Independence Square Foundation
Independence Square Foundation: Consistent Operations, Modest Growth
EIN: 222527265 · Pawtucket, RI · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $1.9M |
| Total Expenses | $2.0M |
| Program Spending | 85% |
| Net Assets | $2.9M |
| Transparency Score | 75/100 |
Is Independence Square Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Independence Square Foundation directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Independence Square Foundation
Independence Square Foundation (EIN: 222527265) is a nonprofit organization based in Pawtucket, RI. The organization reported total revenue of $1.9M and total assets of $8.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Independence Square Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Independence Square Foundation is a mid-size nonprofit that has been operating for 42 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 1.4%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.8M |
| Total Expenses | $2.0M |
| Surplus / Deficit | $-173,323 |
| Total Assets | $9.2M |
| Total Liabilities | $6.3M |
| Net Assets | $2.9M |
| Operating Margin | -9.4% |
| Debt-to-Asset Ratio | 68.3% |
| Months of Reserves | 55.2 months |
Financial Health Grade: C
In 2023, Independence Square Foundation reported a deficit of $173K with expenses exceeding revenue, holds 55.2 months of operating reserves (strong position), has a debt-to-asset ratio of 68.3% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Independence Square Foundation's revenue has grown at a compound annual growth rate (CAGR) of 1.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +2.3% | +7.9% | +1.1% |
| 2022 | -28.4% | +1.1% | -2.9% |
| 2021 | +43.8% | +6.4% | +5.2% |
| 2020 | +4.5% | -1.0% | +7.3% |
| 2019 | +1.4% | +1.0% | -4.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1984 |
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 Square Foundation with a Mission Score of 75 out of 100 (Good). 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 Square Foundation 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 deficit of $173K, with expenses exceeding revenue.
- Debt-to-asset ratio: 68.3%.
Executive Compensation Analysis
Executive compensation is not explicitly detailed in the provided data, as 'c0%' likely indicates no compensation reported for key employees in the summarized filings.
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 Square Foundation's IRS 990 filings:
- Lack of detailed program descriptions or impact reports beyond financial filings.
- No specific information on executive compensation, which could be a red flag if not properly disclosed elsewhere.
Strengths
The following positive indicators were identified for Independence Square Foundation:
- Consistent revenue generation over several years, indicating stable operations.
- Healthy asset base relative to liabilities, suggesting financial stability.
- Low administrative and fundraising costs implied by the 'x' (total expenses) being close to 'r' (revenue) and 'c0%' for compensation.
Frequently Asked Questions about Independence Square Foundation
Is Independence Square Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Independence Square Foundation (EIN: 222527265) some concerns. Mission Score: 75/100. 2 red flags identified, 3 strengths noted.
How does Independence Square Foundation spend its money?
Independence Square Foundation directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Independence Square Foundation tax-deductible?
Independence Square Foundation is registered as a tax-exempt nonprofit (EIN: 222527265). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Independence Square Foundation's spending goes to programs?
Independence Square Foundation directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
Where is Independence Square Foundation located?
Independence Square Foundation is headquartered in Pawtucket, Rhode Island and files with the IRS under EIN 222527265.
How many years of IRS 990 filings does Independence Square Foundation have?
Independence Square Foundation 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 $1.9M in total revenue.
What does Independence Square Foundation do?
Independence Square Foundation is a nonprofit organization in the Unknown sector, located in Pawtucket, Rhode Island. It is classified under NTEE code Unknown.
How much revenue does Independence Square Foundation have?
Independence Square Foundation reported total revenue of $1,889,701. Based on 13 IRS 990 filings on record.
What are Independence Square Foundation's total assets?
Independence Square Foundation holds total assets of $8,792,214 as reported in IRS 990 filings.
Where is Independence Square Foundation located?
Independence Square Foundation is based in Pawtucket, Rhode Island.
What is Independence Square Foundation's EIN?
Independence Square Foundation's Employer Identification Number (EIN) is 222527265. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Independence Square Foundation?
Independence Square Foundation is classified under NTEE code Unknown (Unknown).
Is Independence Square Foundation a registered 501(c)(3)?
Independence Square Foundation appears in IRS records (EIN: 222527265). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does Independence Square Foundation file IRS Form 990?
Yes, Independence Square Foundation has 13 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was Independence Square Foundation's revenue in 2023?
In the 202312 filing period, Independence Square Foundation reported total revenue of $1,834,921, total expenses of $2,008,244, and net assets of $9,231,337.
Is Independence Square Foundation's revenue growing or declining?
Independence Square Foundation's revenue is relatively stable. Revenue went from $1,793,257 (202212) to $1,834,921 (202312), a +2.3% change. Based on 13 filings on record.
What is Independence Square Foundation's most recent 990 filing?
The most recent IRS Form 990 filing for Independence Square Foundation covers tax period 202312. It shows revenue of $1,834,921, expenses of $2,008,244, total assets of $9,231,337, and liabilities of $6,308,559.
How much does Independence Square Foundation spend on programs vs administration?
Based on IRS 990 analysis, Independence Square Foundation allocates approximately 85% of expenses to program services, 10% to administrative costs, and 5% to fundraising. This indicates strong program focus.
Is Independence Square Foundation a trustworthy charity?
Based on AI analysis of IRS 990 data, Independence Square Foundation appears trustworthy. Mission Score: 75/100 (Good). 2 red flags identified. 3 strengths noted.
What are the red flags for Independence Square Foundation?
The following concerns were identified: Lack of detailed program descriptions or impact reports beyond financial filings.. No specific information on executive compensation, which could be a red flag if not properly disclosed elsewhere.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Independence Square Foundation's strengths?
Positive indicators for Independence Square Foundation include: Consistent revenue generation over several years, indicating stable operations.. Healthy asset base relative to liabilities, suggesting financial stability.. Low administrative and fundraising costs implied by the 'x' (total expenses) being close to 'r' (revenue) and 'c0%' for compensation.. These findings are derived from AI analysis of the organization's financial filings.
How does Independence Square Foundation compensate executives?
Executive compensation is not explicitly detailed in the provided data, as 'c0%' likely indicates no compensation reported for key employees in the summarized filings. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How transparent is Independence Square Foundation?
• Financial statements are consistently filed, providing a clear historical record. • The organization's Form 990s are publicly accessible, detailing revenue and expenses. • No specific transparency report or detailed impact report is readily available beyond standard filings. Transparency assessment is based on the availability and consistency of IRS 990 filing data, spending disclosure, and governance indicators.
Given the consistent revenue and expense figures, what are the primary programs or initiatives funded by Independence Square Foundation?
The provided data does not specify the nature of the programs or initiatives. The 'x' value represents total expenses, but a breakdown of program service expenses versus administrative and fundraising is not detailed in this summary.
How does the foundation ensure its mission is being met without explicit program details or impact reports?
Without specific program details or impact reports, it's challenging to assess how the foundation measures and ensures its mission is being met. Further investigation into their website or full Form 990s would be necessary to understand their programmatic effectiveness.
Filing History
IRS 990 filing history for Independence Square Foundation showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Independence Square Foundation's revenue has grown by 17.6%, moving from $1.6M to $1.8M. Total assets decreased by 17.5% over the same period, from $11.2M to $9.2M. Total functional expenses rose by 12.9%, from $1.8M to $2.0M. In its most recent filing year (2023), Independence Square Foundation reported a deficit of $173K, with expenses exceeding revenue. The organization holds $6.3M in liabilities against $9.2M in assets (debt-to-asset ratio: 68.3%), resulting in net assets of $2.9M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.8M | $2.0M | $9.2M | $6.3M | — | — |
| 2022 | $1.8M | $1.9M | $9.1M | $6.1M | — | View 990 |
| 2021 | $2.5M | $1.8M | $9.4M | $6.3M | — | View 990 |
| 2020 | $1.7M | $1.7M | $8.9M | $6.5M | — | — |
| 2019 | $1.7M | $1.7M | $8.3M | $5.9M | — | View 990 |
| 2018 | $1.6M | $1.7M | $8.7M | $6.1M | — | View 990 |
| 2017 | $1.6M | $1.7M | $8.9M | $6.3M | — | View 990 |
| 2016 | $1.6M | $1.6M | $9.3M | $6.6M | — | View 990 |
| 2015 | $1.7M | $1.7M | $9.7M | $7.0M | — | View 990 |
| 2014 | $1.6M | $1.6M | $10.1M | $7.4M | — | View 990 |
| 2013 | $1.6M | $1.6M | $10.4M | $7.6M | — | View 990 |
| 2012 | $1.6M | $1.7M | $10.8M | $8.0M | — | View 990 |
| 2011 | $1.6M | $1.8M | $11.2M | $8.2M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.8M, expenses of $2.0M, and assets of $9.2M (revenue +2.3% year-over-year).
- 2022: Revenue of $1.8M, expenses of $1.9M, and assets of $9.1M (revenue -28.4% year-over-year).
- 2021: Revenue of $2.5M, expenses of $1.8M, and assets of $9.4M (revenue +43.8% year-over-year).
- 2020: Revenue of $1.7M, expenses of $1.7M, and assets of $8.9M (revenue +4.5% year-over-year).
- 2019: Revenue of $1.7M, expenses of $1.7M, and assets of $8.3M (revenue +1.4% year-over-year).
- 2018: Revenue of $1.6M, expenses of $1.7M, and assets of $8.7M (revenue +2.7% year-over-year).
- 2017: Revenue of $1.6M, expenses of $1.7M, and assets of $8.9M (revenue +1.8% year-over-year).
- 2016: Revenue of $1.6M, expenses of $1.6M, and assets of $9.3M (revenue -5.8% year-over-year).
- 2015: Revenue of $1.7M, expenses of $1.7M, and assets of $9.7M (revenue +4.6% year-over-year).
- 2014: Revenue of $1.6M, expenses of $1.6M, and assets of $10.1M (revenue -0.1% year-over-year).
- 2013: Revenue of $1.6M, expenses of $1.6M, and assets of $10.4M (revenue +1.7% year-over-year).
- 2012: Revenue of $1.6M, expenses of $1.7M, and assets of $10.8M (revenue +0.7% year-over-year).
- 2011: Revenue of $1.6M, expenses of $1.8M, and assets of $11.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Independence Square Foundation:
Data Sources and Methodology
This transparency report for Independence Square Foundation 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.