Civic Intelligence

Ims Foundation

990 • Fiscal year 2024 • EIN 86-3279821

Jul 01, 2023 to Jun 30, 2024 • Filed on Dec 11, 2024

Organization ProfileN/A
1012 W Thompson StreetPhiladelphia, PA 19122

(610) 200-5100

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$33,430,323

Up $14,908,145 (+80%) from 2023

Net Assets

Up

$14,290,970

Up $5,297,396 (+59%) from 2023

Liabilities

Up

$19,139,353

Up $9,610,749 (+101%) from 2023

Revenue And Expenses

Revenue

Up

$5,087,392

Up $3,775,323 (+288%) from 2023

Expenses

Down

$6,077

Down $1,001,531 (-99%) from 2023

Net Income

Up

$5,081,315

Up $4,776,854 (+1569%) from 2023

Historical Trend

Balance Sheet Trend

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

2024

Assets$33,430,323
Liabilities$19,139,353
Net Assets$14,290,970
Open 2024 Filing

Operations Trend

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

2024

Revenue$5,087,392
Expenses$6,077
Net Income$5,081,315
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Dec 11, 2024
Return Version
2023v5.1
Gross Receipts
$5,087,392
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.

To receive, manage, distribute assets for charitable purposes in support of independence mission schools, a pennsylvania non-profit 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$11,284,255$23,018,608▲ $11,734,353
Pledges and Grants Receivable$6,984,871$9,799,082▲ $2,814,211
Savings and Temporary Cash Investments$253,052$612,633▲ $359,581
Total Assets$18,522,178$33,430,323▲ $14,908,145
Liabilities
Other Liabilities$9,523,558$19,139,353▲ $9,615,795
Accounts Payable and Accrued Expenses$5,046$0▼ $5,046
Total Liabilities$9,528,604$19,139,353▲ $9,610,749
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$8,138,574$13,196,423▲ $5,057,849
Net Assets With Donor Restrictions$855,000$1,094,547▲ $239,547
Total Net Assets Fund Balance$8,993,574$14,290,970▲ $5,297,396
Total Liabilities and Net Assets / Fund Balance$18,522,178$33,430,323▲ $14,908,145

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$50,000$25,000--$75,000
2022$50,000---$50,000
2021-$50,000--$50,000
Compensation and Service Providers

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$4,998,962
Program Service Revenue
$0
Investment Income
$88,430
Other Revenue
$0
All Other Contributions
$4,998,962
Change in Net Assets
$5,081,315

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$102,250Fair Market Value (FMV)
Total Noncash Contributions1$102,250-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,087,392
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$216,081
Total Revenue per Audited Statements
$5,303,473
Total Revenue per Form 990
$5,087,392
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,077
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Accounting-$4,999-$4,999
Other Expenses-$1,078-$1,078
Total Functional Expenses$0$6,077$0$6,077

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,077
Total Expenses per Audited Statements$6,077
Total Expenses per Form 990$6,077
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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$19,139,353
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, Part VI, Section B, Line 11B

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

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

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

Form 990, Part VI, Section C, 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
Phone
6102005100
Address
1012 W THOMPSON STREET, PHILADELPHIA, PA 19122

Signing Officer

Name
Lauren Adamski
Title
Treasurer
Phone
6102005100
Signed
2024-12-11
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
0

Preparer

Firm
O'CONNELL & COMPANY LLC
Address
240 GIBRALTAR ROAD SUITE 260, HORSHAM, PA 19044
Preparer
TERENCE M O'CONNELL CPA
Phone
2158874425
Supplemental Narrative

Financial Statement Notes

PART V, LINE 4:

“Scholarships for independence mission schools.”

PART X, LINE 2:

“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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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/FormAndLineReferenceDesc0PART V, LINE 4:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt06077
IRS990ScheduleD/TotalLiabilityAmt019139353
IRS990ScheduleD/TotalRevenuePerForm990Amt05087392
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt05303473
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt06077
IRS990/ScheduleJRequiredInd00
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd00
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd00
IRS990ScheduleM/SecuritiesPubliclyTradedGrp/ContributionCnt01
IRS990ScheduleM/SecuritiesPubliclyTradedGrp/MethodOfDeterminingRevenuesTxt0FMV
IRS990ScheduleM/SecuritiesPubliclyTradedGrp/NonCashCheckboxInd0X
IRS990ScheduleM/SecuritiesPubliclyTradedGrp/NoncashContributionsRptF990Amt0102250
IRS990ScheduleM/SupplementalInformationDetail/ExplanationTxt0ONE CONTRIBUTOR DONATED 259 SHARES OF STOCK.
IRS990ScheduleM/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, COLUMN (B):
IRS990ScheduleM/ThirdPartiesUsedInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT OF THE FORM 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, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0PA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt018522178
IRS990/TotalAssetsEOYAmt033430323
IRS990/TotalAssetsGrp/BOYAmt018522178
IRS990/TotalAssetsGrp/EOYAmt033430323
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt04998962
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt06077
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt06077
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt09528604
IRS990/TotalLiabilitiesEOYAmt019139353
IRS990/TotalLiabilitiesGrp/BOYAmt09528604
IRS990/TotalLiabilitiesGrp/EOYAmt019139353
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt08993574
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt014290970
IRS990/TotalOtherCompensationAmt00
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt088430
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt05087392
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt018522178
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt033430323
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01012 W THOMPSON STREET
IRS990/USAddress/CityNm0PHILADELPHIA
IRS990/USAddress/StateAbbreviationCd0PA
IRS990/USAddress/ZIPCd019122
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0LAUREN ADAMSKI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum06102005100
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-12-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0IMS FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0IMSF
ReturnHeader/Filer/EIN0863279821
ReturnHeader/Filer/PhoneNum06102005100
ReturnHeader/Filer/USAddress/AddressLine1Txt01012 W THOMPSON STREET
ReturnHeader/Filer/USAddress/CityNm0PHILADELPHIA
ReturnHeader/Filer/USAddress/StateAbbreviationCd0PA
ReturnHeader/Filer/USAddress/ZIPCd019122
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0471352305
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0O'CONNELL & COMPANY LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0240 GIBRALTAR ROAD SUITE 260
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0HORSHAM
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd019044
ReturnHeader/PreparerPersonGrp/PhoneNum02158874425
ReturnHeader/PreparerPersonGrp/PreparationDt02024-12-11
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0TERENCE M O'CONNELL CPA
ReturnHeader/ReturnTs02024-12-11T13:55:33-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$33,430,323
Liabilities
$19,139,353
Net assets
$14,290,970
Revenue
$5,087,392
Expenses
$6,077
Net income
$5,081,315
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