INDEPENDENCE 2ND OWNER CORP (EIN 113359073) - 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

1997

Legal Domicile

Principal Officer

GILBERT LOUIS

Phone

7188056796

Tax Period

2024-07-01 to 2025-06-30

INDEPENDENCE 2ND OWNER CORP, founded in 1997, is a micro nonprofit in the Human Services sector that reported $50K in total revenue in fiscal year 2024. Revenue fell 74% from the prior year — a significant decline worth monitoring. Expenses of $57K exceeded revenue, resulting in a 14% operating deficit.

Mission

THE ORGANIZATION WAS FORMED TO PROVIDE LOW INCOME HOUSING TO MENTALLY AND DEVELOPMENTALLY DISABLED INDIVIDUALS WHO ARE RESIDENT OF QUEENS AND SURROUNDING AREAS. SERVICES PROVIDED INCLUDE CLINICAL, CASE MANAGEMENT, AND FAMILY SUPPORT.

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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 $0

Program Service Revenue $49,896

Investment Income $0

Other Revenue $0

TOTAL REVENUE $49,896

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $57,016

Other Expenses $57,016

TOTAL EXPENSES $57,016

Year-over-Year Comparison

	2024	2023	Change
Revenue	$49,896	$193,146	-0.7%
Expenses	$57,016	$82,053	-0.3%
Net Income	$-7,120	$111,093	-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

N/A

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

$1,128,333

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
EILEEN BECKER	PRESIDENT	1.00	Officer Director	$0	$0	$0
SCOTT SPRINGER	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
PAUL BUFANO	TREASURER	1.00	Officer Director	$0	$0	$0
GILBERT LOUIS	CHIEF EXECUTIVE OFFICER	1.00	Officer	$0	$83,157	$608,776
TODD PINKUS	CFO (THRU MAY 2025)	1.00	Officer	$0	$37,587	$244,801
LINA SARAY	CHIEF FINANCIAL AND HR OFFICER	1.00	Officer	$0	$78,492	$274,756

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	$49,896	$57,016	$750,637	$-7,120
2024	$193,146	$82,053	$701,259	$111,093
2023	$44,804	$106,655	$682,765	$-61,851
2022	$49,896	$95,231	$648,601	$-45,335
2021	$49,965	$67,932	$614,593	$-17,967
2020	$49,966	$74,903	$581,488	$-24,937
2019	$54,077	$36,084	$540,993	$17,993
2018	$45,753	$35,210	$504,564	$10,543

INDEPENDENCE 2ND OWNER CORP