Independence Foundation
- Assets
- $78.7m
- Revenue
- $2.8m
- Investments
- $77.9m
- Employees
- 0
- Location
- Philadelphia, PA
- Founding
- 09/1946
- Data as of
- 12/2020
- EIN
- 23-1352110
Organization Overview
Independence Foundation is located in Philadelphia, PA. The organization was established in 1946. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independence 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 12/2020, Independence Foundation generated $2.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (5.6%) each year. All expenses for the organization totaled $5.7m during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Independence Foundation has awarded 1,410 individual grants totaling $28,956,935. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan E Sherman President, CEO | 40 | $328,423 | |
Hon Phyllis W Beck Board Chair, CFO | 40 | $226,153 | |
Jennifer Bohnenberger Chief Operating Offi | 40 | $141,249 | |
Kate E Tejada Office Administrator | 40 | $75,222 | |
Heather Mcdanel Peer Learning | 40 | $65,879 | |
Ann Torregrossa Health & Legal Servi | 40 | $51,109 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Foundation Source | 12/30/20 | $85,020 |
Rkl Llp | 12/30/20 | $69,090 |
Foundation Source | 12/30/20 | $85,020 |
Rkl Llp | 12/30/20 | $69,090 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $2,463 |
| Dividends & Interest | $1,958,374 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $809,467 |
| Capital Gain Net Income | $809,467 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $45,630 |
| Total Revenue | $2,815,934 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $554,576 |
| Other employee salaries and wages | $413,521 |
| Pension plans, employee benefits | $267,390 |
| Interest | $0 |
| Taxes | $78,019 |
| Depreciation | $1,276 |
| Occupancy | $197,875 |
| Travel, conferences, and meetings | $35,795 |
| Printing and publications | $43 |
| Other expenses | $242,903 |
| Total operating and administrative expenses | $2,008,842 |
| Contributions, gifts, grants paid | $3,718,211 |
| Total expenses and disbursements | $5,727,053 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $434 |
| Savings and temporary cash investments | $559,169 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $8,492 |
| Other assets | $271,693 |
| Total assets | $78,719,217 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Independence Foundation has awarded $7,436,422 in support to 552 organizations.
| Grant Recipient | Amount |
|---|---|
BROAD STREET MINISTRY PURPOSE: STEP UP TO THE PLATE | $179,563 |
BROAD STREET MINISTRY PURPOSE: STEP UP TO THE PLATE | $179,563 |
PLANNED PARENTHOOD OF SEPA PURPOSE: GENERAL OPERATING | $75,000 |
PLANNED PARENTHOOD OF SEPA PURPOSE: GENERAL OPERATING | $75,000 |
PHILADELPHIA MURAL ARTS PURPOSE: GENERAL OPERATING | $70,000 |
PHILADELPHIA MURAL ARTS PURPOSE: GENERAL OPERATING | $70,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Independence Foundation has recieved totaling $50,000.
| Awarding Organization | Amount |
|---|---|
Hfo Foundation Philadelphia, PA PURPOSE: GENERAL | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Somerset Community Services Inc Marion Station, MD | $23,511,474 | $20,221,070 |
College Now Greater Cleveland Inc Cleveland, OH | $24,271,314 | $18,465,003 |
Joan And Irwin Jacobs Technion-Cornell Innovation Instit New York, NY | $205,040,861 | $18,316,542 |
Tikvah Fund New York, NY | $103,047,859 | $6,270,985 |
Cigna Foundation Philadelphia, PA | $165,016,072 | $8,084,237 |
Echoing Green Inc New York, NY | $60,744,468 | $19,754,073 |
Partnership For Ed Advancement Inc New York, NY | $36,194,552 | $41,198,488 |
Alavi Foundation New York, NY | $64,468,510 | $30,201,673 |
Children Scholarship Fund Philadelphia Philadelphia, PA | $24,817,690 | $13,351,193 |
Knowledgeworks Foundation Cincinnati, OH | $34,010,195 | $7,717,304 |
Foundation For Jewish Day Schools Of Greater Philadelphia Philadelphia, PA | $5,671,351 | $11,978,701 |
Uncommon Lender Inc New York, NY | $174,239,408 | $12,168,791 |