Independence Industries

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Provides affordable housing for seniors and people with disabilities. For fiscal year 2024 it reported $622K in revenue, $574K in expenses, and $-692K in net assets.Pt I

Type: Public charity (501(c)(3)) · Housing
Location: Mount Vernon, OH
Filings: 5 on file (2020–2024)

Revenue

$622KFY2024

Expenses

$574K

Net assets

$-692K

People

Filings

Updates

More identity details & actions ⌄

EIN 31-0915296 Public charity (501(c)(3)) Mount Vernon, OH

Form 990 (PDF)

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Size

$100K–1M

What they do

Provides affordable housing for seniors and people with disabilities.

Leadership

Catherine Henthorn · President

Money in and out

$622K revenue, $574K expenses

Bottom line

90% program efficiency

Where the money goes · FY2024

Total revenue

$622K

Pt VIII · Ln 12

Total expenses

$574K

Pt IX · Ln 25

Net assets

$-692K

Pt X · Ln 32

Revenue less expenses (Pt I · Ln 19): $47K

Where spending went · Part IX cols B–D

90%

Program services $0.90 Management & general $0.10

Program efficiency

90%

of spending reaches programs▼ -4% vs prior filing year

Operating runway

0.1mo

months of highly liquid reserves at operating expense rate▼ -50% vs prior filing year

Surplus margin

+8%

revenue over expenses, this year▲ +20% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990

Revenue

$622K

FY2024▲ +5%

Expenses

$574K

FY2024▲ +4%

Total assets

$635K

FY2024▲ +3%

Total liabilities

$1.3M

FY2024▼ -2%

Total revenue

$622K

Pt VIII · Ln 12

Total expenses

$574K

Pt IX · Ln 25

Net assets

$-692K

Pt X · Ln 32

Revenue less expensesPt I · Ln 19$47K

Total assetsPt X · Ln 16$635K

Program-expense ratioPt IX · col B90%

Voting members of governing bodyPt I · Ln 34

Independent voting membersPt I · Ln 44

Identity & Classification

Form 990 Header · IRS Business Master File

Legal nameHdr · item CIndependence Industries

EINHdr · item D31-0915296

Principal addressHdr · item CMount Vernon, OH

WebsiteHdr · item Jnone reported

Year of formationHdr · item Lpending

State of legal domicileHdr · item MOH

Exempt statusHdr · item I501(c)(3) · active

NTEE classificationIRS BMFHousing (L20Z)

Ruling yearIRS BMFApr 1978

Governance & Policies

Part VI

Voting members of the governing bodyPt VI · Ln 1a4

Independent voting membersPt VI · Ln 1b4

Conflict-of-interest policyPt VI · Ln 12aYes

Whistleblower policyPt VI · Ln 13Yes

Document retention policyPt VI · Ln 14Yes

CEO/top-official compensation independently reviewedPt VI · Ln 15aNo

Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII

Catherine Henthorn

President

$0Pt VII · Sec A

Annette Casto

Treasurer

$0Pt VII · Sec A

Shar Shingler

Secretary

$0Pt VII · Sec A

Brent Nimeth MD

Trustee

$0Pt VII · Sec A

James Zak

Vice President

$0Pt VII · Sec A

Fred Carol MD

Trustee

$0Pt VII · Sec A

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Mission & Programs · Part III

Where the work happens

1 program service account for $515K of program spending, described in the organization's own filed words · FY2023.

Independence industries is a non-profit corporation with the purpose to provide housing for the elderly and handicapped with low or extremely low incomes

$515Kprogram expense

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Statement of Revenue

Part VIII

Program service revenue100%$621K

Investment income$734

Total revenueLn 12$622K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising

Allocation · columns B–D

90%

Program services $0.90 Management & general $0.10

Program services90%$515K

Management & general10%$59K

Total functional expensesLn 25$574K

Balance Sheet

Part X · end of year

CashLn 1$6K

Total assetsLn 16$635K

Total liabilitiesLn 26$1.3M

Total net assetsLn 32$-692K

Months of cash on handcomputed0.1

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it

Liquidity & Payout

Operating runway

Highly liquid reserves $6K · Operating expenses/yr $574K

0.1 months

Where the money goes

Program services

Program services $515K · Total expenses $574K

90%

Management & General

Management & general $59K · Total expenses $574K

10%

Fundraising

Fundraising $0 · Total expenses $574K

Cost to raise $1

Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $0

Solicited contributions below reporting floor

Where the money comes from

Contribution dependence

Contributions & grants $0 · Total revenue $622K

Government reliance

Government grants — · Total revenue $622K

—

Earned-income share

Program service revenue $621K · Total revenue $622K

100%

Investment reliance

Investment income $734 · Total revenue $622K

+0.1%

Program self-sufficiency

Program service revenue $621K · Total expenses $574K

108%

Growth & trend

Revenue growth (YoY)

This year $622K · Prior year $592K

+5%

Revenue CAGR

FY2019 $559K · FY2023 $622K

+3%

Net-asset trend (YoY)

End of year $-692K · Beginning of year —

Beginning net assets not meaningfully positive — showing dollar change

Balance sheet

Surplus Margin

Revenue $622K · Expenses $574K

+8%

Liabilities-to-Assets

Total liabilities — · Total assets $635K

—

Net-asset ratio

Net assets $-692K · Total assets $635K

-109%

Marketable Investment Share

Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $635K

Excludes program-related investments (Pt X, ln 13)

People & payroll

Highest Reported Total Compensation

Individual Catherine Henthorn · Reported title PRESIDENT · Highest reported compensation $0 · Total expenses $574K

Personnel share

Salaries, benefits & payroll (Pt IX 5-10) $101K · Total expenses $574K

18%

Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

Metric	This org	Peer median	Percentile
Program ratio	90%	—	—
Overhead ratio	10%	—	—
Revenue growth	5%	—	—
Accounting fee ratio	1%	—	—

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Similar Organizations

Closest in mission — by what they do

Independent Housing I INC C/O Carr Property Management INCMA

Housing for Independent Living IncorporatedMA

Independence HouseVA

Independence Hill INCCO

Corporation for Independent LivingCT

Independence Communities INCTX

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Filings & Schedule Manifest

Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

FY2024 (Latest)$622K revenue · viewing · ⤓ 990 PDF

FY2023$592K revenue · ⤓ 990 PDF

FY2022$568K revenue · ⤓ 990 PDF

FY2021$570K revenue · ⤓ 990 PDF

FY2020$559K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings

Form 990 e-file (XML) · FY2024IRS

Classification, formation year, addressIRS Business Master File

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