Independence Association Inc

Analysis

Independence Association Inc is a registered charity in United States, based in Brunswick, ME. It received its IRS tax-exemption ruling in April 2001, 25 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Independence Association Inc reported income of $11.8m and spending of $11.6m, spending 98% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $10.8m to $11.8m (+9.8%), an average of +2.4% a year. Over the whole period it spent 98% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Independence Association Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 95th percentile within ME. Charities of a similar size with the same main cause include Nishna Productions Inc ($11.8m), H a P Enterprises Inc ($11.8m) and Stein Hospice Services Inc ($11.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 6.4% and program service revenue 86% of the total. Compensation of current officers, directors and key employees was $110k (0.9% of expenses). Other salaries and wages came to $7.0m. At year end it held assets of $10.2m against liabilities of $3.3m, net assets of $6.9m. It reported 216 employees.