Independence School Inc
- Assets
- $26.8m
- Revenue
- $12.3m
- Investments
- $0.0
- Employees
- 125
- Location
- Newark, DE
- Founding
- 12/1979
- Data as of
- 06/2023
- EIN
- 51-0225189
Organization Overview
Independence School Inc is located in Newark, DE. The organization was established in 1979. According to its NTEE Classification (B24) the organization is classified as: Primary & Elementary Schools, under the broad grouping of Education and related organizations. As of 06/2023, Independence School Inc employed 125 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independence School 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 School Inc generated $12.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $11.8m during the year ending 06/2023. While expenses have increased by 3.1% per year over the past 8 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
THE INDEPENDENCE SCHOOL INSPIRES STUDENTS TO BECOME INDEPENDENT, INTELLECTUALLY CURIOUS INDIVIDUALS WHO POSSESS AN EXCEPTIONAL SPIRIT FOR LEARNING, LEADERSHIP AND CITIZENSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE INDEPENDENCE SCHOOL IS AN INDEPENDENT SCHOOL FOR CHILDREN FROM PRESCHOOL TO 8TH GRADE. THERE WERE APPROXIMATELY 437 STUDENTS ENROLLED DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amelia Wyant President | OfficerTrustee | 1 | $0 |
Kristin Giffin Vice President | OfficerTrustee | 1 | $0 |
Bill Doroh Treasurer | OfficerTrustee | 1 | $0 |
Bianca Fraser-Johnson Secretary | OfficerTrustee | 1 | $0 |
Kevin Dombrowski Board Member | Trustee | 1 | $0 |
Carrie Fang Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Beyond Bright Services Inc Custiodial Services | 6/29/22 | $142,252 |
Pegasus Technologies It Consulting | 6/29/22 | $135,456 |
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 | $1,840,958 |
| Noncash contributions included in lines 1a–1f | $887,179 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,840,958 |
| Total Program Service Revenue | $9,482,077 |
| Investment income | $281,811 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $91,675 |
| Net Gain/Loss on Asset Sales | $121,823 |
| Net Income from Fundraising Events | $61,146 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $16,307 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,303,148 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,980,592 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $415,166 |
| Compensation of current officers, directors, key employees. | $359,695 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,451,037 |
| Pension plan accruals and contributions | $176,842 |
| Other employee benefits | $339,488 |
| Payroll taxes | $344,330 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,402 |
| Fees for services: Accounting | $40,622 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $1,000 |
| Fees for services: Investment Management | $42,698 |
| Fees for services: Other | $17,709 |
| Advertising and promotion | $173,984 |
| Office expenses | $213,833 |
| Information technology | $170,370 |
| Royalties | $0 |
| Occupancy | $552,013 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $180,847 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $680,001 |
| Insurance | $100,645 |
| All other expenses | $393,934 |
| Total functional expenses | $11,833,441 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,362,146 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $564,867 |
| Accounts receivable, net | $52,155 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $27,779 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $11,815,731 |
| Investments—publicly traded securities | $8,912,253 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $109,916 |
| Total assets | $26,844,847 |
| Accounts payable and accrued expenses | $177,010 |
| Grants payable | $0 |
| Deferred revenue | $2,234,417 |
| Tax-exempt bond liabilities | $5,265,931 |
| 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 | $0 |
| Other liabilities | $740,887 |
| Total liabilities | $8,418,245 |
| Net assets without donor restrictions | $10,418,823 |
| Net assets with donor restrictions | $8,007,779 |
| 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 | $26,844,847 |