Independence Association Inc
Independence Association Inc maintains stable financial operations with consistent revenue and expense levels.
EIN: 10278024 · Brunswick, ME · NTEE: P820 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $11.6M |
| Total Expenses | $11.6M |
| Program Spending | 85% |
| CEO/Top Officer Pay | $11.8M |
| Net Assets | $6.9M |
| Transparency Score | 85/100 |
Is Independence Association Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Independence Association Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Independence Association Inc
Independence Association Inc (EIN: 10278024) is a nonprofit organization based in Brunswick, ME, classified under NTEE code P820. The organization reported total revenue of $11.6M and total assets of $10.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Independence Association Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Independence Association Inc is a large nonprofit that has been operating for 25 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 3.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $11.8M |
| Total Expenses | $11.6M |
| Surplus / Deficit | +$257K |
| Total Assets | $10.2M |
| Total Liabilities | $3.3M |
| Net Assets | $6.9M |
| Operating Margin | 2.2% |
| Debt-to-Asset Ratio | 32.6% |
| Months of Reserves | 10.6 months |
Financial Health Grade: A
In 2023, Independence Association Inc reported a surplus of $257K with revenue exceeding expenses, holds 10.6 months of operating reserves (strong position), has a debt-to-asset ratio of 32.6% (moderate leverage).
Financial Trends
Over 13 years of filings (2011–2023), Independence Association Inc's revenue has grown at a compound annual growth rate (CAGR) of 3.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +10.2% | +3.8% | -5.0% |
| 2022 | +2.7% | +21.7% | -7.1% |
| 2021 | +10.8% | -7.3% | +4.4% |
| 2020 | -12.4% | -5.8% | +11.6% |
| 2019 | +6.9% | +3.9% | +15.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2001 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Independence Association Inc with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Independence Association Inc allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $257K, with revenue exceeding expenses.
- Debt-to-asset ratio: 32.6%.
Executive Compensation Analysis
The provided data consistently shows 0% officer compensation across all filings, which is unusual for an organization of this size ($11.8M revenue). This either indicates that executive compensation is not categorized under 'Officer Comp' in the summary data or that the organization has a unique compensation structure, warranting further investigation into detailed compensation schedules.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Independence Association Inc's IRS 990 filings:
- Unusually low or 0% reported officer compensation, which may indicate a reporting anomaly or a need for deeper scrutiny into compensation structures.
Strengths
The following positive indicators were identified for Independence Association Inc:
- Consistent revenue generation, with latest revenue at $11,811,840.
- Stable asset growth, reaching $10,195,662 in the latest period.
- Expenses generally align with revenues, indicating sound financial management.
- Long history of IRS 990 filings (13 filings), suggesting transparency and compliance.
Frequently Asked Questions about Independence Association Inc
Is Independence Association Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Independence Association Inc (EIN: 10278024) some concerns. Mission Score: 85/100. 1 red flag identified, 4 strengths noted.
How does Independence Association Inc spend its money?
Independence Association Inc directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Independence Association Inc tax-deductible?
Independence Association Inc is registered as a tax-exempt nonprofit (EIN: 10278024). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Independence Association Inc CEO make?
Independence Association Inc's highest-compensated officer earns $11.8M annually. The organization reported $11.6M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Independence Association Inc's spending goes to programs?
Independence Association Inc directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Independence Association Inc compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Independence Association Inc is above average for NTEE category P820 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Independence Association Inc located?
Independence Association Inc is headquartered in Brunswick, Maine and files with the IRS under EIN 10278024. It is classified under NTEE code P820.
How many years of IRS 990 filings does Independence Association Inc have?
Independence Association Inc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $11.6M in total revenue.
Is Independence Association Inc a good charity?
Based on the provided data, Independence Association Inc appears to be a financially stable organization with consistent revenue and expense management. The reported 0% officer compensation is a notable point for further inquiry, but overall financial health seems sound.
How has the organization's financial health changed over the last decade?
Over the past decade, Independence Association Inc has seen its revenue grow from $9,136,761 in 2014 to $11,811,840 in 2023. Assets have also increased from $6,889,006 to $10,195,662, indicating steady growth and financial stability, despite some fluctuations in annual surpluses/deficits.
What is the trend in the organization's liabilities?
Liabilities have generally increased over the decade, from $1,626,388 in 2014 to $3,322,307 in 2023. While this is an increase, the organization's assets have grown at a faster rate, maintaining a healthy asset-to-liability ratio.
Filing History
IRS 990 filing history for Independence Association Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Independence Association Inc's revenue has grown by 45.9%, moving from $8.1M to $11.8M. Total assets increased by 55.7% over the same period, from $6.6M to $10.2M. Total functional expenses rose by 44.8%, from $8.0M to $11.6M. In its most recent filing year (2023), Independence Association Inc reported a surplus of $257K, with revenue exceeding expenses. The organization holds $3.3M in liabilities against $10.2M in assets (debt-to-asset ratio: 32.6%), resulting in net assets of $6.9M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $11.8M | $11.6M | $10.2M | $3.3M | — | View 990 |
| 2022 | $10.7M | $11.1M | $10.7M | $4.3M | — | View 990 |
| 2021 | $10.4M | $9.1M | $11.5M | $4.4M | — | View 990 |
| 2020 | $9.4M | $9.9M | $11.1M | $5.6M | — | View 990 |
| 2019 | $10.8M | $10.5M | $9.9M | $4.0M | — | View 990 |
| 2018 | $10.1M | $10.1M | $8.6M | $2.9M | — | View 990 |
| 2017 | $9.2M | $9.2M | $7.4M | $1.8M | — | View 990 |
| 2016 | $9.5M | $9.4M | $7.2M | $1.8M | — | View 990 |
| 2015 | $9.2M | $9.0M | $7.1M | $1.7M | — | View 990 |
| 2014 | $9.1M | $9.0M | $6.9M | $1.6M | — | View 990 |
| 2013 | $8.7M | $8.5M | $6.8M | $1.8M | — | View 990 |
| 2012 | $8.8M | $8.7M | $6.5M | $1.8M | — | View 990 |
| 2011 | $8.1M | $8.0M | $6.6M | $1.9M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $11.8M, expenses of $11.6M, and assets of $10.2M (revenue +10.2% year-over-year).
- 2022: Revenue of $10.7M, expenses of $11.1M, and assets of $10.7M (revenue +2.7% year-over-year).
- 2021: Revenue of $10.4M, expenses of $9.1M, and assets of $11.5M (revenue +10.8% year-over-year).
- 2020: Revenue of $9.4M, expenses of $9.9M, and assets of $11.1M (revenue -12.4% year-over-year).
- 2019: Revenue of $10.8M, expenses of $10.5M, and assets of $9.9M (revenue +6.9% year-over-year).
- 2018: Revenue of $10.1M, expenses of $10.1M, and assets of $8.6M (revenue +9.1% year-over-year).
- 2017: Revenue of $9.2M, expenses of $9.2M, and assets of $7.4M (revenue -2.8% year-over-year).
- 2016: Revenue of $9.5M, expenses of $9.4M, and assets of $7.2M (revenue +2.5% year-over-year).
- 2015: Revenue of $9.2M, expenses of $9.0M, and assets of $7.1M (revenue +1.2% year-over-year).
- 2014: Revenue of $9.1M, expenses of $9.0M, and assets of $6.9M (revenue +5.0% year-over-year).
- 2013: Revenue of $8.7M, expenses of $8.5M, and assets of $6.8M (revenue -0.6% year-over-year).
- 2012: Revenue of $8.8M, expenses of $8.7M, and assets of $6.5M (revenue +8.1% year-over-year).
- 2011: Revenue of $8.1M, expenses of $8.0M, and assets of $6.6M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Independence Association Inc:
Data Sources and Methodology
This transparency report for Independence Association Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.