Independence Inc

Analysis

Independence Inc is a registered charity in United States, based in Minot, ND. It received its IRS tax-exemption ruling in April 1995, 31 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 September 2023, Independence Inc reported income of $1.5m and spending of $1.3m, spending 91% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $745k to $1.5m (+96%), an average of +18% a year. The sharpest change came in the year to September 2022, when income rose by 47%. Over the whole period it spent 92% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Independence Inc sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 81st percentile within ND. Charities of a similar size with the same main cause include Family Promise of the South Bay ($1.5m), Family Services of Davidson County Inc ($1.5m) and Tyler Day Nursery Association ($1.5m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $82k (6.2% of expenses). Other salaries and wages came to $608k. At year end it held assets of $1.3m against liabilities of $734k, net assets of $560k. It reported 15 employees.