Project Independence Inc
- Assets
- $544.2k
- Revenue
- $166.2k
- Investments
- $0.0
- Employees
- 1
- Location
- Mechanicsville, IA
- Founding
- 12/1981
- Data as of
- 09/2020
- EIN
- 42-1162709
Organization Overview
Project Independence Inc is located in Mechanicsville, IA. The organization was established in 1981. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Project Independence 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 09/2020, Project Independence Inc generated $166.2k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $177.8k during the year ending 09/2020. As we would expect to see with falling revenues, expenses have declined by (0.3%) per year over the past 6 years. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO CONSTRUCT AND OPERATE ELDERLY AND HANDICAPPED HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PROJECT PROVIDES 19 APARTMENT UNITS TO HANDICAPPED PERSONS. THE PROJECT ACHIEVED A 86% OCCUPANCY RATE DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Hindman President | OfficerTrustee | 1 | $0 |
Dorothy Peterson Vice Preside | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $135 |
| 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 | $166,186 |
| Statement of Expenses | |
|---|---|
| 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. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,800 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $396 |
| Fees for services: Management | $8,916 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,459 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $654 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $48,629 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $56,215 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $38,861 |
| Insurance | $7,752 |
| All other expenses | $0 |
| Total functional expenses | $177,775 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $613 |
| Savings and temporary cash investments | $108,684 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $544,242 |
| Accounts payable and accrued expenses | $85,099 |
| 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 | $603,218 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,581 |
| Total liabilities | $693,898 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | -$149,656 |
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