THE INDEPENDENCE FUND INC Charity Report

Public IRS 990 nonprofit record

THE INDEPENDENCE FUND INC

EIN 26-0322088 · Military & Veterans Organizations (W30)

What they do

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.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $65.40 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2023The report may be old. Ask for a newer one.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders9 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

103.91%of revenue went to mission work65.4% of expenses · Program services

3.45%of revenue went to fundraising2.2% of expenses

$158.85spent for every $100 of revenueSpending was higher than revenue this year.

51.49%of revenue went to management and office costs32.4% of expenses

$0.40in assets for every $1 spent this yearSome assets cannot be spent right away.

97.9%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Worth asking: Expenses exceeded revenue by $3,617,162 this year. Ask whether that was planned or caused by a one-time event.

Pay context: The highest compensation shown in this filing is $297,581 for SARAH VERADO (CEO). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2023

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$6,146,293

Mission workProgram services$6,386,916103.91% of revenue65.4% of expenses

ManagementOffice and general costs$3,164,74451.49% of revenue32.4% of expenses

FundraisingAsking for donations$211,7953.45% of revenue2.2% of expenses

Total expenses$9,763,455158.85% of revenue

Expenses were greater than revenue, so the colored ring fills the available $100 and the total above 100% is shown below.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2023CurrentExpense mix: 65.4% mission · 32.4% management · 2.2% fundraisingTotal expenses: 158.85% of revenue

2022Expense mix: 75.4% mission · 17.0% management · 7.5% fundraisingTotal expenses: 106.67% of revenue

2021Expense mix: 75.4% mission · 12.8% management · 11.7% fundraisingTotal expenses: 94.55% of revenue

2020Expense mix: 79.8% mission · 10.9% management · 9.3% fundraisingTotal expenses: 71.43% of revenue

2019Expense mix: 77.0% mission · 13.5% management · 9.5% fundraisingTotal expenses: 88.08% of revenue

2018Expense mix: 75.0% mission · 12.0% management · 13.0% fundraisingTotal expenses: 145.11% of revenue

2017Expense mix: 79.1% mission · 11.2% management · 9.8% fundraisingTotal expenses: 153.35% of revenue

2016Expense mix: 74.0% mission · 8.9% management · 17.1% fundraisingTotal expenses: 127.23% of revenue

Money in and money out

Revenue$6,146,293

Expenses$9,763,455

Annual shortfall $3,617,162 Expenses were higher than revenue for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$6,386,916 · 65.4% of expenses

Management and office costs$3,164,744 · 32.4% of expenses

Fundraising$211,795 · 2.2% of expenses

See all reported dollar amounts

Revenue$6,146,293

Expenses$9,763,455

Assets$3,870,763

Income$6,146,293

Contributions$6,017,739

Mission work (program services)$6,386,916

Fundraising$211,795

Grants given$1,719,703

Average grant$49,134

Management and general$3,164,744

Stocks and bonds$1,001,006

Accounting fees$127,268

Investing fees$1,603

People

Leadership and board

Tax year 2023

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

SARAH VERADOCEO · 40 hrs/week $297,581

CLARK PENNINGTONCOO · 40 hrs/week $204,495

DENA LECOMPTCFO · 40 hrs/week $119,958

MALGORZATA REAZKACHIEF OF ENGAGEMENTS · 40 hrs/week $101,808

JOHN BAUERCHIEF STRATEGIST · 40 hrs/week $52,071

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (9)

SARAH VERADOCEO

CLARK PENNINGTONCOO

DENA LECOMPTCFO

MALGORZATA REAZKACHIEF OF ENGAGEMENTS

JOHN BAUERCHIEF STRATEGIST

ALEA NADEEMSECRETARY

CHERYL MASONDIRECTOR

GRANT CAMPBELLCHAIR

JENNIFER KORNDIRECTOR

About this charity

Recognized since: January 2007
Location: 412 Louise Ave, Charlotte, NC 28204
County: Mecklenburg
In care of: Clark Pennington
Primary officer: Clark Pennington, Chief Operating Officer

How to reach them

WebsiteVisit the charity’s website Phone(888) 851-7996

Filing and classification

Latest tax year: 2023
Tax period began: July 1, 2023
Return type: 990
Tax preparer: FOUNDATION GROUP INC
NTEE classification: Military & Veterans Organizations (W30)
IRS tax category: Military & Veterans Organizations
Grant-giving organization: Yes