Skip to content
Nonprofiteer
← THE INDEPENDENCE FUND INC

Form 990 for tax year 2023

Filed by THE INDEPENDENCE FUND INC.

Totals

Total revenue
$6,146,293
Total expenses
$9,763,455
Contributions and grants received
$6,017,739
Grants paid
$978,740
Program service revenue
$0
Investment income
$52,419
Other revenue
$76,135
Total assets, end of year
$3,870,763
Total liabilities, end of year
$665,062
Net assets or fund balances, end of year
$3,205,701
Program services expenses (Part IX)
$6,386,916
Management and general expenses
$3,164,744
Fundraising expenses
$211,795
Program service expenses (Part III)
$6,386,916

Program services were 65.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $2,250,000

  • 1f · All other contributions, gifts and grants

    $3,767,739

  • 1g · Noncash contributions included above

    $73,861

  • 3 · Investment income

    total $52,419 · excluded $52,419

  • 11a · Other revenue: Credit Card Cash Back Rewards

    total $40,892 · excluded $40,892

  • 11b · Other revenue: Class Action Awards

    total $23,197 · excluded $23,197

  • 11c · Other revenue: Employee Retention Tax Credit

    total $12,046 · excluded $12,046

  • 11e · Other revenue, total

    $76,135

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $114,721 · program services $114,721

  • 2 · Grants to domestic individuals

    total $864,019 · program services $864,019

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $775,913 · program services $464,362 · management and general $300,382 · fundraising $11,169

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $2,810,756 · program services $1,682,157 · management and general $1,088,137 · fundraising $40,462

  • 8 · Pension plan contributions

    total $58,749 · program services $20,474 · management and general $37,164 · fundraising $1,111

  • 9 · Other employee benefits

    total $439,368 · program services $313,110 · management and general $121,424 · fundraising $4,834

  • 10 · Payroll taxes

    total $306,733 · program services $189,242 · management and general $112,832 · fundraising $4,659

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $75,348 · program services $25,053 · management and general $45,993 · fundraising $4,302

  • 11c · Fees: accounting

    total $127,268 · program services $64,381 · management and general $62,243 · fundraising $644

  • 11d · Fees: lobbying

    total $392,096 · program services $392,096

  • 11e · Fees: professional fundraising services

    total $13,273 · fundraising $13,273

  • 11f · Fees: investment management

    total $1,603 · program services $1,603

  • 11g · Fees: other

    total $1,219,224 · program services $645,153 · management and general $489,602 · fundraising $84,469

  • 12 · Advertising and promotion

    total $209,914 · program services $206,690 · management and general $2,935 · fundraising $289

  • 13 · Office expenses

    total $156,030 · program services $48,923 · management and general $105,481 · fundraising $1,626

  • 14 · Information technology

    total $125,934 · program services $66,846 · management and general $57,561 · fundraising $1,527

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $267,841 · program services $68,532 · management and general $199,280 · fundraising $29

  • 17 · Travel

    total $1,223,297 · program services $891,858 · management and general $306,202 · fundraising $25,237

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $46,486 · management and general $46,486

  • 23 · Insurance

    total $47,637 · program services $1,305 · management and general $46,332

  • 24a · Other expenses: Veteran Events Merchandise

    total $287,337 · program services $227,731 · management and general $57,806 · fundraising $1,800

  • 24b · Other expenses: Program Supplies

    total $107,844 · program services $61,955 · management and general $38,217 · fundraising $7,672

  • 24c · Other expenses: Postage Shipping Misc

    total $54,528 · program services $24,677 · management and general $21,326 · fundraising $8,525

  • 24d · Other expenses: Equipment Rental Maintenance

    total $21,469 · program services $11,987 · management and general $9,429 · fundraising $53

  • 24e · All other expenses

    total $16,067 · program services $41 · management and general $15,912 · fundraising $114

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,805,832 · end of year $1,766,734

  • 2 · Savings and temporary cash investments

    beginning of year $67 · end of year $187

  • 9 · Prepaid expenses and deferred charges

    beginning of year $17,495 · end of year $17,495

  • 10a · Land, buildings and equipment: cost or other basis

    $1,370,136

  • 10b · Land, buildings and equipment: accumulated depreciation

    $660,140

  • 10c · Land, buildings and equipment, net

    beginning of year $650,197 · end of year $709,996

  • 11 · Investments: publicly traded securities

    beginning of year $3,764,638 · end of year $1,001,006

  • 15 · Other assets

    beginning of year $370,986 · end of year $375,345

  • 17 · Accounts payable and accrued expenses

    beginning of year $595,236 · end of year $197,315

  • 24 · Unsecured notes and loans payable

    beginning of year $467,747 · end of year $467,747

  • 27 · Net assets without donor restrictions

    beginning of year $6,546,232 · end of year $3,205,701

Mission and programs · 2023

Mission

To serve the Warfighter community by providing programs and services that foster the physical, mental, emotional, and spiritual independence of our service members, combat Veterans, their Caregivers, families and Allies who served alongside them in combat.

Activities or mission (Part I)

To serve the Warfighter community by providing programs and services that foster the physical, mental, emotional, and spiritual independence of our service members, combat Veterans, Caregivers, families and Allies.

  • See Schedule O

    Expenses $6,386,916 · Grants $978,740

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Sarah Verado

    CEO

    Total calculated
    $297,581
    From this org
    $297,581
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $297,581
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $297,581

  • Clark Pennington

    COO

    Total calculated
    $204,495
    From this org
    $204,495
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,495
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $204,495

  • Dena Lecompt

    CFO

    Total calculated
    $119,958
    From this org
    $119,958
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Malgorzata Reazka

    Chief of Engagements

    Total calculated
    $101,808
    From this org
    $101,808
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • John Bauer

    Chief Strategist

    Total calculated
    $52,071
    From this org
    $52,071
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Grant Campbell

    Chair

    Total calculated
    $0
    Hours/week
    10

  • Jennifer Korn

    Director

    Total calculated
    $0
    Hours/week
    10

  • Alea Nadeem

    Secretary

    Total calculated
    $0
    Hours/week
    10

  • Cheryl Mason

    Director

    Total calculated
    $0
    Hours/week
    10

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 3 · Compensation survey or study

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Provenance

Return type
form_990
Tax year
2023
Filed
8 October 2025
IRS schema version
2023v6.0
Source object
202512819349301131

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.