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Independence Industries DBA Beech Tree Apartments FY2022 filing

Tax-deductible

Mount Vernon, OH501(c)(3)Since 1978HousingEIN 31-0915296Revenue $568K in FY2022

On file with the IRS1365 Yauger Road, 43050-9271 · Mount Vernon, OHTax-exempt since Apr 1978Publicly supported charity — 170(b)(1)(A)(vi)

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Housing for elderly and disabled persons

501(c)(3) charity; gifts are tax-deductible.
84¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $10K a year · 2% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
84%
of spending
Looks good: 84% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.2 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.4M
228% of total assets
Concern: liabilities are 228% of assets; over 80%.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$568K
-0.4% vs prior year
Spent
$590K
To programs
84%
Net assets
−$777K
By yearFY2020–FY2024
Revenue
$568K
FY2022-0.4%
Tap a bar for its year
Revenue by fiscal year
FY2020$559K
FY2021$570K
FY2022$568K
FY2023$592K
FY2024$622K
FY2024$641K
Expenses
$590K
FY2022▲ +8%
Tap a bar for its year
Expenses by fiscal year
FY2020$597K
FY2021$546K
FY2022$590K
FY2023$554K
FY2024$574K
FY2024$594K
Net assets
−$777K
FY2022▼ -3%
Tap a bar for its year
Net assets by fiscal year
FY2020−$792K
FY2021−$755K
FY2022−$777K
FY2023−$740K
FY2024−$692K
FY2024−$560K

From the FY2022 Form 990 (year ending September 2022) · see the original

Form 990 (PDF) Claim
You’re viewing the FY2022 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 Apr 1978.

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

Where the money goes

84 cents of each dollar spent went to programs.

Program services 84% · $496K Management & general 16% · $94K

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

6 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
$0Pt VII · Sec A
Annette Casto
Treasurer
$0Pt VII · Sec A
Shar Shingler
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
James Zak
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
See Independence Industries DBA Beech Tree Apartments executive salaries →

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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 15aNo

Programs and updates

Provides affordable housing for seniors and people with disabilities.

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Provided by the organization

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1 program · $496K · in their own filed words · FY2021
01

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

$496Kprogram expense

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$568K
Ln 12
Fees for servicesLn 2g$568K
Investment incomeLn 3$78
Money outPt IX
$590K
Ln 25
Programscol B$496K
Managementcol C$94K
Owns and owesPt X
−$777K
net assets · Ln 32
Cash and savingsLn 1–2$9K
Total assetsLn 16$606K
LiabilitiesLn 26$1.4M
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$568K
Investment incomeLn 3$78
Total revenueLn 12$568K
Assets in detailPt X, end of year
CashLn 1$9K
Cash and savings togetherLn 1–2$9K
Land, buildings, equipmentLn 10c$306K
Other assetsLn 15$205K
Total assetsLn 16$606K
LiabilitiesLn 26$1.4M
Net assetsLn 32−$777K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderSeptember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$7K$9K
Land, buildings, equipmentLn 10c$339K$306K
Total assetsLn 16$657K$606K
LiabilitiesLn 26$1.4M$1.4M
Net assetsLn 32−$755K−$777K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$93K$14K$79K
Payroll taxesLn 10$7K$7K
Management feesLn 11a$28K$21K$7K
Accounting feesLn 11c$9K$7K$2K
Advertising and promotionLn 12$4K$4K
Office expensesLn 13$5K$4K$1K
InterestLn 20$88K$88K
Depreciation, depletion and amortizationLn 22$42K$42K
InsuranceLn 23$34K$34K
Other expenses (24a–d)Ln 24$235K$235K
All other expensesLn 24e$45K$44K$612
Total functional expensesLn 25$590K$496K$94K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $622K$574K$47K−$692K 990 PDF
FY2023 $592K$554K$38K−$740K 990 PDF
FY2022 Viewing $568K$590K−$22K−$777K 990 PDF
FY2021 $570K$546K$24K−$755K 990 PDF
FY2020 $559K$597K−$39K−$792K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (6 parts)
Part I · Summary $567,923 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $570,147$567,845
I-10 Investment incomePrior year $59$78
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $570,206$567,923
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 $99,045$100,582
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $447,239$489,374
I-18 Total expensesPrior year $546,284$589,956
I-19 Revenue less expensesPrior year $23,922−$22,033
Part VI · Governance 4 of 4 board members independent, 1 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $567,923 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $567,845$567,845
VIII-3 Investment incomeRelated to mission $78$78
VIII-12 Total revenueRelated to mission $567,923 · Unrelated business $0 · Excluded from tax $0$567,923
Part IX · Statement of functional expenses $589,956 across 11 lines filed
IX-7 Other salaries and wagesPrograms $14,448 · Management $78,669$93,117
IX-10 Payroll taxesPrograms $7,465$7,465
IX-11a Management feesPrograms $21,221 · Management $7,073$28,294
IX-11c Accounting feesPrograms $6,511 · Management $2,169$8,680
IX-12 Advertising and promotionManagement $4,014$4,014
IX-13 Office expensesPrograms $3,839 · Management $1,280$5,119
IX-20 InterestPrograms $87,599$87,599
IX-22 Depreciation, depletion and amortizationPrograms $41,976$41,976
IX-23 InsurancePrograms $33,884$33,884
IX-24 Other expenses (24a–d)Programs $234,976$234,976
IX-24e All other expensesPrograms $44,220 · Management $612$44,832
IX-25 Total functional expensesPrograms $496,139 · Management $93,817 · Fundraising $0$589,956
Part X · Balance sheet $606,167 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $7,029$9,314
X-9 Prepaid expenses and deferred chargesStart of year $35,717$37,257
X-10c Land, buildings and equipment, netStart of year $339,076$306,028
X-14 Intangible assetsStart of year $51,146$48,848
X-15 Other assetsStart of year $224,080$204,720
X-16 Total assetsStart of year $657,048$606,167
X-25 Other liabilitiesStart of year $77,824$78,905
X-26 Total liabilitiesStart of year $1,412,495$1,383,647
X-27 Net assets without donor restrictionsStart of year −$755,447−$777,480
X-32 Total net assets or fund balancesStart of year −$755,447−$777,480
X-33 Total liabilities and net assetsStart of year $657,048$606,167
Part XI · Reconciliation of net assets −$777,480 net assets at year end
XI-1 Total revenue$567,923
XI-2 Total expenses$589,956
XI-3 Revenue less expenses−$22,033
XI-4 Net assets at start of year−$755,447
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$777,480

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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