Independence 1st Owner Corp

Analysis

Independence 1st Owner Corp is a registered charity in United States, based in Elmont, NY. It received its IRS tax-exemption ruling in April 1997, 29 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 1st Owner Corp reported income of $51k and spending of $72k, spending 141% of what it took in. Across the 2 years on record, from June 2022 to June 2023, income grew from $42k to $51k (+21%), an average of +22% a year. The sharpest change came in the year to June 2023, when income rose by 21%. Over the whole period it spent 147% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Independence 1st Owner Corp sits at the 18th percentile: it is larger than about 18% of them. Against every charity in United States with reported income it ranks in the 20th percentile, and in the 22nd percentile within NY. Charities of a similar size with the same main cause include Abundant Life Community Services Inc ($51k), Committee for the Absorption of Soviet Emigrees ($51k) and Pro-Life Champions ($51k).

On its Form 990-EZ for the period ending June 2023, revenue came from program service revenue 100% of the total. At year end it held assets of $497k against liabilities of $802k, net assets of -$305k.