Independence Square Foundation
- Assets
- $9.2m
- Revenue
- $1.8m
- Investments
- $1.0m
- Employees
- 10
- Location
- Pawtucket, RI
- Founding
- 08/1984
- Data as of
- 12/2023
- EIN
- 22-2527265
Organization Overview
Independence Square Foundation is located in Pawtucket, RI. The organization was established in 1984. According to its NTEE Classification (Q30) the organization is classified as: International Development, under the broad grouping of International, Foreign Affairs & National Security and related organizations. As of 12/2023, Independence Square Foundation employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independence Square Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Independence Square Foundation generated $1.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $2.0m during the year ending 12/2023. While expenses have increased by 1.9% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
INDEPENDENCE SQUARE FOUNDATION, INC. IS A NON-PROFIT MANAGEMENT ORGANIZATION DEDICATED TO PROVIDING NON-PROFIT CARE-GIVER ORGANIZATIONS WITH THE KIND OF FIRST CLASS WORK ENVIRONMENTS AND FACILITIES THAT THEY DESERVE BUT MAY NOT BE ABLE TO AFFORD ON THEIR OWN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RENTAL OF FACILITIES - PROVIDE OFFICE SPACE TO ORGANIZATIONS WITH EXEMPT PURPOSES.
SHARED SERVICES/EQUIPMENT - PROVIDES THE USE OF OFFICE EQUIPMENT TO ORGANIZATIONS WITH EXEMPT PURPOSES.
REAL ESTATE MANAGEMENT SERVICES - PROVIDE COMPREHENSIVE REAL ESTATE MANAGEMENT SUPPORT SERVICES TO ASSIST EXEMPT ORGANIZATIONS IN DEVELOPING AFFORDABLE HOUSING
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Saccoccio Treasurer | OfficerTrustee | 0 | $0 |
William J Szafarowickz President | OfficerTrustee | 0 | $0 |
Michael R Benoit Director | Trustee | 0 | $0 |
Paul M Depace Director | Trustee | 0 | $0 |
Henrique T Pedro Secretary | OfficerTrustee | 0 | $0 |
Thomas E Hodge Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,811,779 |
| Investment income | $9,822 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,114 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,834,921 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $225,315 |
| Compensation of current officers, directors, key employees. | $225,315 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $233,191 |
| Pension plan accruals and contributions | $13,809 |
| Other employee benefits | $608 |
| Payroll taxes | $30,661 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $363 |
| Fees for services: Accounting | $25,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,708 |
| Fees for services: Other | $18,490 |
| Advertising and promotion | $0 |
| Office expenses | $10,001 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $890,635 |
| Travel | $10,351 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $405,947 |
| Insurance | $84,155 |
| All other expenses | $11,071 |
| Total functional expenses | $2,008,244 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $234,520 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $250,240 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,717 |
| Net Land, buildings, and equipment | $7,687,654 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,008,132 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $47,074 |
| Total assets | $9,231,337 |
| Accounts payable and accrued expenses | $410,509 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,887,291 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,759 |
| Total liabilities | $6,308,559 |
| Net assets without donor restrictions | $2,922,778 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $9,231,337 |