $8,993,938Net Assets 2019: $16,181,1732019Assets 2020: $25,274,852Liabilities 2020: $8,968,242Net Assets 2020: $16,306,6102020Assets 2021: $26,545,837Liabilities 2021: $7,932,933Net Assets 2021: $18,612,9042021Assets 2022: $27,017,965Liabilities 2022: $8,957,651Net Assets 2022: $18,060,3142022Assets 2025: $29,057,618Liabilities 2025: $8,158,698Net Assets 2025: $20,898,9202025

Highlighted filing

2021

Assets$26,545,837
Liabilities$7,932,933
Net Assets$18,612,904

Operations Trend

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

$15M$10M$5.0M$0-$5.0MExpenses 2011: $9,233,7842011Expenses 2012: $8,936,2412012Revenue 2014: $7,976,852Expenses 2014: $8,272,784Net Income 2014: -$295,9322014Revenue 2015: $8,577,567Expenses 2015: $8,761,979Net Income 2015: -$184,4122015Revenue 2016: $8,328,731Expenses 2016: $9,271,015Net Income 2016: -$942,2842016Revenue 2018: $9,369,815Expenses 2018: $9,987,171Net Income 2018: -$617,3562018Revenue 2019: $9,703,481Expenses 2019: $10,095,577Net Income 2019: -$392,0962019Revenue 2020: $9,746,843Expenses 2020: $9,777,277Net Income 2020: -$30,4342020Revenue 2021: $10,738,864Expenses 2021: $9,744,368Net Income 2021: $994,4962021Revenue 2022: $12,237,721Expenses 2022: $10,431,706Net Income 2022: $1,806,0152022Revenue 2025: $12,787,471Expenses 2025: $12,028,681Net Income 2025: $758,7902025

Highlighted filing

2021

Revenue$10,738,864
Expenses$9,744,368
Net Income$994,496
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 13, 2022
Return Version
2020v4.2
Gross Receipts
$11,504,307
Mission and Program Overview

Mission

The independence school inspires students to become independent, intellectually curious individuals who possess an exceptional spirit for learning, leadership and citizenship.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$13,083,103$12,765,145▼ $317,958
Investments in Publicly Traded Securities$6,884,697$8,301,658▲ $1,416,961
Cash and Non-Interest-Bearing Accounts$3,990,794$4,202,850▲ $212,056
Savings and Temporary Cash Investments$691,564$609,516▼ $82,048
Pledges and Grants Receivable$456,634$405,849▼ $50,785
Accounts Receivable$155,415$90,070▼ $65,345
Inventories for Sale or Use$1,000$1,000→ $0
Total Assets$25,274,852$26,545,837▲ $1,270,985
Other Assets Total$11,645$169,749▲ $158,104
Liabilities
Tax Exempt Bond Liabilities$5,832,793$5,650,056▼ $182,737
Deferred Revenue$1,222,682$1,360,585▲ $137,903
Other Liabilities$1,849,172$877,381▼ $971,791
Accounts Payable and Accrued Expenses$63,595$44,911▼ $18,684
Total Liabilities$8,968,242$7,932,933▼ $1,035,309
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$11,255,972$12,955,653▲ $1,699,681
Net Assets With Donor Restrictions$5,050,638$5,657,251▲ $606,613
Total Net Assets Fund Balance$16,306,610$18,612,904▲ $2,306,294
Total Liabilities and Net Assets / Fund Balance$25,274,852$26,545,837▲ $1,270,985

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$11,020,862$14,750,694$25,771,556
Equipment$515,257$1,229,409$1,744,666
Land$847,749-$847,749
Other Land Buildings$381,277-$381,277

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$5,843,106$125,050▲ $1,249,446$289,132$6,928,470
2020$5,623,236$205,000▲ $302,611$287,741$5,843,106
2019$5,505,764$30,543▲ $359,390$272,461$5,623,236
2018$5,427,685$1,700▲ $351,898$275,519$5,505,764
2017$5,153,936$1,100▲ $549,283$276,634$5,427,685
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mrs Victoria C YatzusHead of SchoolFT$236,041$22,538$258,579
Mrs Jennifer VranaDirector of Finance and OpFT$123,861$6,469$130,330
Bernadette GilmoreDirector of Academic InnovationFT$108,060$13,251$121,311

Board Members and Trustees

NameTitle
Mrs Amelia WyantBoard President
Mrs Rachel WoodBoard Vice President
Charles BaldwinBoard Member
Dr Mia PapasBoard Member
Esq Molly DibiancaBoard Member
Mr Amish DesaiBoard Member
Mr Bill DorohBoard Member
Mr Jeffrey a ShahanBoard Member
Mr Kevin HeitzenroderBoard Member
Mr Thomas HannaBoard Member
Mr Vincent C Thomas EsqBoard Member
Mrs Mona SinghBoard Member
Ms Bianca Fraser-johnsonBoard Member
Ms Carrie FangBoard Member
Ms Kristin GiffinBoard Secretary
Dr Rajeev VaidyaTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Turf Pro INCServices to buildings and dwellings indu103 SANDY DRIVE SUITE 100, Newark, DE 19713$232,120
Pegasus TechnologiesTechnical SupportPO BOX 401, Lima, PA 19037$164,073
Beyond BrightJanitorial Services1 OBSIDIAN WAY, Townsend, DE 19734$144,000
Eastern States Construction ServiceConstruction Services702 FIRST STATE BOULEVARD, Wilmington, DE 19804$140,676
Revenue and Support

Revenue Composition

Contributions and Grants
$2,059,258
Program Service Revenue
$7,866,084
Investment Income
$294,591
Other Revenue
$518,931
All Other Contributions
$1,056,258
Change in Net Assets
$994,496

Audited Revenue Reconciliation

Revenue per Audited Statements
$10,601,957
Revenue Not Reported on Financial Statements
$136,907
Revenue Not Reported on Form 990
$1,311,798
Other Revenue Adjustments
$136,907
Total Revenue per Audited Statements
$11,913,755
Total Revenue per Form 990
$10,738,864
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,207,655
Other Expenses$2,680,522
Grants and Similar Amounts Paid$1,856,191
Total Fundraising Expense$222,636
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,055,523$1,117,462$111,192$4,284,177
Grants to Domestic Individuals$1,856,191--$1,856,191
Depreciation Depletion$419,187$345,796-$764,983
Occupancy-$728,501-$728,501
Current Officers, Directors, Trustees, and Key Employees-$358,878$39,310$398,188
Payroll Taxes$199,936$121,076$7,783$328,795
All Other Expenses$1,385$216,578$52,396$270,359
Interest-$193,145-$193,145
Pension Plan Contributions$103,689$49,934$3,823$157,446
Other Expenses$137,657$92,052-$92,052
Insurance-$83,159-$83,159
Office Expenses-$48,545-$48,545
Other Employee Benefits$15,275$15,642$8,132$39,049
Total Functional Expenses$6,010,431$3,511,301$222,636$9,744,368

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$9,744,368
Total Expenses per Audited Statements$9,617,633
Expenses per Audited Statements$9,606,711
Expenses Not Reported on Financial Statements$137,657
Other Expense Adjustments$137,657
Expenses Not Reported on Form 990$10,922
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$91,995
Fundraising Direct Expenses$11,837
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Auction$74,052$74,052$6,453$67,599
Kearns Run/walk$13,128$13,128$3,046$10,082
Total Events$91,995$91,995$11,837$80,158
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Salaries and Payroll Taxes$418,621
Bonds Payable$252,153
Accrued Sick Day Benefits$186,849
Agency Funds$11,747
Accrued Pension$8,011

Bond Issues

BondIssuerIssuedIssue PricePurpose
AThe Delaware Economic Development Authority2017-08-15$6,460,000Refinancing of tax-exempt bond orginally used for expansion and renovations

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$6,460,000$6,130,461-$133,543

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
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
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

Governance Explanations

Form 990, Part VI, Section B, line 11B

The school's form 990 is reviewed and approved by the finance committee prior to distribution to the full board anf filing with the irs.

Form 990, Part VI, Section B, line 12C

Trustees are required to read the Conflict of Interest Policy and sign a new Declaration of Conflict of Interest annually. The Conflict of Interest Policy states that Trustees are obligated to complete a new declaration should a new conflict arise. Additionaly Trustees will be reminded verbally each year of the obligation.

Form 990, Part VI, Section B, line 15

The Independence School has an Executive Compensation Policy consisting of six sections. There is an 8-step process to determine executive compensation which includes all the elements asked for on lines 15,15a and 15b.

Form 990, Part VI, Section C, line 19

The organization makes its governing documents, conflict of interest policy and financial statements available to the public by request.

Filing and Contact Details

Filer

Filer Name
The Independence School Inc
EIN
51-0225189
Phone
3022390330
Address
1300 PAPER MILL ROAD, NEWARK, DE 19711-3408

Signing Officer

Name
Victoria C Yatzus
Title
Head of School
Phone
3022390330
Signed
2022-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Victoria C Yatzus
Formed
1978
Legal Domicile
De
Voting Board Members
16
Independent Board Members
16
Employees
119
Volunteers
40

Preparer

Firm
Gunnip & Company Llp
Address
2751 CENTERVILLE RD STE 300, WILMINGTON, DE 19808
Preparer
George W Hager Jr
Phone
3022255000
Supplemental Narrative

Additional Explanations

FORM 990, PART X1, LINE 2C, RESPONSIBILITY OF AUDIT OVERSIGHT:

The school has a finance committee that assumes responsibility for oversight of the financial statement audit and the selection of the independent auditors.

Financial Statement Notes

Part II, Line 3:

Easement expenses are charged to expense on the Statement of Activities.

Part X, Line 2:

The School complies with FASB ASC 740 - Accounting for Uncertainty in Income Taxes. For the years ended June 30, 2021 and 2020, the School has determined it did not have a material tax liability for uncertain tax positions.

Part XI, Line 4B - Other Adjustments:

Ipa gross revenue 147,829. Cost of goods sold -10,922.

Part XII, Line 2D - Other Adjustments:

Cost of goods sold 10,922.

Part XII, Line 4B - Other Adjustments:

Ipa gross expenses 137,657.

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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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