Nonprofit · EIN 26-0322088
THE INDEPENDENCE FUND INC
Tax-exempt · CHARLOTTE, NC 28204
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2024 | 990 | $6,146,293 | $9,763,455 | -$3,617,162 | $3,870,763 | $665,062 | $3,205,701 |
| June 30, 2023 | 990 | $12,475,650 | $13,307,657 | -$832,007 | $7,609,215 | $1,062,983 | $6,546,232 |
Financial details: 990 for the year ended June 30, 2024
Revenue
- Contributions, gifts and grants
- $6,017,739
- of which government grants
- $2,250,000
- Program service revenue
- $0
- Investment income
- $52,419
- Other revenue
- $76,135
Expenses
- Grants and similar amounts paid
- $978,740
- Compensation of officers, directors and key employees
- $775,913
- Other salaries and wages
- $2,810,756
- Salaries, compensation and benefits (total)
- $4,391,519
- Professional fundraising fees
- $13,273
- Legal fees
- $75,348
- Accounting fees
- $127,268
- Occupancy
- $267,841
- Travel
- $1,223,297
- Depreciation
- $46,486
- Program services (functional)
- $6,386,916
- Management and general (functional)
- $3,164,744
- Fundraising (functional)
- $211,795
Balance sheet and other
- Total assets, start of year
- $7,609,215
- Total assets, end of year
- $3,870,763
- Total liabilities, end of year
- $665,062
- Net assets, end of year
- $3,205,701
- Land, buildings and equipment
- $709,996
- Publicly traded securities
- $1,001,006
- Net assets without donor restrictions
- $3,205,701
- Gross receipts
- $6,146,293
- Employees
- 48
- Volunteers
- 50
- Year formed
- 2007
- State of legal domicile
- NC
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Sarah Verado | CEO Key employee | 40 | $297,581 |
| Clark Pennington | COO Key employee | 40 | $204,495 |
| Dena Lecompt | CFO Officer | 40 | $119,958 |
| Malgorzata Reazka | Chief of Engagements Highest-paid employee | 40 | $101,808 |
| John Bauer | Chief Strategist Officer | 40 | $52,071 |
| Grant Campbell | Chair Trustee or director, Officer | 10 | $0 |
| Jennifer Korn | Director Trustee or director | 10 | $0 |
| Alea Nadeem | Secretary Trustee or director, Officer | 10 | $0 |
| Cheryl Mason | Director Trustee or director | 10 | $0 |
990 for the year ended June 30, 2023: 11 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Sarah Verardo | CEO Trustee or director, Officer | 60 | $265,000 | $4,376 |
| Samuel Johnson | EVP-Operations Key employee, Former | 60 | $181,200 | $0 |
| Daniel T Elkins | Senior Advisor Key employee | 40 | $105,038 | $20,000 |
| Bob Carey | EVP-Advocacy Key employee, Former | 60 | $118,300 | $0 |
| Arthur Pue | Chairman Trustee or director, Officer | 5 | $0 | $0 |
| Keita Franklin | Secretary Trustee or director, Officer | 5 | $0 | $0 |
| Alea Nadeem | Director Trustee or director | 5 | $0 | $0 |
| Rich Gross | Director Trustee or director | 5 | $0 | $0 |
| Mike Lenhart | Director Trustee or director | 5 | $0 | $0 |
| Cheryl Mason | Director Trustee or director | 5 | $0 | $0 |
| Jennifer Korn | Director Trustee or director | 5 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 412 LOUISE AVE, CHARLOTTE, NC 28204-2338
- Principal officer (990 for 2023)
- Sarah Verardo, 412 Louise Ave, Charlotte, NC 28204
- Signed the 990
- Clark Pennington, Chief Operating Officer
- Phone
- (888) 851-7996
- Return prepared by
- Foundation Group Inc
Mission
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.
Program accomplishments
- See Schedule OExpenses $6,386,916 · grants $978,740
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | Not on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 26-0322088
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2007
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Public and societal benefit (W30)
- Assets (IRS master file)
- $3,870,763
- Income (IRS master file)
- $6,146,293
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2024 | $6,146,293 | $9,763,455 | $3,870,763 | XML |
| 990 | June 2023 | $12,475,650 | $13,307,657 | $7,609,215 | XML |
| 990 | June 2022 | – | – | – | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 26-0322088).
Questions about THE INDEPENDENCE FUND INC
- What is the EIN of THE INDEPENDENCE FUND INC?
- The employer identification number (EIN) of THE INDEPENDENCE FUND INC is 26-0322088.
- Is THE INDEPENDENCE FUND INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2007.
- Are donations to THE INDEPENDENCE FUND INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does THE INDEPENDENCE FUND INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of THE INDEPENDENCE FUND INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did THE INDEPENDENCE FUND INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2024.
- Who is the principal officer of THE INDEPENDENCE FUND INC?
- The 990 for the year ended June 30, 2024 names Sarah Verardo.
- Who are the officers and directors of THE INDEPENDENCE FUND INC?
- The 990 for the year ended June 30, 2024 lists 9 people; 5 received compensation from the organization, the highest $297,581 (Sarah Verado, CEO).
- How much revenue does THE INDEPENDENCE FUND INC have?
- On its 990 for the year ended June 30, 2024 it reported revenue of $6,146,293, expenses of $9,763,455 and total assets of $3,870,763 at year end.
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All nonprofits in CHARLOTTE · North Carolina · Public and societal benefit