PLATINUM2023

THE INDEPENDENCE FUND, INC

Be a hero for a hero!®

aka The Independence Fund   |   Charlotte, NC   |  www.independencefund.org
GuideStar Charity Check

THE INDEPENDENCE FUND, INC

EIN: 26-0322088


Mission

Founded in 2007, The Independence Fund empowers our nation's severely wounded, injured, or ill Veterans to overcome physical, mental, and emotional wounds incurred in the line of duty. We improve the lives of both our Veterans and their families through The Independence Fund's Mobility, Caregiver, Adaptive Sports, and Advocacy programs, while also bridging the gap of unmet needs of veterans' caregivers. The Independence Fund works to give veterans the best mobility device options available, and as promote their mental and physical health.

Ruling year info

2007

Chief Executive Officer

Mrs Sarah Verardo

Executive Vice President

Mr. Sam Johnson

Main address

8349 Arrowridge Blvd Suite R

Charlotte, NC 28273 USA

Show more contact info

EIN

26-0322088

Subject area info

Family services

Special population support

Independent living for people with disabilities

Population served info

Families

People with physical disabilities

Veterans

NTEE code info

Military/Veterans' Organizations (W30)

IRS subsection

501(c)(3) Public Charity

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Tax forms

Communication

Programs and results

What we aim to solve

This profile needs more info.

If it is your nonprofit, add a problem overview.

Login and update

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Mobility Program

Since 2007, The Independence Fund has provided almost 2,000 mobility vehicles to wounded Veterans nationally! We work directly with specialized producers of all-terrain devices and adaptive bicycles to help Veterans get back to the activities they love, which their injuries have prevented them from enjoying. With an all-terrain mobility device, these Heroes can take control of their lives and move toward a better future.

Population(s) Served
Veterans

The women and men who provide daily care for our wounded Veterans are “Hidden Heroes”; working tirelessly to better the lives of those who sacrificed so much. The Independence Fund understands that these heroes are often overlooked, which is why our caregiver program provides physical, mental and emotional support through retreats focusing on small groups, pampering services and peer-to-peer support to give caregivers a rest from their 24/7 role.

Population(s) Served
Veterans

The Independence Fund is proud to work alongside key stakeholders to ensure that our nation's Veterans have appropriate access to care. Our new advocacy program will ensure that the promises made to our Veterans are kept and that Veterans have a voice in their care. We are working alongside our donors, our veterans, and elected officials to improve the long road home for our nation's wounded and their families.

Population(s) Served
Veterans

Combating Veteran Suicide
Each year, more than 6,000 Veterans take their own lives. Operation RESILIENCY focuses on the mental health and wellbeing of our Veterans in order to prevent Veteran Suicide and improve the overall quality of the life for our Veterans and their families. The Independence Fund and the Veterans Health Administration Office of Mental Health and Suicide Prevention (OMHSP) have partnered together in order to make an immediate impact on the lives of our Veterans and their families. The structure is a mutually beneficial manner that advances and improves Veterans’ mental health and wellbeing, and expands and promotes community collaboration to increase access to mental health resources for all Veterans and their families and prevent suicide in the Veteran community. This partnership with the Department of Veterans Affairs (VA) provides peer mentorship and resource sharing through reunions of Veterans from high casualty units. The reunion retreats will be an opportunity for each Veteran to regain the sense of camaraderie lost after leaving their unit. Together, The Independence Fund and the VA are combating Veteran suicide and reuniting these Veterans with independence. The goal is to ensure the unit that experiences the battle together, experiences healing together.

Population(s) Served

The Independence Fund’s Family Program, open to families of catastrophically wounded Veterans, focuses on art therapy, respite, and comprehensive individual aftercare. With the understanding that true independence can only be reached through total family care, The Independence Fund tailors its family program to provide aftercare that is specifically created for each family. No other organization provides this service.

Population(s) Served
Families
Veterans

In response to the COVID-19 pandemic, The Independence Fund launched Independence@Home, an emergency program to directly support its catastrophically disabled Veterans, Caregivers and families. We shifted funding to assist our Heroes with emergent COVID-19 costs like mortgage/rent, utilities, childcare, transportation services, home WiFi services, household cleaning and upkeep, grocery and medical product delivery and streaming services for work and learning.

Population(s) Served
Veterans
Veterans

Where we work

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of all-terrain tracked wheelchairs provided to Veterans

This metric is no longer tracked.
Totals By Year
Related Program

Mobility Program

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of caregivers for Veterans

This metric is no longer tracked.
Totals By Year
Related Program

Caregiver Program

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number served by Feeding Independence

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of Veterans in TIF Tactical

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

Founded in 2007, The Independence Fund is committed to empowering our nation’s catastrophically wounded, injured, or ill Veterans to overcome physical, mental, and emotional wounds incurred in the line of duty. We are dedicated to improving the lives of both our Veterans and their families. Through our Mobility, Caregiver, Adaptive Sports, Advocacy, and Family programs, The Independence Fund strives to bridge the gap of unmet needs for Veterans and their caregivers.

Through our Mobility, Caregiver, Family Program, Adaptive Sports, and Advocacy programs, as well as a willingness to adapt to specific health needs, we strive to create a culture in our organization where Veterans and their caregivers can rely on us to provide unmet needs. We ensure that the services we provide focus on the goal of giving our Veterans the best mobility device options available, as well as promoting their mental and physical health.

Through our Mobility, Caregiver, Family Program, Adaptive Sports, and Advocacy programs, we are addressing the prominent unmet needs in the Veteran community nationally.

Since founded in 2007, we have awarded 2,450+ all terrain chairs, 1,500+ adaptive devices, 500+ Caregivers assisted and $60 million+ donations, nationally.

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We shared information about our current feedback practices.
  • How is your organization using feedback from the people you serve?

    To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To identify where we are less inclusive or equitable across demographic groups, To strengthen relationships with the people we serve, To understand people's needs and how we can help them achieve their goals

  • Which of the following feedback practices does your organization routinely carry out?

    We collect feedback from the people we serve at least annually, We take steps to get feedback from marginalized or under-represented people, We aim to collect feedback from as many people we serve as possible, We take steps to ensure people feel comfortable being honest with us, We look for patterns in feedback based on demographics (e.g., race, age, gender, etc.), We look for patterns in feedback based on people’s interactions with us (e.g., site, frequency of service, etc.), We engage the people who provide feedback in looking for ways we can improve in response, We act on the feedback we receive, We tell the people who gave us feedback how we acted on their feedback, We ask the people who gave us feedback how well they think we responded

  • What challenges does the organization face when collecting feedback?

    We don't have any major challenges to collecting feedback

Financials

THE INDEPENDENCE FUND, INC
Fiscal year: Jul 01 - Jun 30
Financial documents
2022 2022 2020 2020 Financial Statement 2020 2020 990 2017 2017 IRS FORM 990.docx 2015
done  Yes, financials were audited by an independent accountant. info

Revenue vs. expenses:  breakdown

SOURCE: IRS Form 990 info
NET GAIN/LOSS:    in 
Note: When component data are not available, the graph displays the total Revenue and/or Expense values.

Liquidity in 2022 info

SOURCE: IRS Form 990

14.11

Average of 16.87 over 10 years

Months of cash in 2022 info

SOURCE: IRS Form 990

4.3

Average of 9.9 over 10 years

Fringe rate in 2022 info

SOURCE: IRS Form 990

20%

Average of 18% over 10 years

Funding sources info

Source: IRS Form 990

Assets & liabilities info

Source: IRS Form 990

Financial data

SOURCE: IRS Form 990

THE INDEPENDENCE FUND, INC

Revenue & expenses

Fiscal Year: Jul 01 - Jun 30

SOURCE: IRS Form 990 info

Fiscal year ending: cloud_download Download Data

THE INDEPENDENCE FUND, INC

Balance sheet

Fiscal Year: Jul 01 - Jun 30

SOURCE: IRS Form 990 info

The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot survive long, but the types of assets and liabilities must also be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan, and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.

Fiscal year ending: cloud_download Download Data

THE INDEPENDENCE FUND, INC

Financial trends analysis Glossary & formula definitions

Fiscal Year: Jul 01 - Jun 30

SOURCE: IRS Form 990 info

This snapshot of THE INDEPENDENCE FUND, INC’s financial trends applies Nonprofit Finance Fund® analysis to data hosted by GuideStar. While it highlights the data that matter most, remember that context is key – numbers only tell part of any story.

Created in partnership with

Business model indicators

Profitability info 2018 2019 2020 2021 2022
Unrestricted surplus (deficit) before depreciation -$1,895,020 -$3,667,565 $1,679,931 $2,859,573 -$427,293
As % of expenses -46.0% -39.1% 33.8% 50.8% -5.3%
Unrestricted surplus (deficit) after depreciation -$1,895,020 -$3,667,565 $1,679,931 $2,859,573 -$427,293
As % of expenses -46.0% -39.1% 33.8% 50.8% -5.3%
Revenue composition info
Total revenue (unrestricted & restricted) $2,716,829 $6,457,795 $5,645,725 $7,884,607 $8,567,110
Total revenue, % change over prior year -50.1% 137.7% -12.6% 39.7% 8.7%
Program services revenue 0.0% 0.0% 0.0% 0.0% 0.0%
Membership dues 0.0% 0.0% 0.0% 0.0% 0.0%
Investment income 1.1% 2.6% 1.2% 2.3% 2.1%
Government grants 0.0% 0.0% 0.0% 5.1% 10.5%
All other grants and contributions 98.5% 97.4% 98.7% 92.4% 87.1%
Other revenue 0.4% 0.0% 0.1% 0.1% 0.3%
Expense composition info
Total expenses before depreciation $4,118,297 $9,370,611 $4,972,717 $5,632,323 $8,100,266
Total expenses, % change over prior year -50.6% 127.5% -46.9% 13.3% 43.8%
Personnel 17.3% 23.2% 37.8% 33.7% 28.1%
Professional fees 11.3% 7.3% 4.8% 4.9% 14.3%
Occupancy 0.0% 0.0% 5.4% 4.0% 3.1%
Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Pass-through 10.7% 8.2% 0.0% 0.0% 12.2%
All other expenses 60.7% 61.4% 52.1% 57.3% 42.4%
Full cost components (estimated) info 2018 2019 2020 2021 2022
Total expenses (after depreciation) $4,118,297 $9,370,611 $4,972,717 $5,632,323 $8,100,266
One month of savings $343,191 $780,884 $414,393 $469,360 $675,022
Debt principal payment $0 $0 $0 $400,769 $4,683
Fixed asset additions $0 $0 $0 $0 $123,213
Total full costs (estimated) $4,461,488 $10,151,495 $5,387,110 $6,502,452 $8,903,184

Capital structure indicators

Liquidity info 2018 2019 2020 2021 2022
Months of cash 12.3 1.3 6.8 9.4 4.3
Months of cash and investments 21.3 5.4 13.3 17.3 11.2
Months of estimated liquid unrestricted net assets 19.4 3.9 11.6 16.3 10.7
Balance sheet composition info 2018 2019 2020 2021 2022
Cash $4,215,442 $1,011,904 $2,808,676 $4,421,674 $2,915,108
Investments $3,079,122 $3,194,415 $2,709,679 $3,692,257 $4,625,126
Receivables $170,694 $256,350 $0 $4,754 $50,135
Gross land, buildings, equipment (LBE) $459,350 $482,168 $496,823 $511,089 $658,921
Accumulated depreciation (as a % of LBE) 70.1% 81.3% 88.7% 91.3% 74.5%
Liabilities (as a % of assets) 4.5% 6.0% 14.4% 6.3% 6.9%
Unrestricted net assets $6,796,936 $3,129,371 $4,809,302 $7,668,875 $7,241,582
Temporarily restricted net assets $483,425 $1,200,215 N/A N/A N/A
Permanently restricted net assets $0 $0 N/A N/A N/A
Total restricted net assets $483,425 $1,200,215 $0 $0 $33,201
Total net assets $7,280,361 $4,329,586 $4,809,302 $7,668,875 $7,274,783

Key data checks

Key data checks info 2018 2019 2020 2021 2022
Material data errors No No No No No

Operations

The people, governance practices, and partners that make the organization tick.

Documents
Letter of Determination is not available for this organization
Form 1023/1024 is not available for this organization

Chief Executive Officer

Mrs Sarah Verardo

Executive Vice President

Sam Johnson

Number of employees

Source: IRS Form 990

THE INDEPENDENCE FUND, INC

Officers, directors, trustees, and key employees

SOURCE: IRS Form 990

Compensation
Other
Related
Show data for fiscal year
Compensation data
Download up to 5 most recent years of officer and director compensation data for this organization

THE INDEPENDENCE FUND, INC

Highest paid employees

SOURCE: IRS Form 990

Compensation
Other
Related
Show data for fiscal year
Compensation data
Download up to 5 most recent years of highest paid employee data for this organization

THE INDEPENDENCE FUND, INC

Board of directors
as of 10/31/2023
SOURCE: Self-reported by organization
Board of directors data
Download the most recent year of board of directors data for this organization
Board chair

Mr Art Pue

Sarah Verardo

Hon. Cheryl Mason

Mike Lenhart

Dr Keita Franklin

Jennifer Korn

MAJ Alea Nadeem

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? Yes

Organizational demographics

SOURCE: Self-reported; last updated 10/31/2023

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.

Leadership

No data

The organization's co-leader identifies as:

No data

Race & ethnicity

No data

Gender identity

No data

 

No data

Sexual orientation

No data

Disability

Equity strategies

Last updated: 04/12/2021

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Data
  • We review compensation data across the organization (and by staff levels) to identify disparities by race.
  • We ask team members to identify racial disparities in their programs and / or portfolios.
  • We analyze disaggregated data and root causes of race disparities that impact the organization's programs, portfolios, and the populations served.
  • We disaggregate data to adjust programming goals to keep pace with changing needs of the communities we support.
  • We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.
  • We disaggregate data by demographics, including race, in every policy and program measured.
  • We have long-term strategic plans and measurable goals for creating a culture such that one’s race identity has no influence on how they fare within the organization.
Policies and processes
  • We use a vetting process to identify vendors and partners that share our commitment to race equity.
  • We have a promotion process that anticipates and mitigates implicit and explicit biases about people of color serving in leadership positions.
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
  • We have community representation at the board level, either on the board itself or through a community advisory board.
  • We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.
  • We measure and then disaggregate job satisfaction and retention data by race, function, level, and/or team.
  • We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that one’s race identity has no influence on how they fare within the organization.

Contractors

Fiscal year ending
There are no fundraisers recorded for this organization.