INDEPENDENCE ACADEMY

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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

2002

Legal Domicile

Principal Officer

BRAD THOMPSON

Phone

9702558565

Tax Period

2024-07-01 to 2025-06-30

INDEPENDENCE ACADEMY, founded in 2002, is a community nonprofit in the Education sector that reported $6.5M in total revenue in fiscal year 2024. Revenue grew 11% year-over-year, indicating healthy expansion.

Mission

THE MISSION OF INDEPENDENCE CHARTER SCHOOL (IACS) IS TO EDUCATE STUDENTS OF DIVERSE AGES AND BACKGROUNDS - HELPING THEM UNDERSTAND, THRIVE IN, AND ENHANCE OUR COMMUNITY, OUR ENVIRONMENT,AND OUR WORLD. IACS REGARDS LEARNING AS A CONTINUING PROCESS AND STRIVES TO PROVIDE AN EDUCATION THAT WILL ENABLE STUDENTS TO LIVE PRODUCTIVE LIVES WHILE ACHIEVING SELF-FULFILLMENT AND READINESS FOR THE FUTURE. STUDENTS ARE ENCOURAGED TO THINK CRITICALLY AND ACT ETHICALLY WITH SENSITIVITY TO THE HUMAN COMMUNITY. IACS'S PHILOSOPHY STRESSES EXPERIENTIAL LEARNING AND APPLICATION WITHIN AN INTERDISCIPLINARY CURRICULUM.

Program Service Accomplishments

Program 1

Expenses: $3,472,351

ESTABLISH, EQUIP,AND MAINTAIN A CHARTER SCHOOL FOR ELEMENTARY AND SECONDARY STUDENTS.

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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 (2024)

Revenue Breakdown

Contributions & Grants $592,791

Program Service Revenue $5,537,372

Investment Income $294,911

Other Revenue $66,210

TOTAL REVENUE $6,491,284

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,928,712

Fundraising Expenses $0

Program Expenses $3,472,351

Other Expenses $2,749,377

TOTAL EXPENSES $6,678,089

Year-over-Year Comparison

	2024	2023	Change
Revenue	$6,491,284	$5,859,086	+0.1%
Expenses	$6,678,089	$6,194,987	+0.1%
Net Income	$-186,805	$-335,901	-0.4%

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

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LISA GONSALVES	ED	40.00	Highest	$120,913	$0	$120,913
HADASSA BERGER	SECRETARY/TR	2.00	Officer Director	$0	$0	$0
THOMAS GIBSON	BOARD MEMBER	2.00	Director	$0	$0	$0
BURK MARTIN	BOARD MEMBER	2.00	Director	$0	$0	$0
LISA SUTHERLAND	BOARD MEMBER	2.00	Director	$0	$0	$0
BRAD THOMPSON	BOARD PRESID	2.00	Officer Director	$0	$0	$0

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
2025	$6,491,284	$6,678,089	$26,176,774	$-186,805
2024	$5,859,086	$6,194,987	$19,510,637	$-335,901
2023	$5,787,355	$5,556,750	$18,730,359	$230,605
2022	$4,625,399	$4,600,641	$18,394,384	$24,758
2021	$4,774,990	$3,511,964	$20,208,223	$1,263,026