Independence First Foundation INC FY2020 filing

Tax-deductible

Milwaukee, WI501(c)(3)Since 2013Mental HealthEIN 46-2941274Revenue $401K in FY2020

On file with the IRSindependencefirst.org540 S 1st St, 53204-1605 · Milwaukee, WITax-exempt since Sep 2013Supporting org, Type I — 509(a)(3)

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Independence First Foundation, INC. Supports the charitable mission of Independence First, INC., a community-based, non-residential independent living center in milwaukee, wisconsin.

501(c)(3) charity; gifts are tax-deductible.
99¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average deficit $286K a year · 24% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
99%
of spending
Looks good: 99% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.0 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$13K
0.08% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$401K
Spent
$4.5M
To programs
99%
Net assets
$17.2M
By yearFY2020–FY2025
Revenue
$401K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$401K
FY2021$3.2M
FY2022$489K
FY2023$591K
FY2024$1.0M
FY2025$1.3M
Expenses
$4.5M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$4.5M
FY2021$809K
FY2022$842K
FY2023$914K
FY2024$880K
FY2025$866K
Net assets
$17.2M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$17.2M
FY2021$18.3M
FY2022$14.8M
FY2023$15.9M
FY2024$16.6M
FY2025$18.0M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 2013.

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

Where the money goes

99 cents of each dollar spent went to programs.

Program services 99% · $4.4M Management & general 1% · $53K

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

13 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
President/CEO
$0Pt VII · Sec A
See Independence First Foundation INC 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

Supports independent living for people with disabilities in Milwaukee.

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Provided by the organization

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1 program · $4.4M · in their own filed words · FY2020
01

Independence first foundation, inc. May assist independence first in expanding or funding existing programs, and in the development of new facilities, programs, and operations to fulfill independence first's charitable mission.

$4.4Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 1 funder$10K
Grants paid · 6 grants · $8.5M · 2020–2025
Independence First INCWI · FY2025$817,172
Independence First INCWI · FY2024$841,408
Independence First INCWI · FY2023$863,500
Independence First INCWI · FY2022$788,500
Independence First INCWI · FY2021$754,933
Independence First INCWI · FY2020$4,402,650

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$401K
Ln 12
Investment incomeLn 3$401K
Money outPt IX
$4.5M
Ln 25
Programscol B$4.4M
Managementcol C$53K
Owns and owesPt X
$17.2M
net assets · Ln 32
Cash and savingsLn 1–2$10K
Total assetsLn 16$17.3M
LiabilitiesLn 26$13K
PeoplePt VI, VII
13
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$401K
Gains on assetsLn 7$5K
Total revenueLn 12$401K
Assets in detailPt X, end of year
CashLn 1$10K
Cash and savings togetherLn 1–2$10K
InvestmentsLn 11–13$17.2M
Total assetsLn 16$17.3M
LiabilitiesLn 26$13K
Net assetsLn 32$17.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 69
Fiscal year endsHeaderDecember
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 FY20End FY20
Cash and savingsLn 1–2$11K$10K
InvestmentsLn 11–13$20.1M$17.2M
Total assetsLn 16$20.1M$17.3M
LiabilitiesLn 26$502K$13K
Net assetsLn 32$19.6M$17.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$4.4M$4.4M
Investment management feesLn 11f$49K$49K
Other fees for servicesLn 11g$19K$17K$2K
Advertising and promotionLn 12$13$13
Office expensesLn 13$1K$518$702
Information technologyLn 14$50$37$13
OccupancyLn 16$431$219$212
TravelLn 17$69$61$8
Conferences, conventions and meetingsLn 19$24$21$3
InterestLn 20$31$16$15
InsuranceLn 23$72$54$18
Total functional expensesLn 25$4.5M$4.4M$53K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.3M$866K$442K$18.0M 990 PDF
FY2024 $1.0M$880K$168K$16.6M 990 PDF
FY2023 $591K$914K−$323K$15.9M 990 PDF
FY2022 $489K$842K−$353K$14.8M 990 PDF
FY2021 $3.2M$809K$2.4M$18.3M 990 PDF
FY2020 Viewing $401K$4.5M−$4.1M$17.2M 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 FY2020 990 (6 parts)
Part I · Summary $401,385 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $203,150$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $917,893$401,385
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $1,121,043$401,385
I-13 Grants and similar amounts paidPrior year $3,020,782$4,402,650
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $80,029$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $159,371$70,616
I-18 Total expensesPrior year $3,260,182$4,473,266
I-19 Revenue less expensesPrior year −$2,139,139−$4,071,881
Part VI · Governance 7 of 7 board members independent, 1 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
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 $401,385 across 3 lines filed
VIII-3 Investment incomeExcluded from tax $396,460$396,460
VIII-7 Net gain or loss on sales of assetsExcluded from tax $4,925$4,925
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $401,385$401,385
Part IX · Statement of functional expenses $4,473,266 across 11 lines filed
IX-1 Grants to domestic organizationsPrograms $4,402,650$4,402,650
IX-11f Investment management feesManagement $49,388$49,388
IX-11g Other fees for servicesPrograms $17,183 · Management $2,135$19,318
IX-12 Advertising and promotionManagement $13$13
IX-13 Office expensesPrograms $518 · Management $702$1,220
IX-14 Information technologyPrograms $37 · Management $13$50
IX-16 OccupancyPrograms $219 · Management $212$431
IX-17 TravelPrograms $61 · Management $8$69
IX-19 Conferences, conventions and meetingsPrograms $21 · Management $3$24
IX-20 InterestPrograms $16 · Management $15$31
IX-23 InsurancePrograms $54 · Management $18$72
IX-25 Total functional expensesPrograms $4,420,759 · Management $52,507 · Fundraising $0$4,473,266
Part X · Balance sheet $17,262,929 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $10,699$10,209
X-4 Accounts receivableStart of year $17,394$12,546
X-11 Publicly traded securitiesStart of year $20,099,400$17,240,174
X-16 Total assetsStart of year $20,127,493$17,262,929
X-17 Accounts payable and accrued expensesStart of year $14,356$12,547
X-25 Other liabilitiesStart of year $487,595$720
X-26 Total liabilitiesStart of year $501,951$13,267
X-27 Net assets without donor restrictionsStart of year $17,076,670$17,249,662
X-28 Net assets with donor restrictionsStart of year $2,548,872$0
X-32 Total net assets or fund balancesStart of year $19,625,542$17,249,662
X-33 Total liabilities and net assetsStart of year $20,127,493$17,262,929
Part XI · Reconciliation of net assets $17,249,662 net assets at year end
XI-1 Total revenue$401,385
XI-2 Total expenses$4,473,266
XI-3 Revenue less expenses−$4,071,881
XI-4 Net assets at start of year$19,625,542
XI-5 Net unrealized gains (losses) on investments$1,696,001
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$17,249,662

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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