Independence Care System Inc
Independence Care System Inc. faces significant financial contraction and persistent operational deficits.
EIN: 133964284 · New York, NY · NTEE: E99 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $28.1M |
| Total Expenses | $14.9M |
| Program Spending | 80% |
| Net Assets | $5.8M |
| Transparency Score | 45/100 |
Is Independence Care System Inc Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Independence Care System Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Independence Care System Inc
Independence Care System Inc (EIN: 133964284) is a nonprofit organization based in New York, NY, classified under NTEE code E99. The organization reported total revenue of $28.1M and total assets of $12.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Independence Care System Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Independence Care System Inc is a large nonprofit that has been operating for 28 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -15.6%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $13.5M |
| Total Expenses | $14.9M |
| Surplus / Deficit | $-1,335,128 |
| Total Assets | $12.4M |
| Total Liabilities | $6.6M |
| Net Assets | $5.8M |
| Operating Margin | -9.9% |
| Debt-to-Asset Ratio | 53.6% |
| Months of Reserves | 10.0 months |
Financial Health Grade: C
In 2023, Independence Care System Inc reported a deficit of $1.3M with expenses exceeding revenue, holds 10.0 months of operating reserves (strong position), has a debt-to-asset ratio of 53.6% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Independence Care System Inc's revenue has declined at a compound annual growth rate (CAGR) of -15.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -3.6% | -3.3% | -12.1% |
| 2022 | -24.2% | -1.2% | +32.2% |
| 2021 | +16.4% | -0.7% | -44.5% |
| 2020 | +52.8% | +20.6% | +251.1% |
| 2019 | -97.6% | -97.4% | -83.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1998 |
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 Care System Inc with a Mission Score of 45 out of 100 (Fair). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Independence Care System Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 deficit of $1.3M, with expenses exceeding revenue.
- Debt-to-asset ratio: 53.6%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all provided filings, which is highly unusual for an entity with multi-million dollar revenues and suggests executive compensation may be reported under other expense categories or that the organization relies on a unique leadership structure.
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 Care System Inc's IRS 990 filings:
- Dramatic decline in revenue and assets (from hundreds of millions to tens of millions) between 2018 and 2019 without clear explanation.
- Consistent operational deficits in recent years (expenses exceeding revenue), indicating potential sustainability issues.
- Unusually low asset base relative to historical figures and current expenses, suggesting depleted reserves.
- Reporting 0% officer compensation, which is highly unusual for an organization of this scale and may lack transparency regarding leadership costs.
- Significant fluctuations in liabilities, particularly a high liability in 2019 ($20.6M) relative to assets ($5.4M).
Strengths
The following positive indicators were identified for Independence Care System Inc:
- No reported officer compensation, which could indicate a highly volunteer-driven or cost-efficient leadership model if accurately represented.
- History of significant operations and revenue prior to 2019, suggesting past capacity and impact.
Frequently Asked Questions about Independence Care System Inc
Is Independence Care System Inc a legitimate charity?
Independence Care System Inc (EIN: 133964284) is a registered tax-exempt nonprofit based in New York. Our AI analysis gives it a Mission Score of 45/100. It has 13 years of IRS 990 filings on record. Total revenue: $28.1M. 5 red flags identified. 2 strengths noted. Financial health grade: C.
How does Independence Care System Inc spend its money?
Independence Care System Inc directs 80% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Independence Care System Inc tax-deductible?
Independence Care System Inc is registered as a tax-exempt nonprofit (EIN: 133964284). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Independence Care System Inc's spending goes to programs?
Independence Care System Inc directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Independence Care System Inc compare to similar nonprofits?
With a transparency score of 45/100 (Fair), Independence Care System Inc is near average for NTEE category E99 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Independence Care System Inc located?
Independence Care System Inc is headquartered in New York, New York and files with the IRS under EIN 133964284. It is classified under NTEE code E99.
How many years of IRS 990 filings does Independence Care System Inc have?
Independence Care System 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 $28.1M in total revenue.
What caused the dramatic decrease in revenue and assets between 2018 and 2019?
The organization's revenue dropped from $437,036,759 in 2018 to $10,424,062 in 2019, and assets decreased from $33,309,364 to $5,464,015 in the same period. This significant change warrants an explanation regarding operational restructuring or program changes.
How does Independence Care System Inc. sustain operations with consistent deficits?
In recent years, expenses have frequently exceeded revenue (e.g., $14.8M expenses vs. $13.5M revenue in 2023). This pattern suggests the organization may be drawing from reserves or facing ongoing financial challenges that could impact long-term sustainability.
Why is officer compensation consistently reported as 0%?
Reporting 0% officer compensation for an organization with multi-million dollar revenues is atypical. It raises questions about how executive leadership is compensated, if at all, or if compensation is categorized differently in their financial statements.
Filing History
IRS 990 filing history for Independence Care System Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Independence Care System Inc's revenue has declined by 87%, moving from $104.0M to $13.5M. Total assets decreased by 68.4% over the same period, from $39.2M to $12.4M. Total functional expenses fell by 85.3%, from $101.1M to $14.9M. In its most recent filing year (2023), Independence Care System Inc reported a deficit of $1.3M, with expenses exceeding revenue. The organization holds $6.6M in liabilities against $12.4M in assets (debt-to-asset ratio: 53.6%), resulting in net assets of $5.8M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $13.5M | $14.9M | $12.4M | $6.6M | — | — |
| 2022 | $14.1M | $15.4M | $14.1M | $7.2M | — | — |
| 2021 | $18.5M | $15.6M | $10.7M | $1.7M | — | View 990 |
| 2020 | $15.9M | $15.7M | $19.2M | $12.5M | — | — |
| 2019 | $10.4M | $13.0M | $5.5M | $20.7M | — | View 990 |
| 2018 | $437.0M | $505.2M | $33.3M | $162.6M | — | View 990 |
| 2017 | $463.4M | $488.8M | $51.8M | $112.9M | — | View 990 |
| 2016 | $425.9M | $458.9M | $76.3M | $112.0M | — | View 990 |
| 2015 | $374.0M | $388.0M | $71.5M | $68.4M | — | View 990 |
| 2014 | $336.4M | $332.8M | $105.7M | $88.7M | — | View 990 |
| 2013 | $266.9M | $265.9M | $77.8M | $64.4M | — | View 990 |
| 2012 | $148.5M | $149.2M | $52.3M | $39.9M | — | View 990 |
| 2011 | $104.0M | $101.1M | $39.2M | $26.1M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $13.5M, expenses of $14.9M, and assets of $12.4M (revenue -3.6% year-over-year).
- 2022: Revenue of $14.1M, expenses of $15.4M, and assets of $14.1M (revenue -24.2% year-over-year).
- 2021: Revenue of $18.5M, expenses of $15.6M, and assets of $10.7M (revenue +16.4% year-over-year).
- 2020: Revenue of $15.9M, expenses of $15.7M, and assets of $19.2M (revenue +52.8% year-over-year).
- 2019: Revenue of $10.4M, expenses of $13.0M, and assets of $5.5M (revenue -97.6% year-over-year).
- 2018: Revenue of $437.0M, expenses of $505.2M, and assets of $33.3M (revenue -5.7% year-over-year).
- 2017: Revenue of $463.4M, expenses of $488.8M, and assets of $51.8M (revenue +8.8% year-over-year).
- 2016: Revenue of $425.9M, expenses of $458.9M, and assets of $76.3M (revenue +13.9% year-over-year).
- 2015: Revenue of $374.0M, expenses of $388.0M, and assets of $71.5M (revenue +11.2% year-over-year).
- 2014: Revenue of $336.4M, expenses of $332.8M, and assets of $105.7M (revenue +26.0% year-over-year).
- 2013: Revenue of $266.9M, expenses of $265.9M, and assets of $77.8M (revenue +79.7% year-over-year).
- 2012: Revenue of $148.5M, expenses of $149.2M, and assets of $52.3M (revenue +42.8% year-over-year).
- 2011: Revenue of $104.0M, expenses of $101.1M, and assets of $39.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Independence Care System Inc:
Data Sources and Methodology
This transparency report for Independence Care System 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.