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Independence First Foundation INC FY2023 filing

Tax-deductible

Milwaukee, WI501(c)(3)Since 2013Mental HealthEIN 46-2941274Revenue $591K in FY2023

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.
94¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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
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
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Fine: 0.1 months of spending in cash, plus $15.9M in investments.
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
$15K
0.09% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$591K
+21% vs prior year
Spent
$914K
To programs
94%
Net assets
$15.9M
By yearFY2020–FY2025
Revenue
$591K
FY2023▲ +21%
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
$914K
FY2023▲ +9%
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
$15.9M
FY2023▲ +7%
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 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 (FY2025) →

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

94 cents of each dollar spent went to programs.

Program services 94% · $864K Management & general 6% · $51K

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

16 people listed on the 990.

Part VII, Section A · reportable compensation
Marcia Boucher
President/CEO
$0Pt VII · Sec A
Wendy Huot
Chief Financial Officer
$0Pt VII · Sec A
Kathy Acevedo
Chief Operating Officer
$0Pt VII · Sec A
Tracy Thomas
Controller
$0Pt VII · Sec A
Jacob Nowak
Information Technology Director/ Facilities Direct
$0Pt VII · Sec A
Myra Sanchick
Marketing & Strategic Partnerships Director
$0Pt VII · Sec A
Scott Curwick
Human Resources Director
$0Pt VII · Sec A
Charles Smith
Assistant Controller
$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 · $864K · in their own filed words · FY2023
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.

$864Kprogram 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
Women's Fund of Greater Milwaukee INCFY2024$10K
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 FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$591K
Ln 12
Investment incomeLn 3$591K
Money outPt IX
$914K
Ln 25
Programscol B$864K
Managementcol C$51K
Owns and owesPt X
$15.9M
net assets · Ln 32
Cash and savingsLn 1–2$7K
Total assetsLn 16$15.9M
LiabilitiesLn 26$15K
PeoplePt VI, VII
16
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$591K
Gains on assetsLn 7$391K
Total revenueLn 12$591K
Assets in detailPt X, end of year
CashLn 1$7K
Cash and savings togetherLn 1–2$7K
InvestmentsLn 11–13$15.9M
Total assetsLn 16$15.9M
LiabilitiesLn 26$15K
Net assetsLn 32$15.9M
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 FY23End FY23
Cash and savingsLn 1–2$9K$7K
InvestmentsLn 11–13$14.8M$15.9M
Total assetsLn 16$14.8M$15.9M
LiabilitiesLn 26$14K$15K
Net assetsLn 32$14.8M$15.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$864K$864K
Investment management feesLn 11f$51K$51K
Office expensesLn 13$247$247
Other expenses (24a–d)Ln 24$79$79
Total functional expensesLn 25$914K$864K$51K$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 Viewing $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 $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 FY2023 990 (6 parts)
Part I · Summary $591,102 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $489,061$591,102
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $489,061$591,102
I-13 Grants and similar amounts paidPrior year $788,500$863,500
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $53,644$50,897
I-18 Total expensesPrior year $842,144$914,397
I-19 Revenue less expensesPrior year −$353,083−$323,295
Part VI · Governance 6 of 6 board members independent, 1 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
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 $591,102 across 3 lines filed
VIII-3 Investment incomeExcluded from tax $200,259$200,259
VIII-7 Net gain or loss on sales of assetsExcluded from tax $390,843$390,843
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $591,102$591,102
Part IX · Statement of functional expenses $914,397 across 4 lines filed
IX-1 Grants to domestic organizationsPrograms $863,500$863,500
IX-11f Investment management feesManagement $50,571$50,571
IX-13 Office expensesManagement $247$247
IX-24 Other expenses (24a–d)Management $79$79
IX-25 Total functional expensesPrograms $863,500 · Management $50,897 · Fundraising $0$914,397
Part X · Balance sheet $15,909,734 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $9,200$7,374
X-4 Accounts receivableStart of year $21,062$22,784
X-11 Publicly traded securitiesStart of year $13,951,184$15,285,978
X-12 Other securitiesStart of year $857,716$593,598
X-16 Total assetsStart of year $14,839,162$15,909,734
X-17 Accounts payable and accrued expensesStart of year $12,235$13,085
X-25 Other liabilitiesStart of year $1,500$1,500
X-26 Total liabilitiesStart of year $13,735$14,585
X-27 Net assets without donor restrictionsStart of year $14,825,427$15,895,149
X-32 Total net assets or fund balancesStart of year $14,825,427$15,895,149
X-33 Total liabilities and net assetsStart of year $14,839,162$15,909,734
Part XI · Reconciliation of net assets $15,895,149 net assets at year end
XI-1 Total revenue$591,102
XI-2 Total expenses$914,397
XI-3 Revenue less expenses−$323,295
XI-4 Net assets at start of year$14,825,427
XI-5 Net unrealized gains (losses) on investments$1,393,017
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$15,895,149

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

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