THE INDEPENDENCE SCHOOL INC

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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

1978

Legal Domicile

Principal Officer

TIMOTHY P COSTELLO

Phone

3022390330

Tax Period

2024-07-01 to 2025-06-30

THE INDEPENDENCE SCHOOL INC, founded in 1978, is a mid-sized nonprofit that reported $12.8M in total revenue in fiscal year 2024. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $12.0M left a modest 6% surplus.

Mission

THE INDEPENDENCE SCHOOL INSPIRES STUDENTS TO BECOME INDEPENDENT, INTELLECTUALLY CURIOUS INDIVIDUALS WHO POSSESS AN EXCEPTIONAL SPIRIT FOR LEARNING, LEADERSHIP AND CITIZENSHIP.

Program Service Accomplishments

Program 1

Expenses: $9,048,174 Revenue: $10,558,040

THE INDEPENDENCE SCHOOL IS AN INDEPENDENT SCHOOL FOR CHILDREN FROM PRESCHOOL TO 8TH GRADE. THERE WERE APPROXIMATELY 452 STUDENTS ENROLLED DURING THE YEAR.

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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 $1,286,442

Program Service Revenue $10,381,932

Investment Income $743,798

Other Revenue $375,299

TOTAL REVENUE $12,787,471

Expense Breakdown

Grants Paid $2,086,821

Salaries & Benefits $6,985,422

Fundraising Expenses $476,374

Program Expenses $9,048,174

Other Expenses $2,956,438

TOTAL EXPENSES $12,028,681

Year-over-Year Comparison

	2024	2023	Change
Revenue	$12,787,471	$11,633,796	+0.1%
Expenses	$12,028,681	$11,235,947	+0.1%
Net Income	$758,790	$397,849	+0.9%

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

146

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

$475,280

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KRISTIN GIFFIN	PRESIDENT	1.00	Officer Director	$0	$0	$0
MONA SINGH	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
BILL DOROH	TREASURER	1.00	Officer Director	$0	$0	$0
BIANCA FRASER-JOHNSON	SECRETARY	1.00	Officer Director	$0	$0	$0
KATIE BURKE	BOARD MEMBER	1.00	Director	$0	$0	$0
CHRISTINE COOK	BOARD MEMBER	1.00	Director	$0	$0	$0
KEVIN DOMBROWSKI	BOARD MEMBER	1.00	Director	$0	$0	$0
CARRIE FANG	BOARD MEMBER	1.00	Director	$0	$0	$0
MICHAEL MARINELLI EDD	BOARD MEMBER (SINCE 9/2024)	1.00	Director	$0	$0	$0
JEFFREY SHAHAN	BOARD MEMBER	1.00	Director	$0	$0	$0
VINCENT C THOMAS ESQ	BOARD MEMBER	1.00	Director	$0	$0	$0
AMELIA WYANT	BOARD MEMBER	1.00	Director	$0	$0	$0
PING XU	BOARD MEMBER (SINCE 9/2024)	1.00	Director	$0	$0	$0
TIMOTHY COSTELLO	HEAD OF SCHOOL	40.00	Officer	$318,093	$22,294	$340,387
PATRICK BURNS JR	DIR OF FINANCE AND OPERATIONS	40.00	Officer	$113,834	$21,059	$134,893
CHRISTY KOENSE	LOWER SCHOOL HEAD	40.00	Highest	$109,449	$21,909	$131,358
MICHELE HARRA	DIR OF ADVANCEMENT AND ENROLLMENT	40.00	Highest	$111,527	$11,488	$123,015
AMY GRAHAM	MIDDLE SCHOOL HEAD	40.00	Highest	$108,339	$17,250	$125,589
HEIDI MCDONOUGH	DIRECTOR OF MARKETING	40.00	Highest	$110,634	$4,957	$115,591

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	$12,787,471	$12,028,681	$29,057,618	$758,790
2024	$11,633,796	$11,235,947	$28,248,423	$397,849
2023	$12,303,148	$11,833,441	$26,844,847	$469,707
2022	$12,237,721	$10,431,706	$27,017,965	$1,806,015
2021	$10,738,864	$9,744,368	$26,545,837	$994,496
2020	$9,746,843	$9,777,277	$25,274,852	$-30,434
2019	$9,703,481	$10,095,577	$25,175,111	$-392,096