Independence Foundation
- Assets
- $66.6m
- Revenue
- $3.2m
- Investments
- $65.8m
- Employees
- 0
- Location
- Philadelphia, PA
- Founding
- 09/1946
- Data as of
- 12/2022
- EIN
- 23-1352110
Organization Overview
Independence Foundation is located in Philadelphia, PA. The organization was established in 1946. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independence Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Independence Foundation generated $3.2m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.9%) each year. All expenses for the organization totaled $6.1m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Independence Foundation has awarded 2,202 individual grants totaling $37,132,388. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hon Phyllis W Beck Board Chair, CFO | 40 | $232,667 | |
Susan E Sherman President, CEO | 40 | $337,737 | |
Andre L Dennis Esquire Vice President | 2 | $0 | |
Barton M Silverman Vice President (until 4/22) | 2 | $0 | |
Catherine C Carr Secretary | 2 | $0 | |
Derick Dreher Asst. Secretary | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Foundation Source | 12/30/22 | $80,000 |
Rkl Llp | 12/30/22 | $65,960 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $1,036 |
| Dividends & Interest | $1,309,128 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,839,862 |
| Capital Gain Net Income | $1,839,862 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $3,150,026 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $570,404 |
| Other employee salaries and wages | $565,996 |
| Pension plans, employee benefits | $294,287 |
| Interest | $0 |
| Taxes | $74,937 |
| Depreciation | $11,175 |
| Occupancy | $204,862 |
| Travel, conferences, and meetings | $13,174 |
| Printing and publications | $0 |
| Other expenses | $293,790 |
| Total operating and administrative expenses | $2,246,182 |
| Contributions, gifts, grants paid | $3,806,401 |
| Total expenses and disbursements | $6,052,583 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $436 |
| Savings and temporary cash investments | $455,019 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $27,868 |
| Other assets | $271,693 |
| Total assets | $66,571,196 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Independence Foundation has awarded $3,806,401 in support to 330 organizations.
| Grant Recipient | Amount |
|---|---|
1812 PRODUCTIONS INC PURPOSE: GENERAL SUPPORT | $10,000 |
ACADEMY OF NATURAL SCIENCES OF PHILADELPHIA PURPOSE: GENERAL SUPPORT | $2,000 |
ACADEMY OF VOCAL ARTS PURPOSE: GENERAL SUPPORT | $1,000 |
ABORTION LIBERATION FUND OF PA PURPOSE: GENERAL SUPPORT | $5,000 |
ACHIEVEABILITY PURPOSE: GENERAL SUPPORT | $10,000 |
ACT II PLAYHOUSE LTD PURPOSE: GENERAL SUPPORT | $7,500 |