Independence Charitable Trust EIN 48-1172055 Form 990 (PDF) Claim this org

Independence Charitable Trust FY2023 filing

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Gives money to other charities to support their work. For fiscal year 2023 it reported $110K in revenue, $215K in expenses, and $5.4M in net assets.Pt I

Type
Public foundation / grantmaker · Foundations & Grantmakers
Location
Lawrence, KS
Website
www.midlandgroup.com
Filings
5 on file (2020–2023)
Revenue
$110KFY2023
Expenses
$215K
Net assets
$5.4M
People
7
Filings
5
Updates
0
More identity details & actions ⌄
EIN  48-1172055 Public foundation / grantmaker Lawrence, KS
Form 990 (PDF)
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →
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Size
$100K–1M
What they do
Gives money to other charities to support their work.
Leadership
Mel J Sauer JR · Chairman of the Board
Money in and out
$110K revenue, $215K expenses
Bottom line
96% program efficiency
Grants paid & assets · FY2023
Total revenue
$110K
Pt VIII · Ln 12
Total expenses
$215K
Pt IX · Ln 25
Net assets
$5.4M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$105K
Where spending went · Part IX cols B–D
Program services $0.96 Management & general $0.04
Program efficiency
96%
of spending reaches programs
Operating runway
303.1mo
months of highly liquid reserves at operating expense rate
Surplus margin
-95%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2023 · Form 990
Revenue
$110K
FY2023▲ +134%
Expenses
$215K
FY2023▲ +2%
Total assets
$5.4M
FY2023▲ +7%
Total liabilities
$52K
FY2023▲ +2%
Total revenue
$110K
Pt VIII · Ln 12
Total expenses
$215K
Pt IX · Ln 25
Net assets
$5.4M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$105K
Total assetsPt X · Ln 16$5.4M
Program-expense ratioPt IX · col B96%
Voting members of governing bodyPt I · Ln 37
Independent voting membersPt I · Ln 43

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CIndependence Charitable Trust
EINHdr · item D48-1172055
Principal addressHdr · item CLawrence, KS
WebsiteHdr · item Jwww.midlandgroup.com
Year of formationHdr · item Lpending
State of legal domicileHdr · item MKS
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFFoundations & Grantmakers (T30)
Ruling yearIRS BMFDec 1995

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a7
Independent voting membersPt VI · Ln 1b3
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
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
Chairman of the Board
$0Pt 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
See Independence Charitable Trust executive salaries →

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Mission & Programs · Part III

Where the work happens

1 program service account for $208K of program spending, described in the organization's own filed words · FY2023.
01

Grant to Kansas Legal Services, INC.

A 501(c)(3) organization serving low income persons' legal needs.

$208Kprogram expense

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Statement of Revenue

Part VIII
Investment income$104K · 94%
Contributions & grants$40K · 36%
Investment income94%$104K
Contributions & grants36%$40K
Total revenueLn 12$110K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.96 Management & general $0.04
Program services96%$208K
Management & general4%$8K
Total functional expensesLn 25$215K

Balance Sheet

Part X · end of year
CashLn 1$52K
Total assetsLn 16$5.4M
Total liabilitiesLn 26$52K
Total net assetsLn 32$5.4M
Months of cash on handcomputed2.9

Financial Metrics

Form 990 · FY2023 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $5.4M · Operating expenses/yr $215K
303.1 months
Where the money goes
Program services
Program services $208K · Total expenses $215K
96%
Management & General
Management & general $8K · Total expenses $215K
4%
Fundraising
Fundraising $0 · Total expenses $215K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $42K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $40K · Total revenue $110K
36%
Government reliance
Government grants — · Total revenue $110K
Earned-income share
Program service revenue $0 · Total revenue $110K
0%
Investment reliance
Investment income $104K · Total revenue $110K
+94%
Program self-sufficiency
Program service revenue $0 · Total expenses $215K
0%
Growth & trend
Revenue growth (YoY)
This year $110K · Prior year $-321K
Prior-year revenue below floor — showing dollar change
Net-asset trend (YoY)
End of year $5.4M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $110K · Expenses $215K
-95%
Liabilities-to-Assets
Total liabilities — · Total assets $5.4M
Net-asset ratio
Net assets $5.4M · Total assets $5.4M
99%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $4.1M · Other securities (Pt X, ln 12) $1.3M · Total assets (Pt X, ln 16) $5.4M
99%
People & payroll
Highest Reported Total Compensation
Individual Mel J Sauer JR · Reported title CHAIRMAN OF THE BOARD · Highest reported compensation $0 · Total expenses $215K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $215K
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 96%
Overhead ratio 4%
Fundraising cost ratio 0%
Revenue growth 134%
Investment management fee ratio 0.1%

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.

Grants

Schedule I · this organization's grantmaking
Grants paid · 6 grants · $969K · 2020–2024
Kansas Legal Services INCKS · FY2024$194,000
Kansas Legal Services INCKS · FY2023$207,560
Kansas Legal Services INCKS · FY2022$202,700
Kansas Legal Services INCKS · FY2021$181,269
Kansas Legal Services INCKS · FY2020$175,632
Western Professional Associates INC - Plymouth Language ProgramFY2020$7,500

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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)$739K revenue · ⤓ 990 PDF
FY2023$110K revenue · viewing · ⤓ 990 PDF
FY2022$-321K revenue · ⤓ 990 PDF
FY2021$222K revenue · ⤓ 990 PDF
FY2020$967K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2023IRS
Classification, formation year, addressIRS Business Master File
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