Independence First Inc

Analysis

Independence First Inc is a registered charity in United States, based in Milwaukee, WI. It received its IRS tax-exemption ruling in December 1980, 46 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 December 2023, Independence First Inc reported income of $25.2m and spending of $24.9m, spending 99% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $30.4m to $25.2m (-17%), an average of -4.6% a year. The sharpest change came in the year to December 2021, when income dropped by 19%. Over the whole period it spent 93% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Independence First Inc sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within WI. Charities of a similar size with the same main cause include Christian Retirement Services Inc Oaknoll Retirement Residence ($25.2m), Young Mens Christian Association of Central New York Inc ($25.2m) and Seven Hills Foundation Inc ($25.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 10% and program service revenue 89% of the total. Compensation of current officers, directors and key employees was $653k (2.6% of expenses). Other salaries and wages came to $17.9m. At year end it held assets of $17.5m against liabilities of $4.0m, net assets of $13.5m. It reported 1,134 employees.