INDEPENDENT INSTITUTE (EIN 943008370) - 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

1986

Legal Domicile

Principal Officer

MARY LG THEROUX

Phone

5106321366

Tax Period

2023-07-01 to 2024-06-30

INDEPENDENT INSTITUTE, founded in 1986, is a community nonprofit that reported $9.0M in total revenue in fiscal year 2023. Revenue surged 122% from the prior year, signaling strong growth momentum. The organization ran a surplus of $3.7M, a strong 41% operating margin.

Mission

ADVANCE PEACEFUL, PROSPEROUS, & FREE SOCIETIES GROUNDED IN A COMMITMENT TO HUMAN WORTH & DIGNITY.

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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 $8,421,321

Program Service Revenue $59,636

Investment Income $564,143

Other Revenue $-3,880

TOTAL REVENUE $9,041,220

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,688,972

Fundraising Expenses $567,342

Program Expenses $4,252,456

Other Expenses $2,639,269

TOTAL EXPENSES $5,328,241

Year-over-Year Comparison

	2023	2022	Change
Revenue	$9,041,220	$4,070,807	+1.2%
Expenses	$5,328,241	$5,035,747	+0.1%
Net Income	$3,712,979	$-964,940	-4.8%

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

$276,649

Total Directors

$276,649

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
GRAHAM WALKER	PRESIDENT	40.00	Officer Director	$262,930	$13,719	$276,649
JOHN HAGEL III JD	DIRECTOR	2.00	Director	$0	$0	$0
SALLY HARRIS	DIRECTOR	2.00	Director	$0	$0	$0
SUSAN SOLINSKY	DIRECTOR	2.00	Director	$0	$0	$0
DAVID TEECE PHD	DIRECTOR	2.00	Director	$0	$0	$0
MARY THEROUX	CHAIRMAN & CEO	40.00	Officer Director	$0	$0	$0
SARAH O'DOWD	DIRECTOR	2.00	Director	$0	$0	$0
MICHAEL CASSLING	DIRECTOR	2.00	Director	$0	$0	$0
BRAD DEVOS	COO	40.00	Officer	$0	$0	$0
PHILLIP MAGNESS	DJT CHAIR	40.00	Officer	$0	$0	$0
WILLIAMSON EVERS	SENIOR FELLOW	40.00	Highest	$190,911	$15,608	$206,519
IVAN ELAND	SENIOR FELLOW	40.00	Highest	$150,503	$14,490	$164,993
LAWRENCE J MCQUILLAN	SENIOR FELLOW	40.00	Highest	$131,726	$13,759	$145,485
JACOB TURNROSE	DIRECTOR OF DEVELOPMENT	40.00	Highest	$100,835	$14,490	$115,325

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	No data	No data	No data	No data
2024	$9,041,220	$5,328,241	$12,658,115	$3,712,979
2023	$4,070,807	$5,035,747	$8,201,976	$-964,940
2022	$5,449,140	$4,885,556	$9,064,012	$563,584
2021	$4,554,919	$4,501,500	$9,389,150	$53,419
2020	$4,135,047	$4,345,303	$8,594,622	$-210,256
2019	$4,179,442	$3,903,889	$8,473,988	$275,553

INDEPENDENT INSTITUTE