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Nonprofiteer
← INDEPENDENCE FIRST FOUNDATION INC

Form 990 for tax year 2023

Filed by INDEPENDENCE FIRST FOUNDATION INC.

Totals

Total revenue
$591,102
Total expenses
$914,397
Contributions and grants received
$0
Grants paid
$863,500
Program service revenue
$0
Investment income
$591,102
Other revenue
$0
Total assets, end of year
$15,909,734
Total liabilities, end of year
$14,585
Net assets or fund balances, end of year
$15,895,149
Program services expenses (Part IX)
$863,500
Management and general expenses
$50,897
Fundraising expenses
$0
Program service expenses (Part III)
$863,500

Program services were 94.4% 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.

  • 3 · Investment income

    total $200,259 · excluded $200,259

  • 7a · Gross sales of assets other than inventory

    securities $2,168,235

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

    securities $1,777,392

  • 7c · Gain or loss

    securities $390,843

  • 7d · Net gain or loss

    total $390,843 · excluded $390,843

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $863,500 · program services $863,500

  • 11f · Fees: investment management

    total $50,571 · management and general $50,571

  • 13 · Office expenses

    total $247 · management and general $247

  • 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 $9,200 · end of year $7,374

  • 4 · Accounts receivable

    beginning of year $21,062 · end of year $22,784

  • 11 · Investments: publicly traded securities

    beginning of year $13,951,184 · end of year $15,285,978

  • 12 · Investments: other securities

    beginning of year $857,716 · end of year $593,598

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,235 · end of year $13,085

  • 25 · Other liabilities

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

  • 27 · Net assets without donor restrictions

    beginning of year $14,825,427 · end of year $15,895,149

Mission and programs · 2023

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 $863,500 · Grants $863,500

As filed on the 2023 return.

Listed in Part VII

  • Marcia Boucher

    PRESIDENT/CEO

    Total calculated
    $255,004
    From this org
    $0
    From related orgs
    $232,167
    Other
    $22,837
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $232,167 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $11,734 related
    Nontaxable benefits
    $0 + $11,103 related
    Filer's total
    $0 + $255,004 related

  • Wendy Huot

    CHIEF FINANCIAL OFFICER

    Total calculated
    $200,193
    From this org
    $0
    From related orgs
    $183,773
    Other
    $16,420
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $183,773 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $9,072 related
    Nontaxable benefits
    $0 + $7,348 related
    Filer's total
    $0 + $200,193 related

  • Kathy Acevedo

    CHIEF OPERATING OFFICER

    Total calculated
    $197,719
    From this org
    $0
    From related orgs
    $171,938
    Other
    $25,781
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $171,938 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,211 related
    Nontaxable benefits
    $0 + $20,570 related
    Filer's total
    $0 + $197,719 related

  • Tracy Thomas

    CONTROLLER

    Total calculated
    $165,426
    From this org
    $0
    From related orgs
    $143,272
    Other
    $22,154
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $143,272 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,600 related
    Nontaxable benefits
    $0 + $14,554 related
    Filer's total
    $0 + $165,426 related

  • Jacob Nowak

    INFORMATION TECHNOLOGY DIRECTOR/ FACILITIES DIRECT

    Total calculated
    $157,221
    From this org
    $0
    From related orgs
    $116,549
    Other
    $40,672
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $116,549 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $6,384 related
    Nontaxable benefits
    $0 + $34,288 related
    Filer's total
    $0 + $157,221 related

  • Myra Sanchick

    MARKETING & STRATEGIC PARTNERSHIPS DIRECTOR

    Total calculated
    $144,240
    From this org
    $0
    From related orgs
    $117,875
    Other
    $26,365
    Hours/week
    3 + 40 related

  • Scott Curwick

    HUMAN RESOURCES DIRECTOR

    Total calculated
    $119,357
    From this org
    $0
    From related orgs
    $104,893
    Other
    $14,464
    Hours/week
    3 + 40 related

  • Charles Smith

    ASSISTANT CONTROLLER

    Total calculated
    $117,749
    From this org
    $0
    From related orgs
    $100,386
    Other
    $17,363
    Hours/week
    3 + 40 related

  • Billie Torrentt

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Ryan Ramos

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • David Frank

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Kent Walters

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Scott Luber

    VICE CHAIR (THRU JUNE 2023)

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Karen Hunt

    SECRETARY (THRU JUNE 2023)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Lee Za Ong

    DIRECTOR (FROM JULY 2023)

    Total calculated
    $0
    Hours/week
    1

  • Joanne Williams

    DIRECTOR (FROM JULY 2023)

    Total calculated
    $0
    Hours/week
    1

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

None.

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

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'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
2023
Filed
7 May 2024
IRS schema version
2023v5.0
Source object
202441349349306759

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