INDEPENDENCE ASSOCIATES INC (EIN 042701621) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1980

Legal Domicile

Principal Officer

MARY ELLEN GATTO

Phone

5085832166

Tax Period

2023-10-01 to 2024-09-30

INDEPENDENCE ASSOCIATES INC, founded in 1980, is a community nonprofit in the Human Services sector that reported $2.3M in total revenue in fiscal year 2023.

Mission

SINCE 1980, IA HAS WORKED WITH PEOPLE WITH DISABILITIES PROVIDING THE RESOURCES WHICH ENABLE THEM TO LIVE AS INDEPENDENTLY AS THEY WISH IN THE SETTING THAT THEY CHOOSE. LIVING INDEPENDENTLY IS ABOUT DIGNITY, FREEDOM AND OVERCOMING THE BARRIERS WHICH STILL EXIST TODAY FOR PERSONS WITH DISABILITIES. AS A CROSS AGE, CROSS CULTURAL AND CROSS DISABILITY ORGANIZATION, IA WORKS TO PROVIDE RESOURCES TO ANY PERSON WITH A DISABILITY LIVING WITHIN THE COMMUNITIES WE SERVE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $1,398

Program Service Revenue $2,300,218

Investment Income $1,033

Other Revenue $23

TOTAL REVENUE $2,302,672

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,599,387

Fundraising Expenses $0

Program Expenses $2,143,593

Other Expenses $721,404

TOTAL EXPENSES $2,320,791

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,302,672	$2,155,265	+0.1%
Expenses	$2,320,791	$2,007,830	+0.2%
Net Income	$-18,119	$147,435	-1.1%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$114,947

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARK D LEWIS THROUGH 624	PRESIDENT	1.00	Officer Director	$0	$0	$0
ANITA A ASHDON	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
ROBERT THAYER	MEMBER	1.00	Director	$0	$0	$0
ANDREW BROWN	TREASURER	1.00	Officer Director	$0	$0	$0
ELIZABETH GRAY	SECRETARY	1.00	Officer Director	$0	$0	$0
SUZANNE ALLORE AS OF 624	PRESIDENT	1.00	Officer Director	$0	$0	$0
MELISSA NUSSEY	MEMBER	1.00	Director	$0	$0	$0
STEVEN S HIGGINS	EXECUTIVE DIRECTOR	37.50	Officer	$103,374	$11,573	$114,947

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$2,302,672	$2,320,791	$1,144,913	$-18,119
2023	$2,155,265	$2,007,830	$1,249,483	$147,435
2022	$1,960,718	$1,883,205	$845,215	$77,513
2021	$1,841,824	$1,707,930	$758,959	$133,894
2020	$1,863,495	$1,836,146	$636,904	$27,349
2019	$1,686,578	$1,615,228	$635,572	$71,350
2018	$1,514,775	$1,512,672	$557,638	$2,103

INDEPENDENCE ASSOCIATES INC