The Independence Fund Inc

EIN: 260322088 501(c)(3) Public & Societal Benefit

Charlotte, NC

Total Revenue
$6,146,293
Total Expenses
$9,763,455
Total Assets
$3,870,763
Net Assets
$3,205,701
🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Sign In — Free (10 views/day)

Financial Trends

Organization Details

Formation Year
2007
Legal Domicile
NC
Principal Officer
Sarah Verardo
Phone
8888517996
Tax Period
2023-07-01 to 2024-06-30

The Independence Fund Inc, founded in 2007, is a community nonprofit in the Public & Societal Benefit sector that reported $6.1M in total revenue in fiscal year 2023. Revenue fell 51% from the prior year — a significant decline worth monitoring. Expenses of $9.8M exceeded revenue, resulting in a 59% operating deficit.

Mission

To serve the Warfighter community by providing programs and services that foster the physical, mental, emotional, and spiritual independence of our service members, combat Veterans, Caregivers, families and Allies.

🔒

Trantor Score

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

Sign in to view Trantor Score and financial metrics

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

Sign In — Free (10 views/day)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $6,017,739
Program Service Revenue $0
Investment Income $52,419
Other Revenue $76,135
TOTAL REVENUE $6,146,293

Expense Breakdown

Grants Paid $978,740
Salaries & Benefits $4,391,519
Fundraising Expenses $211,795
Program Expenses $6,386,916
Other Expenses $4,379,923
TOTAL EXPENSES $9,763,455

Year-over-Year Comparison

2023 2022 Change
Revenue $6,146,293 $12,475,650 -0.5%
Expenses $9,763,455 $13,307,657 -0.3%
Net Income $-3,617,162 $-832,007 +3.3%
Key Indicators
✓ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
🔒

Financial Health Indicators

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

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

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

Sign In

Governance

Voting Members
4
Independent Members
4
Employees
48
Volunteers
50

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
4
$172,029
Total Directors
4
$0
Key Employees
2
$502,076
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Sarah Verado CEO 040.00
Key Emp
$297,581 $0 $297,581
Clark Pennington COO 040.00
Key Emp
$204,495 $0 $204,495
Dena Lecompt CFO 040.00
Officer
$119,958 $0 $119,958
Malgorzata Reazka Chief of Engagements 040.00
Highest
$101,808 $0 $101,808
John Bauer Chief Strategist 040.00
Officer
$52,071 $0 $52,071
Grant Campbell Chair 010.00
Officer Director
$0 $0 $0
Jennifer Korn Director 010.00
Director
$0 $0 $0
Alea Nadeem Secretary 010.00
Officer Director
$0 $0 $0
Cheryl Mason Director 010.00
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
2024 $6,146,293 $9,763,455 $3,870,763 $-3,617,162
2023 $12,475,650 $13,307,657 $7,609,215 $-832,007
2022 $8,567,110 $8,100,266 $7,812,789 $466,844
2021 $7,884,607 $5,632,323 $8,188,141 $2,252,284
2020 $5,645,725 $4,972,717 $5,616,879 $673,008
2019 $6,457,795 $9,370,611 $4,603,509 $-2,912,816
Explore More Nonprofits
→Top 100 Nonprofits in North Carolina →Largest U.S. Nonprofits →Best Rated Nonprofits →Most Efficient Nonprofits

Compare The Independence Fund Inc with other nonprofits in North Carolina and across the country.

We Value Your Privacy
We use cookies and similar technologies to analyze site traffic and improve your experience. By clicking "Accept All", you consent to our use of cookies for analytics and measurement.