Independence House L L C
- Assets
- $3.6m
- Revenue
- $910.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 05/2006
- Data as of
- 12/2023
- EIN
- 32-0056642
Organization Overview
Independence House L L C is located in Chicago, IL. The organization was established in 2006. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independence House L L C 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 12/2023, Independence House L L C generated $910.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.4% each year . All expenses for the organization totaled $577.5k during the year ending 12/2023. While expenses have increased by 0.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION OWNS AND OPERATES A RESIDENTIAL FACILITY PRIMARILY FOR LOW-INCOME FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OWNS AND OPERATES A RESIDENTIAL FACILITY PRIMARILY FOR LOW-INCOME ADULTS (AND THEIR DEPENDENT CHILDREN) WHO ARE IN RECOVERY FROM THE DISABILITY OF CHRONIC SUBSTANCE ABUSE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Clarence L Smith Chairman | Trustee | 1 | $0 |
Perry Vietti President & CEO | Officer | 1 | $0 |
Calvin Holmes Secretary | Officer | 1 | $0 |
Catherine Galligan Treasurer/cfo | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $471,126 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $471,126 |
| Total Program Service Revenue | $433,515 |
| Investment income | $6,173 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $910,814 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $64,569 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,471 |
| Fees for services: Management | $26,052 |
| Fees for services: Legal | $350 |
| Fees for services: Accounting | $12,315 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $280 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $156,464 |
| Insurance | $27,926 |
| All other expenses | $35,057 |
| Total functional expenses | $577,533 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $752 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $33,289 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $21,250 |
| Net Land, buildings, and equipment | $3,403,640 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $115,052 |
| Total assets | $3,573,983 |
| Accounts payable and accrued expenses | $71,952 |
| Grants payable | $0 |
| Deferred revenue | $3,954 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,136,118 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $95,837 |
| Total liabilities | $5,307,861 |
| Net assets without donor restrictions | -$1,733,878 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,573,983 |