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← INDEPENDENCE FIRST FOUNDATION INC

Form 990 for tax year 2022

Filed by INDEPENDENCE FIRST FOUNDATION INC.

Totals

Total revenue
$489,061
Total expenses
$842,144
Contributions and grants received
$0
Grants paid
$788,500
Program service revenue
$0
Investment income
$489,061
Other revenue
$0
Total assets, end of year
$14,839,162
Total liabilities, end of year
$13,735
Net assets or fund balances, end of year
$14,825,427
Program services expenses (Part IX)
$788,500
Management and general expenses
$53,644
Fundraising expenses
$0
Program service expenses (Part III)
$788,500

Program services were 93.6% 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.

  • 3 · Investment income

    total $389,217 · excluded $389,217

  • 7a · Gross sales of assets other than inventory

    securities $3,354,719

  • 7b · Less cost or other basis and sales expenses

    securities $3,254,875

  • 7c · Gain or loss

    securities $99,844

  • 7d · Net gain or loss

    total $99,844 · excluded $99,844

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $788,500 · program services $788,500

  • 11f · Fees: investment management

    total $53,145 · management and general $53,145

  • 13 · Office expenses

    total $420 · management and general $420

  • 24a · Other expenses: LICENSES AND FEES

    total $79 · management and general $79

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,699 · end of year $9,200

  • 4 · Accounts receivable

    beginning of year $38,549 · end of year $21,062

  • 11 · Investments: publicly traded securities

    beginning of year $18,315,631 · end of year $13,951,184

  • 12 · Investments: other securities

    end of year $857,716

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,299 · end of year $12,235

  • 25 · Other liabilities

    beginning of year $1,680 · end of year $1,500

  • 27 · Net assets without donor restrictions

    beginning of year $18,347,900 · end of year $14,825,427

Mission and programs · 2022

Mission

INDEPENDENCE FIRST FOUNDATION, INC. SUPPORTS THE CHARITABLE MISSION OF INDEPENDENCE FIRST, INC., A COMMUNITY-BASED, NON-RESIDENTIAL INDEPENDENT LIVING CENTER IN MILWAUKEE, WISCONSIN.

  • INDEPENDENCE FIRST FOUNDATION, INC. MAY ASSIST INDEPENDENCE FIRST IN EXPANDING OR FUNDING EXISTING PROGRAMS, AND IN THE DEVELOPMENT OF NEW FACILITIES, PROGRAMS, AND OPERATIONS TO FULFILL INDEPENDENCE FIRST'S CHARITABLE MISSION.

    Expenses $788,500 · Grants $788,500

As filed on the 2022 return.

Listed in Part VII

  • BILLIE TORRENTT

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • SCOTT LUBER

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • DAVID FRANK

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • KAREN HUNT

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • ROCIO DIAZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOHN LAUBER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • RYAN RAMOS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • KENT WALTERS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • MARCIA BOUCHER

    PRESIDENT/CEO

    Total calculated
    $244,726
    From this org
    $0
    From related orgs
    $222,543
    Other
    $22,183
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $222,543 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $11,157 related
    Nontaxable benefits
    $0 + $11,026 related
    Filer's total
    $0 + $244,726 related

  • WENDY HUOT

    CHIEF FINANCIAL OFFICER

    Total calculated
    $179,611
    From this org
    $0
    From related orgs
    $170,117
    Other
    $9,494
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $170,117 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $8,315 related
    Nontaxable benefits
    $0 + $1,179 related
    Filer's total
    $0 + $179,611 related

  • DEB LANGHAM

    CHIEF OPERATING OFFICER (THRU 05/22)

    Total calculated
    $168,828
    From this org
    $0
    From related orgs
    $159,964
    Other
    $8,864
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $159,964 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $4,687 related
    Nontaxable benefits
    $0 + $4,177 related
    Filer's total
    $0 + $168,828 related

  • KATHY ACEVEDO

    CHIEF OPERATING OFFICER

    Total calculated
    $178,529
    From this org
    $0
    From related orgs
    $154,881
    Other
    $23,648
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $154,881 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $3,234 related
    Nontaxable benefits
    $0 + $20,414 related
    Filer's total
    $0 + $178,529 related

  • TRACY THOMAS

    CONTROLLER

    Total calculated
    $159,273
    From this org
    $0
    From related orgs
    $137,650
    Other
    $21,623
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $137,650 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,225 related
    Nontaxable benefits
    $0 + $14,398 related
    Filer's total
    $0 + $159,273 related

  • JACOB NOWAK

    INFORMATION TECHNOLOGY DIRECTOR

    Total calculated
    $151,023
    From this org
    $0
    From related orgs
    $111,053
    Other
    $39,970
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $111,053 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,952 related
    Nontaxable benefits
    $0 + $34,018 related
    Filer's total
    $0 + $151,023 related

  • MYRA SANCHICK

    MARKETING & FUND DEVELOPMENT DIRECTOR

    Total calculated
    $134,731
    From this org
    $0
    From related orgs
    $108,980
    Other
    $25,751
    Hours/week
    3 + 40 related

  • MORIAH IVERSON

    PERSONAL ASSISTANCE SERVICES DIRECTOR

    Total calculated
    $153,529
    From this org
    $0
    From related orgs
    $128,178
    Other
    $25,351
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $128,178 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $6,131 related
    Nontaxable benefits
    $0 + $19,220 related
    Filer's total
    $0 + $153,529 related

  • SCOTT CURWICK

    HUMAN RESOURCES DIRECTOR

    Total calculated
    $114,355
    From this org
    $0
    From related orgs
    $100,436
    Other
    $13,919
    Hours/week
    3 + 40 related

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

  • 4a · Severance or change-of-control payment

Answered no

  • 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

The filer's explanations (Part III)

PART I, LINE 3
INDEPENDENCE FIRST, INC. USES A COMPENSATION COMMITTEE, COMPENSATION STUDY, AND APPROVAL BY THE COMPENSATION COMMITTEE TO ESTABLISH COMPENSATION FOR OFFICERS AND KEY EMPLOYEES.
PART I, LINE 4A
DEB LANGHAM RECEIVED A SEVERANCE OF $77,490.

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
10 May 2023
IRS schema version
2022v5.0
Source object
202311319349305741

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

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