Independent Foundation
Independent Foundation consistently accumulates assets with low expenses and no reported officer compensation.
EIN: 116526222 · New York, NY · NTEE: T20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $5.9M |
| Total Expenses | $272K |
| Program Spending | 90% |
| Net Assets | $6.5M |
| Transparency Score | 95/100 |
Is Independent Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Independent Foundation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Independent Foundation
Independent Foundation (EIN: 116526222) is a nonprofit organization based in New York, NY, classified under NTEE code T20. The organization reported total revenue of $5.9M and total assets of $9.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Independent Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Independent Foundation is a mid-size nonprofit that has been operating for 23 years, with 11 years of IRS 990 filings on record (2010–2023). Revenue has grown at a compound annual rate of 32.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.1M |
| Total Expenses | $272K |
| Surplus / Deficit | +$870K |
| Total Assets | $6.5M |
| Total Liabilities | $1 |
| Net Assets | $6.5M |
| Operating Margin | 76.2% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 288.8 months |
Financial Health Grade: A
In 2023, Independent Foundation reported a surplus of $870K with revenue exceeding expenses, holds 288.8 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 11 years of filings (2010–2023), Independent Foundation's revenue has grown at a compound annual growth rate (CAGR) of 32.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -1.9% | -0.2% | +25.9% |
| 2022 | +54.7% | +173.0% | +11.7% |
| 2021 | +52.2% | -30.3% | +17.3% |
| 2020 | -11.1% | +5.8% | +15.1% |
| 2019 | +37.7% | -48.1% | +28.9% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2003 |
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 Independent Foundation with a Mission Score of 95 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: 90%
- fundraising: 0%
According to IRS 990 filings, Independent Foundation allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% 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 $870K, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Independent Foundation consistently reports 0% officer compensation across all available filings, indicating that executive leadership is either entirely volunteer-based or compensated through other means not reported as officer compensation, which is highly efficient for a foundation of its size.
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 Independent Foundation's IRS 990 filings:
- Lack of detailed program spending breakdown in provided data (typical for private foundations, but limits granular analysis of impact)
Strengths
The following positive indicators were identified for Independent Foundation:
- Exceptional financial efficiency with low expense ratios (e.g., 23.8% of revenue in 2023)
- Consistent asset growth, indicating strong financial health and sustainability (from $259,046 in 2011 to $6,542,146 in 2023)
- Zero reported officer compensation across all filings, suggesting volunteer leadership or highly cost-effective management
- Minimal liabilities ($1 in recent years), indicating sound financial management and low risk
- Consistent filing history demonstrating transparency
Frequently Asked Questions about Independent Foundation
Is Independent Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Independent Foundation (EIN: 116526222) some concerns. Mission Score: 95/100. 1 red flag identified, 5 strengths noted.
How does Independent Foundation spend its money?
Independent Foundation directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Independent Foundation tax-deductible?
Independent Foundation is registered as a tax-exempt nonprofit (EIN: 116526222). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Independent Foundation compare to similar nonprofits?
With a transparency score of 95/100 (Excellent), Independent Foundation is above average for NTEE category T20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Independent Foundation located?
Independent Foundation is headquartered in New York, New York and files with the IRS under EIN 116526222. It is classified under NTEE code T20.
How many years of IRS 990 filings does Independent Foundation have?
Independent Foundation has 11 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 $5.9M in total revenue.
Is Independent Foundation a good charity?
Based on its financial data, Independent Foundation appears to be a very well-managed and efficient organization. It consistently generates significant surpluses, has a rapidly growing asset base, and reports no officer compensation, suggesting a strong commitment to its mission and efficient use of funds.
How does Independent Foundation manage its expenses?
The foundation manages its expenses exceptionally well, with total expenses consistently being a small percentage of its revenue. For example, in 2023, expenses were only $271,790 against $1,141,814 in revenue. This low expense ratio, coupled with zero reported officer compensation, indicates highly efficient operations.
What is the growth trend of Independent Foundation's assets?
Independent Foundation shows a strong and consistent growth trend in its assets, increasing from $259,046 in 2011 to $6,542,146 in 2023. This indicates effective financial management and accumulation of resources over time.
Filing History
IRS 990 filing history for Independent Foundation showing financial trends over 11 years of public records:
Over 11 years of IRS 990 filings (2010–2023), Independent Foundation's revenue has grown by 3674.7%, moving from $30K to $1.1M. Total assets increased by 4870.6% over the same period, from $132K to $6.5M. Total functional expenses rose by 280.2%, from $71K to $272K. In its most recent filing year (2023), Independent Foundation reported a surplus of $870K, with revenue exceeding expenses. The organization holds $1 in liabilities against $6.5M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $6.5M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.1M | $272K | $6.5M | $1 | — | View 990 |
| 2022 | $1.2M | $272K | $5.2M | $1 | — | View 990 |
| 2021 | $753K | $100K | $4.7M | $1 | — | View 990 |
| 2020 | $495K | $143K | $4.0M | $1 | — | View 990 |
| 2019 | $557K | $135K | $3.4M | $1 | — | — |
| 2015 | $404K | $261K | $2.7M | $1 | — | View 990 |
| 2014 | $759K | $231K | $1.9M | $1 | — | View 990 |
| 2013 | $1.0M | $218K | $1.4M | $1 | — | View 990 |
| 2012 | $517K | $163K | $613K | $0 | — | View 990 |
| 2011 | $305K | $191K | $259K | $0 | — | View 990 |
| 2010 | $30K | $71K | $132K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.1M, expenses of $272K, and assets of $6.5M (revenue -1.9% year-over-year).
- 2022: Revenue of $1.2M, expenses of $272K, and assets of $5.2M (revenue +54.7% year-over-year).
- 2021: Revenue of $753K, expenses of $100K, and assets of $4.7M (revenue +52.2% year-over-year).
- 2020: Revenue of $495K, expenses of $143K, and assets of $4.0M (revenue -11.1% year-over-year).
- 2019: Revenue of $557K, expenses of $135K, and assets of $3.4M (revenue +37.7% year-over-year).
- 2015: Revenue of $404K, expenses of $261K, and assets of $2.7M (revenue -46.7% year-over-year).
- 2014: Revenue of $759K, expenses of $231K, and assets of $1.9M (revenue -27.3% year-over-year).
- 2013: Revenue of $1.0M, expenses of $218K, and assets of $1.4M (revenue +102.0% year-over-year).
- 2012: Revenue of $517K, expenses of $163K, and assets of $613K (revenue +69.5% year-over-year).
- 2011: Revenue of $305K, expenses of $191K, and assets of $259K (revenue +908.7% year-over-year).
- 2010: Revenue of $30K, expenses of $71K, and assets of $132K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Independent Foundation:
Data Sources and Methodology
This transparency report for Independent 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.