Nonprofit · EIN 51-0225189
INDEPENDENCE SCHOOL INC
Tax-exempt · NEWARK, DE 19711
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $12,787,471 | $12,028,681 | $758,790 | $29,057,618 | $8,158,698 | $20,898,920 |
| June 30, 2024 | 990 | $11,633,796 | $11,235,947 | $397,849 | $28,248,423 | $8,647,721 | $19,600,702 |
| June 30, 2023 | 990 | $12,303,148 | $11,833,441 | $469,707 | $26,844,847 | $8,418,245 | $18,426,602 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $1,286,442
- of which government grants
- $695,621
- Program service revenue
- $10,381,932
- Investment income
- $743,798
- Net rental income
- $120,743
- Net gain from sales of assets
- $90,040
- Net income from fundraising events
- $78,448
- Net income from sales of inventory
- $17,023
- Other revenue
- $375,299
Expenses
- Grants and similar amounts paid
- $2,086,821
- Compensation of officers, directors and key employees
- $503,353
- Other salaries and wages
- $5,274,750
- Salaries, compensation and benefits (total)
- $6,985,422
- Professional fundraising fees
- $0
- Legal fees
- $2,190
- Accounting fees
- $38,500
- Occupancy
- $555,259
- Depreciation
- $572,970
- Program services (functional)
- $9,048,174
- Management and general (functional)
- $2,504,133
- Fundraising (functional)
- $476,374
Balance sheet and other
- Total assets, start of year
- $28,248,423
- Total assets, end of year
- $29,057,618
- Total liabilities, end of year
- $8,158,698
- Net assets, end of year
- $20,898,920
- Land, buildings and equipment
- $11,701,537
- Publicly traded securities
- $10,576,308
- Net assets without donor restrictions
- $11,974,504
- Net assets with donor restrictions
- $8,924,416
- Gross receipts
- $13,782,106
- Employees
- 146
- Volunteers
- 50
- Year formed
- 1978
- State of legal domicile
- DE
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| TIMOTHY COSTELLO | HEAD OF SCHOOL Officer | 40 | $318,093 | $22,294 |
| PATRICK BURNS JR | DIR OF FINANCE AND OPERATIONS Officer | 40 | $113,834 | $21,059 |
| CHRISTY KOENSE | LOWER SCHOOL HEAD Highest-paid employee | 40 | $109,449 | $21,909 |
| AMY GRAHAM | MIDDLE SCHOOL HEAD Highest-paid employee | 40 | $108,339 | $17,250 |
| MICHELE HARRA | DIR OF ADVANCEMENT AND ENROLLMENT Highest-paid employee | 40 | $111,527 | $11,488 |
| HEIDI MCDONOUGH | DIRECTOR OF MARKETING Highest-paid employee | 40 | $110,634 | $4,957 |
| KRISTIN GIFFIN | PRESIDENT Trustee or director, Officer | 1 | $0 | $0 |
| MONA SINGH | VICE PRESIDENT Trustee or director, Officer | 1 | $0 | $0 |
| BILL DOROH | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| BIANCA FRASER-JOHNSON | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| KATIE BURKE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| CHRISTINE COOK | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| KEVIN DOMBROWSKI | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| CARRIE FANG | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| MICHAEL MARINELLI EDD | BOARD MEMBER (SINCE 9/2024) Trustee or director | 1 | $0 | $0 |
4 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JEFFREY SHAHAN | BOARD MEMBER Trustee or director | 1 | $0 |
| VINCENT C THOMAS ESQ | BOARD MEMBER Trustee or director | 1 | $0 |
| AMELIA WYANT | BOARD MEMBER Trustee or director | 1 | $0 |
| PING XU | BOARD MEMBER (SINCE 9/2024) Trustee or director | 1 | $0 |
990 for the year ended June 30, 2024: 21 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| TIMOTHY COSTELLO | HEAD OF SCHOOL (FROM 7/2023) Officer | 40 | $175,981 | $15,463 |
| VICTORIA C YATZUS | HEAD OF SCHOOL (UNTIL 7/2023) Officer | 40 | $122,215 | $11,964 |
| PATRICK BURNS JR | DIRECTOR OF FINANCE AND OPERATIONS Officer | 40 | $114,785 | $18,230 |
| CHRISTY KOENSE | LOWER SCHOOL HEAD Highest-paid employee | 40 | $104,377 | $20,342 |
| AMY GRAHAM | MIDDLE SCHOOL HEAD Highest-paid employee | 40 | $104,046 | $15,958 |
| MICHELE HARRA | DIRECTOR OF ADVANCEMENT AND ENROLLMENT MANAGEMENT Highest-paid employee | 40 | $108,932 | $4,940 |
| AMELIA WYANT | PRESIDENT Trustee or director, Officer | 1 | $0 | $0 |
| KRISTIN GIFFIN | VICE PRESIDENT Trustee or director, Officer | 1 | $0 | $0 |
| BILL DOROH | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| BIANCA FRASER-JOHNSON | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| KATIE BURKE | BOARD MEMBER (FROM 7/2023) Trustee or director | 1 | $0 | $0 |
| CHRISTINE COOK | BOARD MEMBER (FROM 7/2023) Trustee or director | 1 | $0 | $0 |
| KEVIN DOMBROWSKI | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| CARRIE FANG | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| THOMAS HANNA | BOARD MEMBER (UNTIL 5/2024) Trustee or director | 1 | $0 | $0 |
| DR MIA PAPAS | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| JEFFREY SHAHAN | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| MONA SINGH | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| DR DEEPIKA THACKER | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| VINCENT C THOMAS ESQ | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| RACHEL WOOD | BOARD MEMBER (UNTIL 5/2024) Trustee or director | 1 | $0 | $0 |
990 for the year ended June 30, 2023: 17 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| VICTORIA C YATZUS | HEAD OF SCHOOL Officer | 40 | $235,606 | $30,470 |
| PATRICK BURNS JR | DIRECTOR OF FINANCE AND OPERATIONS Officer | 40 | $105,599 | $22,785 |
| BERNADETTE GILMORE | DIRECTOR OF ACADEMIC INNOVATION Highest-paid employee | 40 | $107,530 | $16,966 |
| MICHELE HARRA | DIRECTOR OF ADVANCEMENT AND ENROLLMENT MANAGEMENT Highest-paid employee | 40 | $102,566 | $4,173 |
| AMELIA WYANT | PRESIDENT Trustee or director, Officer | 1 | $0 | $0 |
| KRISTIN GIFFIN | VICE PRESIDENT Trustee or director, Officer | 1 | $0 | $0 |
| BILL DOROH | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| BIANCA FRASER-JOHNSON | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| KEVIN DOMBROWSKI | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| CARRIE FANG | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| THOMAS HANNA | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| DR MIA PAPAS | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| JEFFREY SHAHAN | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| MONA SINGH | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| DEEPIKA THACKER | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| VINCENT C THOMAS ESQ | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| RACHEL WOOD | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1300 PAPER MILL RD, NEWARK, DE 19711-3408
- Principal officer (990 for 2024)
- TIMOTHY P COSTELLO, 1300 PAPER MILL ROAD, NEWARK, DE 197113408
- Signed the 990
- TIMOTHY P COSTELLO, HEAD OF SCHOOL
- Phone
- (302) 239-0330
- Return prepared by
- BONADIO & CO LLP
Mission
THE INDEPENDENCE SCHOOL INSPIRES STUDENTS TO BECOME INDEPENDENT, INTELLECTUALLY CURIOUS INDIVIDUALS WHO POSSESS AN EXCEPTIONAL SPIRIT FOR LEARNING, LEADERSHIP AND CITIZENSHIP.
Program accomplishments
- THE INDEPENDENCE SCHOOL IS AN INDEPENDENT SCHOOL FOR CHILDREN FROM PRESCHOOL TO 8TH GRADE. THERE WERE APPROXIMATELY 452 STUDENTS ENROLLED DURING THE YEAR.Expenses $9,048,174 · grants $2,086,821 · revenue $10,558,040
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 51-0225189
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- School
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1979
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $29,057,618
- Income (IRS master file)
- $13,782,106
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $12,787,471 | $12,028,681 | $29,057,618 | XML |
| 990 | June 2024 | $11,633,796 | $11,235,947 | $28,248,423 | IRS |
| 990 | June 2023 | $12,303,148 | $11,833,441 | $26,844,847 | XML |
| 990 | June 2022 | $12,237,721 | $10,431,706 | $27,017,965 | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 51-0225189).
Questions about INDEPENDENCE SCHOOL INC
- What is the EIN of INDEPENDENCE SCHOOL INC?
- The employer identification number (EIN) of INDEPENDENCE SCHOOL INC is 51-0225189.
- Is INDEPENDENCE SCHOOL INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1979.
- Are donations to INDEPENDENCE SCHOOL INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does INDEPENDENCE SCHOOL INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of INDEPENDENCE SCHOOL INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did INDEPENDENCE SCHOOL INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of INDEPENDENCE SCHOOL INC?
- The 990 for the year ended June 30, 2025 names TIMOTHY P COSTELLO.
- Who are the officers and directors of INDEPENDENCE SCHOOL INC?
- The 990 for the year ended June 30, 2025 lists 19 people; 6 received compensation from the organization, the highest $318,093 (TIMOTHY COSTELLO, HEAD OF SCHOOL).
- How much revenue does INDEPENDENCE SCHOOL INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $12,787,471, expenses of $12,028,681 and total assets of $29,057,618 at year end.
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