Civic Intelligence

Ims Foundation

990 • Fiscal year 2023 • EIN 86-3279821

Jul 01, 2022 to Jun 30, 2023 • Filed on Mar 07, 2024

Organization ProfileN/A
1012 W Thompson StreetPhiladelphia, PA 19122

(215) 772-7226

Siviq Scores

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

Liabilities / Assets

76th percentile

0.51x

Higher debt load relative to assets than 76% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

96th percentile

7.26x

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

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

78th percentile

23%

Higher net margin than 78% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

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

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

96th percentile

114%

Faster asset growth than 96% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

1st percentile

-85%

Faster revenue growth than 1% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets76th percentile

Assets

Up

$18,522,178

Up $9,858,306 (+114%) from 2022

Net Assets

Up

$8,993,574

Up $330,212 (+3.8%) from 2022

Liabilities

Up

$9,528,604

Up $9,528,094 (+1868254%) from 2022

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin78th percentile

Revenue

Down

$1,312,069

Down $7,424,207 (-85%) from 2022

Expenses

Up

$1,007,608

Up $1,006,576 (+97536%) from 2022

Net Income

Down

$304,461

Down $8,430,783 (-97%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth96th percentile

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

$60M$40M$20M$0Assets 2022: $8,663,872Liabilities 2022: $510Net Assets 2022: $8,663,3622022Assets 2023: $18,522,178Liabilities 2023: $9,528,604Net Assets 2023: $8,993,5742023Assets 2024: $33,430,323Liabilities 2024: $19,139,353Net Assets 2024: $14,290,9702024Assets 2025: $40,413,352Liabilities 2025: $24,439,566Net Assets 2025: $15,973,7862025

Highlighted filing

2023

Assets$18,522,178
Liabilities$9,528,604
Net Assets$8,993,574
Open 2023 Filing

Operations Trend

Revenue Growth1st percentile

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

$10M$5.0M$0Revenue 2022: $8,736,276Expenses 2022: $1,032Net Income 2022: $8,735,2442022Revenue 2023: $1,312,069Expenses 2023: $1,007,608Net Income 2023: $304,4612023Revenue 2024: $5,087,392Expenses 2024: $6,077Net Income 2024: $5,081,3152024Revenue 2025: $1,322,883Expenses 2025: $32,953Net Income 2025: $1,289,9302025

Highlighted filing

2023

Revenue$1,312,069
Expenses$1,007,608
Net Income$304,461
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Mar 7, 2024
Return Version
2022v5.0
Gross Receipts
$1,312,069
Mission and Program Overview

Mission

To receive, manage, distribute assets for charitable purposes in support of independence mission schools, a pennsylvania corporation recognized as tax exempt under section 501(c)(3) of the code as a public charity.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$173,795$11,284,255▲ $11,110,460
Pledges and Grants Receivable$7,029,108$6,984,871▼ $44,237
Savings and Temporary Cash Investments$1,460,969$253,052▼ $1,207,917
Total Assets$8,663,872$18,522,178▲ $9,858,306
Liabilities
Other Liabilities-$9,523,558-
Accounts Payable and Accrued Expenses$510$5,046▲ $4,536
Total Liabilities$510$9,528,604▲ $9,528,094
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,903,362$8,138,574▲ $235,212
Net Assets With Donor Restrictions$760,000$855,000▲ $95,000
Total Net Assets Fund Balance$8,663,362$8,993,574▲ $330,212
Total Liabilities and Net Assets / Fund Balance$8,663,872$18,522,178▲ $9,858,306

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$50,000---$50,000
2021-$50,000--$50,000
Compensation and Service Providers
Top Officer Pay14th percentile

Board Members and Trustees

NameTitle
Kenneth PhelanPresident
Michael PiotrowiczBoard Member
Richard NourieBoard Member
Sr Mary BroderickBoard Member
Stephen SmithBoard Member
Lauren AdamskiTreasurer
Maris OggVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$1,290,336
Program Service Revenue
$0
Investment Income
$21,733
Other Revenue
$0
All Other Contributions
$1,290,336
Change in Net Assets
$304,461

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded1$30,370Fair Market Value (FMV)
Total Noncash Contributions1$30,370-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,312,069
Revenue Not Reported on Form 990
$25,751
Total Revenue per Audited Statements
$1,337,820
Total Revenue per Form 990
$1,312,069
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,000,000
Other Expenses$7,608
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,000,000--$1,000,000
Fees for Services Legal-$5,047-$5,047
Other Expenses-$2,561-$2,561
Total Functional Expenses$1,000,000$7,608$0$1,007,608

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,007,608
Total Expenses per Audited Statements$1,007,608
Total Expenses per Form 990$1,007,608
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Independence Mission SchoolsPhiladelphia, PA-Scholarships$1,000,000
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
Funds Held for Others - Related$9,523,558
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
No

Governance Explanations

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

“A draft of the 990 is provided to all board members prior to filing.”

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

“The foundation requires officers and directors to annually disclose any conflicts.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, conflict of interest policy and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Ims Foundation
EIN
86-3279821
Address
1012 W THOMPSON STREET, PHILADELPHIA, PA 19122

Signing Officer

Name
Lauren Adamski
Title
Treasurer
Signed
2024-03-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kenneth Phelan
Formed
2021
Legal Domicile
Pa
Voting Board Members
7
Independent Board Members
4
Employees
0
Volunteers
8

Preparer

Firm
O'CONNELL & COMPANY LLC
Address
165 TOWNSHIP LINE RD STE 1100, JENKINTOWN, PA 19046
Preparer
Dorothy V Mohan
Phone
2158874425
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

“Scholarships for independence mission schools”

Schedule D, Page 3, Part X

“The foundation is exempt from income tax under irc section 501(c)(3), though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the code. The foundation has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations; and to identify and evaluate other matters that may be considered tax positions. The foundation has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements.”

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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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0SCHOLARSHIPS FOR INDEPENDENCE MISSION SCHOOLS
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE FOUNDATION IS EXEMPT FROM INCOME TAX UNDER IRC SECTION 501(C)(3), THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE FOUNDATION HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE FOUNDATION HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART V, LINE 4
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT OF THE 990 IS PROVIDED TO ALL BOARD MEMBERS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FOUNDATION REQUIRES OFFICERS AND DIRECTORS TO ANNUALLY DISCLOSE ANY CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0LAUREN ADAMSKI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-03-07
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ReturnHeader/PreparerPersonGrp/PhoneNum02158874425
ReturnHeader/PreparerPersonGrp/PreparationDt02024-03-07
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DOROTHY V MOHAN
ReturnHeader/ReturnTs02024-03-07T16:34:00-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0LAUREN
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0ADAMSKI
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

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Filings

Displayed year

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

Open filing
Assets
$18,522,178
Liabilities
$9,528,604
Net assets
$8,993,574
Revenue
$1,312,069
Expenses
$1,007,608
Net income
$304,461
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$40.4$24.4$16.0$1.32$0.03$1.29
2024Detailed filing. Detailed filing data is available for this year.$33.4$19.1$14.3$5.09$0.01$5.08
2023Detailed filing. Detailed filing data is available for this year.$18.5$9.53$8.99$1.31$1.01$0.30
2022Detailed filing. Detailed filing data is available for this year.$8.66$0.00$8.66$8.74$0.00$8.74