Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $167,558

• 1f · All other contributions, gifts and grants

  $1,869,248

• 1g · Noncash contributions included above

  $11,747

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $63,039 · excluded $63,039

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $1,068 · other assets $42,810

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

  securities $725 · other assets $24,190

• 7c · Gain or loss

  securities $343 · other assets $18,620

• 7d · Net gain or loss

  total $18,963 · excluded $18,963

• 8a · Fundraising events: gross income

  $21,944

• 8a · Fundraising events: contributions included on line 1c

  $167,558

• 8b · Fundraising events: direct expenses

  $51,881

• 8c · Net income from fundraising events

  total -$29,937 · excluded -$29,937

• 10a · Gross sales of inventory

  $133,598,739

• 10b · Cost of goods sold

  $111,306,345

• 10c · Net income from sales of inventory

  total $22,292,394 · related or exempt $22,292,394

• 11a · Other revenue: Miscellaneous Income

  total $36,341 · excluded $36,341

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $36,341

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $17,880 · program services $17,880

• 5 · Compensation of officers, directors and key employees

  total $1,482,154 · program services $706,758 · management and general $734,484 · fundraising $40,912

• 7 · Other salaries and wages

  total $5,835,052 · program services $2,994,939 · management and general $2,653,052 · fundraising $187,061

• 8 · Pension plan contributions

  total $777,152 · program services $370,581 · management and general $385,119 · fundraising $21,452

• 9 · Other employee benefits

  total $3,195,177 · program services $1,298,054 · management and general $1,835,143 · fundraising $61,980

• 10 · Payroll taxes

  total $696,286 · program services $345,052 · management and general $331,796 · fundraising $19,438

• 11b · Fees: legal

  total $85,692 · management and general $85,692

• 11c · Fees: accounting

  total $137,592 · management and general $137,592

• 11d · Fees: lobbying

  total $87,056 · management and general $87,056

• 11f · Fees: investment management

  total $5,365 · management and general $5,365

• 11g · Fees: other

  total $1,976,171 · program services $1,053,033 · management and general $915,534 · fundraising $7,604

• 13 · Office expenses

  total $522,600 · program services $94,697 · management and general $410,230 · fundraising $17,673

• 16 · Occupancy

  total $421,963 · program services $345,452 · management and general $76,511

• 17 · Travel

  total $229,929 · program services $105,971 · management and general $103,727 · fundraising $20,231

• 20 · Interest

  total $424,074 · program services $424,074

• 21 · Payments to affiliates

  total $4,831,181 · program services $4,819,359 · management and general $11,617 · fundraising $205

• 22 · Depreciation, depletion and amortization

  total $2,009,954 · program services $1,166,428 · management and general $843,526

• 24a · Other expenses: Miscellaneous and Other Expenses

  total $529,329 · program services $462,939 · fundraising $66,390

• 24b · Other expenses: Restructuring Charges

  total $490,780 · program services $189,630 · management and general $301,150

• 24c · Other expenses: Asset Impairment

  total $222,915 · program services $222,915

• 24e · All other expenses

  total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,614,469 · end of year $1,626,579

• 3 · Pledges and grants receivable

  beginning of year $54,721 · end of year $445,876

• 4 · Accounts receivable

  beginning of year $11,221,579 · end of year $7,971,906

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $26,380,316 · end of year $25,462,083

• 9 · Prepaid expenses and deferred charges

  beginning of year $312,621 · end of year $351,448

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

  $23,974,545

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

  $14,283,277

• 10c · Land, buildings and equipment, net

  beginning of year $10,433,472 · end of year $9,691,268

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 14 · Intangible assets

  beginning of year $2,795,392 · end of year $2,468,451

• 15 · Other assets

  beginning of year $1,770,284 · end of year $1,738,117

• 17 · Accounts payable and accrued expenses

  beginning of year $28,550,604 · end of year $23,962,971

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $4,005,886 · end of year $3,748,137

• 25 · Other liabilities

  beginning of year $1,260,375 · end of year $629,852

• 27 · Net assets without donor restrictions

  beginning of year $20,204,355 · end of year $20,383,575

• 28 · Net assets with donor restrictions

  beginning of year $561,634 · end of year $1,031,193

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Tax indemnification and gross-up payments

IFB does, from time to time, gross up certain payments made to officers and key employees.

Schedule J, Part I, Line 1a Personal services

IFB provides a driver for Daniel Kelly, President / CEO, who is blind.

Schedule J, Part I, Line 4a Severance or change-of-control payment

Silas Martin, former chief operations officer, received a severance payment of $167,450.00. David Hampton, former vice president of human resources, received a severance payment of $96,861.72

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

IFB SPONSORS A 457(F) DEFERRED COMPENSATION RETIREMENT PLAN IN WHICH THE FOLLOWING EMPLOYEES PARTICIPATE. AMOUNTS SHOWN REPRESENT PAYMENTS MADE FROM THE PLAN DURING 2023. THESE AMOUNTS ARE INCLUDED IN SCHEDULE J, PART II, COLUMN (B)(II), AS APPLICABLE. The amounts contain compensation reported as deferred on prior forms 990 and included in Schedule J, Part II, Column (f). DANIEL KELLY ($80,955) / ($80,955) compensation reported as deferred on prior form 990 KENNETH EDWARDS ($37,825) / ($37,825) compensation reported as deferred on prior form 990 VASUDHA RANGAPATHY ($37,265) / ($37,265) compensation reported as deferred on prior form 990 SILAS MARTIN ($134,523) / ($134,523) compensation reported as deferred on prior form 990 DAVID HORTON ($43,530) / ($43,530) compensation reported as deferred on prior form 990 DAVID HAMPTON ($13,685) / ($13,685) compensation reported as deferred on prior form 990

Schedule J, Part I, Line 6a Compensation contingent on net earnings of the organization

IFB maintains the Gainshare Incentive Program for the benefit of all employees NOT PARTICIPATING IN THE 457(F) DEFERRED COMPENSATION RETIREMENT PLAN. This incentive program is based on the attainment of operating results for financial AND MISSION metrics/performance targets that exceed those targets established by the organization's Board of Directors.