The Independence School Inc

Nonprofit profile at a glance

EIN
510225189
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Newark, DE, USA
Phone
3022390330
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$12,787,471
Expenses
$12,028,681
Assets
$29,057,618
Liabilities
$8,158,698

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

19 people listed

Executive titles in this filing

  • KRISTIN GIFFIN (PRESIDENT)
  • MONA SINGH (VICE PRESIDENT)

Highest reported compensation

  • TIMOTHY COSTELLO (HEAD OF SCHOOL): $340,387 total reported compensation
  • PATRICK BURNS JR (DIR OF FINANCE AND OPERATIONS): $134,893 total reported compensation
  • CHRISTY KOENSE (LOWER SCHOOL HEAD): $131,358 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The independence school inspires students to become independent, intellectually curious individuals who possess an exceptional spirit for learning, leadership and citizenship.

What it reported doing in 2024

The independence school is an independent school for children from preschool to 8th grade. There were approximately 452 students enrolled during the year.

Operating model

Revenue model
Earned-program. 82% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 77% for direct work, and 23% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 83
  • Accountability: 100
  • Sustainability: 56
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 67.7%; rating input score 68
  • Program expense ratio: 75.2%; rating input score 75
  • Fundraising efficiency: $2.7 raised per $1 spent on fundraising; rating input score 10; 10th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 5.9%; rating input score 57; 57th percentile among comparable filings
  • Total-asset coverage ratio: 2.42; rating input score 68; 68th percentile among comparable filings
  • Liabilities to assets ratio: 0.28; rating input score 48; 48th percentile among comparable filings
  • Officer compensation ratio: 8.1%; rating input score 29; 29th percentile among comparable filings

Growth

  • Program expense growth: 4.9% per year; rating input score 100; 41st percentile among comparable filings
  • Revenue growth: 3.2% per year; rating input score 100; 27th percentile among comparable filings
  • Asset growth: -0.4% per year; rating input score 0; 9th percentile among comparable filings

Details

  • Where the money goes: 67.7% of revenue deployed · 75.2% of spending went to programs
  • Governance: 13 of 13 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $9M in reported program spending
  • Leadership: top reported pay $340K · 19 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $856K reported
  • Consistency: 37 of 37 current checks pass
  • Schedules: 10 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 10/100.
  • Review — Sustainability: Operating margin scored 57/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 29/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 48/100.