Independence Fund does not meet the following 5 Standards for Charity Accountability:
Standard 6 (Board Policy on Effectiveness)
Have a board policy of assessing, no less than every two years, the organization's performance and effectiveness and of determining future actions required to achieve its mission.
Independence Fund does not meet this Standard because:
- The organization's effectiveness assessment policy does not specify that this assessment will take place at least once every two years.
Standard 14 (Budget)
Have a board-approved annual budget for its current fiscal year, outlining projected expenses for major program activities, fund raising, and administration.
Independence Fund does not meet this Standard because, when the organization provided 2022 budget information, it indicated that the budget:
- Did not identify total projected fundraising expenses.
Standard 16 (Annual Report)
Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fund raising and administrative categories as in the financial statements, and (iii) ending net assets.
Independence Fund does not meet this Standard because the 2020 annual report did not include:
- A roster of the board of directors.
- 2020 financial information.
Standard 18 (Privacy for Written Appeals & Internet Privacy)
Address privacy concerns of donors by (a) providing in written appeals, at least annually, a means (e.g., such as a check off box) for both new and continuing donors to inform the charity if they do not want their name and address shared outside the organization, (b) providing a clear, prominent and easily accessible privacy policy on any of its websites that tells visitors (i) what information, if any, is being collected about them by the charity and how this information will be used, (ii) how to contact the charity to review personal information collected and request corrections, (iii) how to inform the charity (e.g., a check off box) that the visitor does not wish his/her personal information to be shared outside the organization, and (iv) what security measures the charity has in place to protect personal information.
Independence Fund does not meet this Standard because the organization's website, https://independencefund.org, does not:
- Provide access to a privacy policy.
Standard 19 (Cause Related Marketing)
Clearly disclose how the charity benefits from the sale of products or services (i.e., cause-related marketing) that state or imply that a charity will benefit from a consumer sale or transaction. Such promotions should disclose, at the point of solicitation: (a) the actual or anticipated portion of the purchase price that will benefit the charity (e.g., 5 cents will be contributed to abc charity for every xyz company product sold), (b) the duration of the campaign (e.g., the month of October), (c) any maximum or guaranteed minimum contribution amount (e.g., up to a maximum of $200,000).
Independence Fund does not meet this Standard because, in the past year, the organization participated in a promotion for the sale of consumer goods which indicated that the organization would benefit from these purchases. The promotions, however, did not specify:
- The actual or anticipated amount of the purchase price that would benefit the organization.
The BBB Wise Giving Alliance requested but did not receive complete information from the organization and is unable to verify the organization's compliance with the following Standard(s) for Charity Accountability:
13
15
Independence Fund meets the remaining 13 Standards for Charity Accountability.
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Year, State Incorporated
2007, FL
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Stated Purpose
"to empower our nation's severely wounded, injured, or ill Veterans to overcome physical, mental, and emotional wounds incurred in the line of duty."
Independence Fund has a number of programs to achieve its mission. The organization's mobility program allows wounded veterans to use all-terrain mobility devices to regain the ability to do things that they love. The caregiver program provides those individuals the means to build networks and receive the emotional and physical support they need. Independence Fund's family program focuses on art therapy, respite, and comprehensive individual aftercare. The organization's Operation Resiliency program aims to provide a structure that advances and improves Veterans' mental health and well-being and expands and promotes community collaboration to increase access to mental health resources for all Veterans and their families and help prevent suicide in the Veteran community. Independence Fund's advocacy program strives to assist in healthcare reform, ensuring Caregivers of the seriously disabled are properly supported, and addressing the latent problems of toxic exposure. In response to the COVID-19 pandemic, the organization formed the Independence@Home program to assist families with financial and disaster support during their time of need.
For the year ended June 30, 2021, Independence Fund's program expenses were:
| Program services |
$12,726,986 |
| Total Program Expenses: |
$12,726,986 |
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Chief Executive
Sarah Verardo, Chief Executive Officer
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Compensation*
$252,221
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Chair of the Board
Arthur Pue
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Chair's Profession / Business Affiliation
President, Engineering Sales Associates
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Board Size
5
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Paid Staff Size
20
*2019 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Method(s) Used:
Direct mail appeals, Grant proposals, Internet, Cause- related marketing (affinity credit cards, consumer product sales, etc.), Television
Fundraising costs were 3% of related contributions. (Related contributions, which totaled $15,577,614, are donations received as a result of fundraising activities.)
This organization is tax-exempt under section 501(c) (3) of the Internal Revenue Code.It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
The following information is based on Independence Fund's audited financial statements for the year ended June 30, 2021.
| Source of Funds |
| Contributions in-kind |
$8,307,895 |
| Contributions and grants |
$7,269,719 |
| Investment gain, net |
$834,609 |
| Other revenue |
$10,526 |
| Total Income |
$16,422,749 |
- Programs: 92%
- Administrative: 5%
- Fundraising: 3%
| Total Income |
$16,422,749 |
| Program expenses |
$12,726,986 |
| Fundraising expenses |
$522,659 |
| Administrative expenses |
$654,579 |
| Other expenses |
$0 |
| Total expenses: |
$13,904,224 |
| Income in Excess of Expenses |
$2,518,525 |
| Beginning Net Assets |
$4,745,050 |
| Other Changes In Net Assets |
$405,300 |
| Ending Net Assets |
$7,668,875 |
| Total Liabilities |
$519,266 |
| Total Assets |
$8,188,141 |
Note 1: In the financial section above, "other changes in net assets" refers to a forgiveness of debt.
Note 2: According to Independence Fund's audited financial statements for the year ended June 30, 2021, the organization received in-kind contributions totaling $8,312,895 in the form of public service announcements ($8,234,017) and technology goods and services ($78,878).