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Independence Square Foundation FY2023 filing

Tax-deductible

Pawtucket, RI501(c)(3) EIN 22-2527265Revenue $1.8M in FY2023Latest return filed Nov 17, 2025

On file with the IRSisfne.orgPawtucket, RITax-exempt since Aug 1984Publicly supported charity — 170(b)(1)(A)(vi)

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Independence Square Foundation, INC. Is a non-profit management organization dedicated to providing state of the art office space, program facilities, meeting rooms and cost shared office services to other non-profit corporations, particularly to those serving the needs of people with disabilities. The organization operates from facilities located in pawtucket and kingston, rhode island.

Form 990 Part I, line 1, FY2023. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 22-2527265) · Dispute this line
501(c)(3) charity; gifts are tax-deductible.
52¢ of each $1 spent went to programs.
$225K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
The IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
The latest return is for FY2024, 2 tax years back.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average surplus $20K a year · 1% of revenue · last 5 filings
A surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
52%
of spending
52% of spending went to programs.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$225K
to officers and key staff · 11% of spending
Pay to officers and key staff is 11% of spending.
Part VII, Section A
Cash reserves
1.4 mo
of spending, in cash
Plus $1.0M in investments, Pt X · Ln 11–13
1.4 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$6.3M
68% of total assets
Liabilities are 68% of assets.
Pt X · Ln 26
Independent board members
5
of 6 voting members
5 of 6 voting members are independent.
Pt VI · Ln 1a–1b
In line with peersDifferent from peersFar from peersNo peer rangeNo data yetTap a box for the reason.
Revenue
$1.8M
+2% vs prior year
Spent
$2.0M
To programs
52%
Net assets
$2.9M
By yearFY2020–FY2024
Revenue
$1.8M
FY2023▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.7M
FY2021$2.5M
FY2022$1.8M
FY2023$1.8M
FY2024$1.8M
Expenses
$2.0M
FY2023▲ +8%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.7M
FY2021$1.8M
FY2022$1.9M
FY2023$2.0M
FY2024$2.1M
Net assets
$2.9M
FY2023▼ -5%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.5M
FY2021$3.1M
FY2022$3.1M
FY2023$2.9M
FY2024$2.6M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 1984.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

52 cents of each dollar spent went to programs.

Program services 52% · $1.0M Management & general 48% · $972K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

7 people listed on the 990; $225K paid to officers and key staff (Part VII, Section A).

Part VII, Section A · reportable compensation
John J Padien III
Executive Director
$225,315Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2024FY2023FY2022FY2021FY2020
John J Padien III$244,391$225,315$185,611$175,555$183,278

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Independence Square Foundation executive salaries →

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides office space and services to other nonprofits, especially those helping people with disabilities.

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3 programs · $1.0M · in their own filed words · FY2023
01

Rental of Facilities

Provide office space to organizations with exempt purposes.

Form 990 Part III, line 4, FY2023. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 22-2527265) · Dispute this line
$806Kprogram expense
02

Real Estate Management Services

Provide comprehensive real estate management support services to assist exempt organizations in developing affordable housing

Form 990 Part III, line 4, FY2023. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 22-2527265) · Dispute this line
$230Kprogram expense
03

Shared Services/Equipment

Provides the use of office equipment to organizations with exempt purposes.

Form 990 Part III, line 4, FY2023. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 22-2527265) · Dispute this line
Pt IX · Ln 25 · col B

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.8M
Ln 12
Fees for servicesLn 2g$1.8M
Other incomeLn 4–11$13K
Investment incomeLn 3$10K
Money outPt IX
$2.0M
Ln 25
Programscol B$1.0M
Managementcol C$972K
Owns and owesPt X
$2.9M
net assets · Ln 32
Cash and savingsLn 1–2$235K
Total assetsLn 16$9.2M
LiabilitiesLn 26$6.3M
PeoplePt VI, VII
7
listed · VII A
PaidVII A1
Voting boardVI 1a6
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.8M
Investment incomeLn 3$10K
Other incomeLn 4–11$13K
Gains on assetsLn 7$4K
Total revenueLn 12$1.8M
Assets in detailPt X, end of year
CashLn 1$235K
Cash and savings togetherLn 1–2$235K
Accounts receivableLn 4$250K
Prepaid expenses and deferred chargesLn 9$4K
Land, buildings, equipmentLn 10c$7.7M
InvestmentsLn 11–13$1.0M
Other assetsLn 15$47K
Total assetsLn 16$9.2M
LiabilitiesLn 26$6.3M
Net assetsLn 32$2.9M
OperationsPt I, VI
EmployeesI 59
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$189K$235K
InvestmentsLn 11–13$295K$1.0M
Land, buildings, equipmentLn 10c$7.6M$7.7M
Total assetsLn 16$9.1M$9.2M
LiabilitiesLn 26$6.1M$6.3M
Net assetsLn 32$3.1M$2.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of officers and key staff (Part IX, line 5)Ln 5$225K$225K
Other salaries and wagesLn 7$233K$24K$209K
Pension plan contributionsLn 8$14K$14K
Other employee benefitsLn 9$608$608
Payroll taxesLn 10$31K$2K$29K
Legal feesLn 11b$363$363
Accounting feesLn 11c$25K$25K
Investment management feesLn 11f$2K$2K
Other fees for servicesLn 11g$18K$18K
Office expensesLn 13$10K$10K
OccupancyLn 16$891K$886K$5K
TravelLn 17$10K$10K
Depreciation, depletion and amortizationLn 22$406K$406K
InsuranceLn 23$84K$80K$4K
Other expenses (24a–d)Ln 24$47K$26K$21K
All other expensesLn 24e$11K$8K$3K
Total functional expensesLn 25$2.0M$1.0M$972K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 LatestFiled with the IRS Nov 17, 2025 $1.8M$2.1M−$339K$2.6M 990 PDF
FY2023 ViewingFiled with the IRS Nov 15, 2024 $1.8M$2.0M−$173K$2.9M 990 PDF
FY2022Filed with the IRS Nov 8, 2023 $1.8M$1.9M−$67K$3.1M 990 PDF
FY2021Filed with the IRS Mar 17, 2023 $2.5M$1.8M$666K$3.1M 990 PDF
FY2020Filed with the IRS Sep 27, 2021 $1.7M$1.7M$14K$2.5M 990 PDF

Schedules filed Part IV

A · Public support I · Grants J · Pay O · Explanations
See the full FY2023 990
Part I · Summary $1,834,921 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $1,803,914$1,811,779
I-10 Investment incomePrior year $15,704$13,936
I-11 Other revenuePrior year −$26,361$9,206
I-12 Total revenuePrior year $1,793,257$1,834,921
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $396,631$503,584
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,463,943$1,504,660
I-18 Total expensesPrior year $1,860,574$2,008,244
I-19 Revenue less expensesPrior year −$67,317−$173,323
Part VI · Governance 5 of 6 board members independent, 2 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members5
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $1,834,921 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,811,779$1,811,779
VIII-3 Investment incomeExcluded from tax $9,822$9,822
VIII-7 Net gain or loss on sales of assetsExcluded from tax $4,114$4,114
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $9,206$9,206
VIII-12 Total revenueRelated to mission $1,820,985 · Unrelated business $0 · Excluded from tax $13,936$1,834,921
Part IX · Statement of functional expenses $2,008,244 across 16 lines filed
IX-5 Pay of officers and key staff (Part IX, line 5)Management $225,315$225,315
IX-7 Other salaries and wagesPrograms $23,965 · Management $209,226$233,191
IX-8 Pension plan contributionsManagement $13,809$13,809
IX-9 Other employee benefitsManagement $608$608
IX-10 Payroll taxesPrograms $1,743 · Management $28,918$30,661
IX-11b Legal feesManagement $363$363
IX-11c Accounting feesManagement $25,300$25,300
IX-11f Investment management feesManagement $1,708$1,708
IX-11g Other fees for servicesManagement $18,490$18,490
IX-13 Office expensesPrograms $10,001$10,001
IX-16 OccupancyPrograms $885,548 · Management $5,087$890,635
IX-17 TravelManagement $10,351$10,351
IX-22 Depreciation, depletion and amortizationManagement $405,947$405,947
IX-23 InsurancePrograms $80,387 · Management $3,768$84,155
IX-24 Other expenses (24a–d)Programs $26,020 · Management $20,619$46,639
IX-24e All other expensesPrograms $8,496 · Management $2,575$11,071
IX-25 Total functional expensesPrograms $1,036,160 · Management $972,084 · Fundraising $0$2,008,244
Part X · Balance sheet $9,231,337 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $189,294$234,520
X-4 Accounts receivableStart of year $266,105$250,240
X-9 Prepaid expenses and deferred chargesStart of year $3,717$3,717
X-10c Land, buildings and equipment, netStart of year $7,576,527$7,687,654
X-12 Other securitiesStart of year $294,717$1,008,132
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $797,924$47,074
X-16 Total assetsStart of year $9,128,284$9,231,337
X-17 Accounts payable and accrued expensesStart of year $380,225$410,509
X-23 Secured mortgages and notes payableStart of year $5,656,744$5,887,291
X-25 Other liabilitiesStart of year $14,301$10,759
X-26 Total liabilitiesStart of year $6,051,270$6,308,559
X-27 Net assets without donor restrictionsStart of year $3,077,014$2,922,778
X-32 Total net assets or fund balancesStart of year $3,077,014$2,922,778
X-33 Total liabilities and net assetsStart of year $9,128,284$9,231,337
Part XI · Reconciliation of net assets $2,922,778 net assets at year end
XI-1 Total revenue$1,834,921
XI-2 Total expenses$2,008,244
XI-3 Revenue less expenses−$173,323
XI-4 Net assets at start of year$3,077,014
XI-5 Net unrealized gains (losses) on investments$19,087
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,922,778

Form 990 e-file FY2023 from the IRS (about our sources) · Classification, formation year and address from the IRS Business Master File

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