Civic Intelligence

Independent Apartments Inc

EIN 58-1838807 • 501(c)3 • Germantown, TN

Profile

Provide subsidized housing for the mobility impaired.

Refreshing map…

2171 Judicial Drive Suite 200Germantown, TN 38138

n/A

Siviq Scores

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

Liabilities / Assets

96th percentile

1.64x

Higher debt load relative to assets than 96% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2025

Liabilities / Revenue

96th percentile

2.75x

Higher debt load relative to revenue than 96% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2025

Net Margin

37th percentile

-1.1%

Higher net margin than 37% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2025

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 2024 to 2025

Revenue Growth

33rd percentile

-2.9%

Faster revenue growth than 33% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets96th percentile

Assets

Down

$596,885

Down $36,868 (-5.8%) from 2024

Liabilities

Down

$977,372

Down $32,882 (-3.3%) from 2024

Net Assets

Down

-$380,487

Down $3,986 (-1.1%) from 2024

Operations
Liabilities / Revenue96th percentileNet Margin37th percentile

Revenue

Down

$355,934

Down $10,639 (-2.9%) from 2024

Expenses

Down

$359,920

Down $2,258 (-0.6%) from 2024

Net Income

Down

-$3,986

Down $8,381 (-191%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth25th percentile

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

$1.5M$1.0M$500K$0-$500KAssets 2011: $518,673Liabilities 2011: $737,003Net Assets 2011: -$218,3302011Assets 2012: $509,754Liabilities 2012: $717,175Net Assets 2012: -$207,4212012Assets 2013: $495,798Liabilities 2013: $695,828Net Assets 2013: -$200,0302013Assets 2014: $483,125Liabilities 2014: $673,399Net Assets 2014: -$190,2742014Assets 2015: $457,468Liabilities 2015: $649,124Net Assets 2015: -$191,6562015Assets 2016: $443,181Liabilities 2016: $621,471Net Assets 2016: -$178,2902016Assets 2017: $402,081Liabilities 2017: $599,139Net Assets 2017: -$197,0582017Assets 2018: $398,988Liabilities 2018: $566,854Net Assets 2018: -$167,8662018Assets 2019: $376,418Liabilities 2019: $532,720Net Assets 2019: -$156,3022019Assets 2020: $337,140Liabilities 2020: $508,625Net Assets 2020: -$171,4852020Assets 2021: $782,426Liabilities 2021: $1,144,018Net Assets 2021: -$361,5922021Assets 2022: $599,378Liabilities 2022: $993,126Net Assets 2022: -$393,7482022Assets 2023: $583,738Liabilities 2023: $964,634Net Assets 2023: -$380,8962023Assets 2024: $633,753Liabilities 2024: $1,010,254Net Assets 2024: -$376,5012024Assets 2025: $596,885Liabilities 2025: $977,372Net Assets 2025: -$380,4872025

Highlighted filing

2025

Assets$596,885
Liabilities$977,372
Net Assets-$380,487
Open 2025 Filing

Operations Trend

Revenue Growth33rd percentile

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

$600K$400K$200K$0-$200KExpenses 2011: $243,6052011Expenses 2012: $238,6182012Expenses 2013: $260,4622013Revenue 2014: $286,841Expenses 2014: $277,085Net Income 2014: $9,7562014Revenue 2015: $299,067Expenses 2015: $300,449Net Income 2015: -$1,3822015Revenue 2016: $283,626Expenses 2016: $270,260Net Income 2016: $13,3662016Revenue 2017: $265,062Expenses 2017: $283,830Net Income 2017: -$18,7682017Revenue 2018: $306,444Expenses 2018: $277,252Net Income 2018: $29,1922018Revenue 2019: $310,031Expenses 2019: $298,467Net Income 2019: $11,5642019Revenue 2020: $305,303Expenses 2020: $320,486Net Income 2020: -$15,1832020Revenue 2021: $301,735Expenses 2021: $491,842Net Income 2021: -$190,1072021Revenue 2022: $324,094Expenses 2022: $356,250Net Income 2022: -$32,1562022Revenue 2023: $335,558Expenses 2023: $322,706Net Income 2023: $12,8522023Revenue 2024: $366,573Expenses 2024: $362,178Net Income 2024: $4,3952024Revenue 2025: $355,934Expenses 2025: $359,920Net Income 2025: -$3,9862025

Highlighted filing

2025

Revenue$355,934
Expenses$359,920
Net Income-$3,986
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$596,885
Liabilities
$977,372
Net assets
-$380,487
Revenue
$355,934
Expenses
$359,920
Net income
-$3,986
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.60$0.98$0.38$0.36$0.36$0.00
2024Detailed filing. Detailed filing data is available for this year.$0.63$1.01$0.38$0.37$0.36$0.00
2023Detailed filing. Detailed filing data is available for this year.$0.58$0.96$0.38$0.34$0.32$0.01
2022Detailed filing. Detailed filing data is available for this year.$0.60$0.99$0.39$0.32$0.36$0.03
2021Detailed filing. Detailed filing data is available for this year.$0.78$1.14$0.36$0.30$0.49$0.19
2020Detailed filing. Detailed filing data is available for this year.$0.34$0.51$0.17$0.31$0.32$0.02
2019Detailed filing. Detailed filing data is available for this year.$0.38$0.53$0.16$0.31$0.30$0.01
2018Detailed filing. Detailed filing data is available for this year.$0.40$0.57$0.17$0.31$0.28$0.03
2017Detailed filing. Detailed filing data is available for this year.$0.40$0.60$0.20$0.27$0.28$0.02
2016Detailed filing. Detailed filing data is available for this year.$0.44$0.62$0.18$0.28$0.27$0.01
2015Detailed filing. Detailed filing data is available for this year.$0.46$0.65$0.19$0.30$0.30$0.00
2014Detailed filing. Detailed filing data is available for this year.$0.48$0.67$0.19$0.29$0.28$0.01
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.50$0.70$0.20$0.26
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.51$0.72$0.21$0.24
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.52$0.74$0.22$0.24
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Nov 15, 2025
Return Version
2024v5.0
Gross Receipts
$355,934
Mission and Program Overview

Mission

Provide subsidized housing for the mobility impaired.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$236,050$205,897▼ $30,153
Cash and Non-Interest-Bearing Accounts$49,811$39,057▼ $10,754
Prepaid Expenses and Deferred Charges$32,067$30,609▼ $1,458
Accounts Receivable$25,438$4,419▼ $21,019
Total Assets$633,753$596,885▼ $36,868
Other Assets Total$290,387$316,903▲ $26,516
Liabilities
Mortgage Notes Payable Secured by Investment Property$927,534$909,737▼ $17,797
Accounts Payable and Accrued Expenses$76,369$61,684▼ $14,685
Other Liabilities$5,575$5,896▲ $321
Deferred Revenue$776$55▼ $721
Total Liabilities$1,010,254$977,372▼ $32,882
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-376,501$-380,487▼ $3,986
Total Net Assets Fund Balance$-376,501$-380,487▼ $3,986
Total Liabilities and Net Assets / Fund Balance$633,753$596,885▼ $36,868

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$159,179$959,079$1,118,258
Land$46,718-$46,718
Equipment-$30,248$30,248
Other Assets Org$20--
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Andrew ForsdickChairman
Dan DierkesMember
John HomaMember
Richard PowellSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$25,406
Program Service Revenue
$327,080
Investment Income
$3,448
Other Revenue
$0
Change in Net Assets
$-3,986

Audited Revenue Reconciliation

Revenue per Audited Statements
$355,934
Total Revenue per Audited Statements
$355,934
Total Revenue per Form 990
$355,934
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$345,854
Salaries, Compensation, and Employee Benefits$14,066
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$274,937--$274,937
Depreciation Depletion$30,153--$30,153
Fees for Services Management$6,260$9,391-$15,651
Office Expenses-$12,694-$12,694
Other Salaries and Wages$10,322--$10,322
Fees for Services Accounting-$8,378-$8,378
Other Employee Benefits$2,446--$2,446
Fees for Services Legal-$1,692-$1,692
Payroll Taxes$1,298--$1,298
Insurance$1,288--$1,288
Advertising-$543-$543
Conferences and Meetings$518--$518
Total Functional Expenses$327,222$32,698$0$359,920

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$359,920
Total Expenses per Audited Statements$359,920
Total Expenses per Form 990$359,920
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$5,896
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
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 organization delegated day to day property management responsibilities to the management company, tesco properties, inc.”

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

“The form 990 will be reviewed by the governing body prior to filing.”

Form 990, Page 6, Part VI, Line 19

“The organization has the governing documents and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Independent Apartments Inc
EIN
58-1838807
Phone
9017591855
Address
2171 JUDICIAL DRIVE SUITE 200, GERMANTOWN, TN 38138

Signing Officer

Name
Andrew Forsdick
Title
Chairman
Phone
9017591855
Signed
2025-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew Forsdick
Voting Board Members
4
Independent Board Members
4
Employees
2

Preparer

Firm
Rowland & Carter Cpas Pllc
Address
7953 STAGE HILLS BLVD STE 110, MEMPHIS, TN 38133-4010
Preparer
Patrick H Blair
Phone
9014323000
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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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION DELEGATED DAY TO DAY PROPERTY MANAGEMENT RESPONSIBILITIES TO THE MANAGEMENT COMPANY, TESCO PROPERTIES, INC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 WILL BE REVIEWED BY THE GOVERNING BODY PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION HAS THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0ANDREW FORSDICK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIRMAN
ReturnHeader/BusinessOfficerGrp/PhoneNum09017591855
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0INDEPENDENT APARTMENTS INC
ReturnHeader/Filer/BusinessNameControlTxt0INDE
ReturnHeader/Filer/EIN0581838807
ReturnHeader/Filer/PhoneNum09017591855
ReturnHeader/Filer/USAddress/AddressLine1Txt02171 JUDICIAL DRIVE SUITE 200
ReturnHeader/Filer/USAddress/CityNm0GERMANTOWN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0TN
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0621587083
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ROWLAND & CARTER CPAS PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt07953 STAGE HILLS BLVD STE 110
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MEMPHIS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0TN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0381334010
ReturnHeader/PreparerPersonGrp/PhoneNum09014323000
ReturnHeader/PreparerPersonGrp/PreparationDt02025-11-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0PATRICK H BLAIR
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02025-11-17T12:30:17-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-07-01
ReturnHeader/TaxPeriodEndDt02025-06-30
ReturnHeader/TaxYr02024

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