The Independence Fund Inc
- Assets
- $7.6m
- Revenue
- $12.5m
- Investments
- $0.0
- Employees
- 54
- Location
- Charlotte, NC
- Founding
- 08/2007
- Data as of
- 06/2023
- EIN
- 26-0322088
Organization Overview
The Independence Fund Inc is located in Charlotte, NC. The organization was established in 2007. According to its NTEE Classification (W30) the organization is classified as: Military & Veterans Organizations, under the broad grouping of Public & Societal Benefit and related organizations. As of 06/2023, Independence Fund Inc employed 54 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independence Fund Inc 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 06/2023, Independence Fund Inc generated $12.5m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.9%) each year. All expenses for the organization totaled $13.3m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (1.5%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Independence Fund Inc has awarded 37 individual grants totaling $2,063,469. 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE INDEPENDENCE FUND'S MISSION IS TO SUPPORT OUR INJURED AND WOUNDED VETERANS WITH THE TOOLS TO ACHIEVE THEIR INDEPENDENCE IN THANKS FOR THE FREEDOMS THEY HAVE FOUGHT SO HARD TO PRESERVE BY PROVIDING THEM WITH THE MOBILITY AND ADAPTIVE DEVICES, FUNDING FOR THOSE VETERANS AND THEIR CAREGIVERS TO RECEIVE MEDICAL CARE AND THERAPIES, AND ADVOCATING WITH OTHER VETERAN'S ORGANIZATION TO OBTAIN CONTINUING SERVICES AND SUPPORT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Arthur Pue Chairman | OfficerTrustee | 5 | $0 |
Keita Franklin Secretary | OfficerTrustee | 5 | $0 |
Alea Nadeem Director | Trustee | 5 | $0 |
Rich Gross Director | Trustee | 5 | $0 |
Mike Lenhart Director | Trustee | 5 | $0 |
Cheryl Mason Director | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Carlson Mobility All-terrain Mobility | 6/29/20 | $479,837 |
Tss Equipment Llc All-terrain Mobility | 6/29/20 | $187,717 |
1st Degree Analysis & Consulting | 6/29/20 | $129,832 |
Scg Perimeter Woods Llc Rent | 6/29/20 | $102,497 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,500,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,092,596 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,592,596 |
| Total Program Service Revenue | $0 |
| Investment income | $819,755 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,475,650 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,178,662 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,279,916 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $637,639 |
| Payroll taxes | $251,502 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $358,724 |
| Fees for services: Accounting | $25,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,823,917 |
| Advertising and promotion | $318,502 |
| Office expenses | $635,580 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $413,131 |
| Travel | $1,655,001 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $32,706 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $240,509 |
| Insurance | $50,661 |
| All other expenses | $0 |
| Total functional expenses | $13,307,657 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,805,832 |
| Savings and temporary cash investments | $67 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $17,495 |
| Net Land, buildings, and equipment | $650,197 |
| Investments—publicly traded securities | $3,764,638 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $370,986 |
| Total assets | $7,609,215 |
| Accounts payable and accrued expenses | $595,236 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $467,747 |
| Other liabilities | $0 |
| Total liabilities | $1,062,983 |
| Net assets without donor restrictions | $6,546,232 |
| 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 | $7,609,215 |
Grants Awarded
Over the last fiscal year, The Independence Fund Inc has awarded $740,264 in support to 20 organizations.
| Grant Recipient | Amount |
|---|---|
82ND AIRBORNE DIVISION ASSOCI PURPOSE: Sponsorship | $15,864 |
AIR FORCE ASSOCIATION PURPOSE: Sponsorship | $11,900 |
AMERICAS WARRIOR PARTNERSHIP PURPOSE: Sponsorship | $10,000 |
AMERICAN VETERANS CENTER PURPOSE: Sponsorship | $10,000 |
ARMED FORCES RETIREE ASSOC PURPOSE: Advocacy Grant | $55,000 |
ASSOCIATION OF THE US NAVY PURPOSE: Sponsorship | $25,000 |