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← INDEPENDENCE SQUARE INCORPORATED

Form 990 for tax year 2023

Filed by INDEPENDENCE SQUARE INCORPORATED.

Totals

Total revenue
$229,775
Total expenses
$184,073
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$228,230
Investment income
$1,545
Other revenue
$0
Total assets, end of year
$293,776
Total liabilities, end of year
$83,958
Net assets or fund balances, end of year
$209,818
Program services expenses (Part IX)
$164,932
Management and general expenses
$19,141
Fundraising expenses
$0
Program service expenses (Part III)
$164,932

Program services were 89.6% 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.

  • 2a · Program service revenue: RENTAL INCOME

    total $228,230 · related or exempt $228,230

  • 3 · Investment income

    total $1,545 · related or exempt $1,545

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $35,958 · program services $35,958

  • 9 · Other employee benefits

    total $7,037 · program services $7,037

  • 10 · Payroll taxes

    total $3,070 · program services $3,070

  • 11a · Fees: management

    total $9,673 · management and general $9,673

  • 11c · Fees: accounting

    total $8,801 · management and general $8,801

  • 12 · Advertising and promotion

    total $109 · program services $109

  • 13 · Office expenses

    total $6,375 · program services $6,375

  • 16 · Occupancy

    total $35,817 · program services $35,817

  • 19 · Conferences, conventions and meetings

    total $667 · management and general $667

  • 22 · Depreciation, depletion and amortization

    total $25,376 · program services $25,376

  • 23 · Insurance

    total $1,191 · program services $1,191

  • 24a · Other expenses: RENT FREE UNIT

    total $28,255 · program services $28,255

  • 24b · Other expenses: MISC. OPERATING

    total $21,492 · program services $21,492

  • 24c · Other expenses: MISC. ADMIN

    total $252 · program services $252

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,336 · end of year $10,130

  • 4 · Accounts receivable

    beginning of year $1,311 · end of year $2,076

  • 9 · Prepaid expenses and deferred charges

    beginning of year $12,340 · end of year $14,180

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

    $674,477

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

    $489,182

  • 10c · Land, buildings and equipment, net

    beginning of year $203,461 · end of year $185,295

  • 15 · Other assets

    beginning of year $66,432 · end of year $82,095

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,699 · end of year $4,107

  • 19 · Deferred revenue

    beginning of year $443

  • 23 · Secured mortgages and notes payable

    beginning of year $111,709 · end of year $76,741

  • 25 · Other liabilities

    beginning of year $2,913 · end of year $3,110

  • 27 · Net assets without donor restrictions

    beginning of year $164,116 · end of year $209,818

Mission and programs · 2023

Mission

FORM 990 PART III, LINE 1 - ORGANIZATION'S MISSION THE CORPORATION IS A SUPERVISED APARTMENT PROGRAM FOR ADULTS WITH INTELLECTUAL AND OTHER DEVELOPMENTAL DISABILITIES WHO NEED MINIMAL SUPPORTS. THE GOAL OF THE PROGRAM IS TO PROVIDE SUPPORTIVE SERVICES TO ASSIST AND OPTIMIZE THE INDEPENDENCE AND PRODUCTIVITY OF THE ADULTS IN AN AFFORDABLE LIVING ARRANGEMENT.

Activities or mission (Part I)

HUD SUBSIDIZED APARTMENT PROGRAM PROVIDING AFFORDABLE HOUSING WITH SUPPORTIVE SERVICES EXCLUSIVELY FOR ADULTS WITH DEVELOPMENTAL DISABILITIES.

  • PROVIDES AFFORDABLE HOUSING FOR ADULTS WITH DEVELOPMENTAL (INTELLECTUAL) DISABILITIES AND IS OPERATED UNDER SECTION 202 OF THE NATIONAL HOUSING ACT, REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) AND IS SUBJECT TO SECTION 8 HOUSING ASSISTANCE PAYMENTS AGREEMENTS WITH HUD. APPROXIMATELY 16 INDIVIDUALS WERE PROVIDED SERVICES DURING THE YEAR ENDED.

    Expenses $164,932 · Revenue $228,230

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

Listed in Part VII

  • KNOX PITTS

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • LORA BUTLER

    MEMBER

    Total calculated
    $146,518
    From this org
    $0
    From related orgs
    $146,518
    Other
    $0
    Hours/week
    1 + 40 related

  • JAN HAMMER

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • BEVERLY BARSHOP

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • CAROL WHITE

    SECRETARY

    Total calculated
    $111,138
    From this org
    $0
    From related orgs
    $111,138
    Other
    $0
    Hours/week
    1 + 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.

Grants on this return

No itemized grants to organizations 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
26 August 2024
IRS schema version
2023v5.0
Source object
202432679349301033

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