Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2015
Open to Public Inspection
For calendar year 2015, or tax year beginning 01-01-2015 , and ending 12-31-2015
Name of foundation
INDEPENDENCE FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)200 SOUTH BROAD STREET NO 1101
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
PHILADELPHIA, PA19102
A Employer identification number

23-1352110
B Telephone number (see instructions)

(215) 985-4009
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$70,031,991J Accounting method:
Modified Cash
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments 24,999 24,999  
4 Dividends and interest from securities... 2,332,757 2,332,757  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,586,654
b Gross sales price for all assets on line 6a 9,873,310
7 Capital gain net income (from Part IV, line 2)... 1,491,953
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 46,020 108,609  
12 Total. Add lines 1 through 11........ 3,990,430 3,958,318  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 516,960 252,362   264,598
14 Other employee salaries and wages...... 367,391 54,987   312,404
15 Pension plans, employee benefits....... 276,934 80,017   196,917
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 75,820 68,238   7,582
c Other professional fees (attach schedule).... Click to see attachment 201,555 109,843   91,712
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 222,299 285   0
19 Depreciation (attach schedule) and depletion... 17,375 4,404  
20 Occupancy.............. 196,548 50,289   146,259
21 Travel, conferences, and meetings....... 68,616 7,177   61,439
22 Printing and publications.......... 3,024 756   2,268
23 Other expenses (attach schedule)....... Click to see attachment 186,524 30,184   156,340
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 2,133,046 658,542   1,239,519
25 Contributions, gifts, grants paid....... 3,559,261 3,559,261
26 Total expenses and disbursements. Add lines 24 and 25 5,692,307 658,542   4,798,780
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -1,701,877
b Net investment income (if negative, enter -0-) 3,299,776
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2015)
Form 990-PF (2015)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 500 500 500
2 Savings and temporary cash investments......... 568,209 3,193,535 3,193,535
3 Accounts receivable bullet80,000
Less: allowance for doubtful accounts bullet   40,000 80,000 80,000
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 48,547,236 Click to see attachment39,490,149 39,490,149
c Investments—corporate bonds (attach schedule)....... 18,431,945 Click to see attachment21,631,521 21,631,521
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 5,609,783 Click to see attachment4,711,824 4,711,824
14 Land, buildings, and equipment: basis bullet1,105,930
Less: accumulated depreciation (attach schedule) bullet1,071,818 51,478 Click to see attachment34,112 34,112
15 Other assets (describe bullet) Click to see attachment271,693 Click to see attachment271,693 Click to see attachment890,350
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 73,520,844 69,413,334 70,031,991
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable..................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................. 73,520,844 69,413,334
25 Temporarily restricted...............    
26 Permanently restricted...............    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see instructions)..... 73,520,844 69,413,334
31 Total liabilities and net assets/fund balances (see instructions). 73,520,844 69,413,334
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............
1
73,520,844
2
Enter amount from Part I, line 27a .....................
2
-1,701,877
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
309,869
4
Add lines 1, 2, and 3 ..........................
4
72,128,836
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
2,715,502
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
69,413,334
Form 990-PF (2015)
Form 990-PF (2015)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a SALE OF PUBLICLY TRADED SECURITIES P    
b PASS THROUGH LUBERT-ADLER REAL ESTATE FUND VI, LP P    
c PASS THROUGH PATRIOT FINANCIAL PARTNERS, LP P    
d PASS THROUGH LUBERT-ADLER REAL ESTATE FUND VI-A, LP P    
e PASS THROUGH LUBERT-ADLER REAL ESTATE FUND VI-A, LP P    
PASS THROUGH LBC CREDIT PARTNERS PARALLEL II, LP P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 9,021,006   8,286,656 734,350
b 4   4 0
c 669,139     669,139
d 70,051     70,051
e 94,697   94,697 0
18,413     18,413
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a       734,350
b       0
c       669,139
d       70,051
e       0
      18,413
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 1,491,953
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)
If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2014 5,034,209 71,926,038 0.069991
2013 4,949,698 67,926,248 0.072869
2012 4,798,874 64,349,160 0.074576
2011 4,782,548 67,653,116 0.070692
2010 4,878,578 66,425,213 0.073445
2
Total of line 1, column (d) .....................
20.361573
3
Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years . . .
3
0.072315
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
71,284,272
5
Multiply line 4 by line 3......................
5
5,154,922
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
32,998
7
Add lines 5 and 6........................
7
5,187,920
8
Enter qualifying distributions from Part XII, line 4.............
8
4,798,780
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.
Form 990-PF (2015)
Form 990-PF (2015)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bullet and enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 65,996
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 65,996
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 65,996
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 89,617
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 50,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 139,617
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 73,621
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet73,621 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletAL, CO, CT, DE, FL, GA, ID, MD, MO, MT, NM, OR, PA, SC, VA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.INDEPENDENCEFOUNDATION.ORG
    14
    The books are in care ofbulletTHE ORGANIZATION Telephone no.bullet (215) 985-4009

    Located atbullet200 SOUTH BROAD STREET NO 1101PHILADELPHIAPA ZIP+4bullet19102
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.......bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2015, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2015?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2015, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2015?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2015 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2015.)..................
    3b
     
    No
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2015?
    4b
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (Continued)
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
    No
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    HON PHYLLIS W BECK BOARD CHAIR, CFO
    40.00     		212,816 29,751 2,640
    INDEPENDENCE FOUNDATION 200 S BROAD
    STREET SUITE 1101
    PHILADELPHIA,PA19102
    SUSAN E SHERMAN PRESIDENT, CEO
    40.00     		304,144 37,279 2,640
    INDEPENDENCE FOUNDATION 200 S BROAD
    STREET SUITE 1101
    PHILADELPHIA,PA19102
    PEDRO A RAMOS ESQUIRE VICE PRESIDENT
    1.00     		0 0 0
    INDEPENDENCE FOUNDATION 200 S BROAD
    STREET SUITE 1101
    PHILADELPHIA,PA19102
    ANDRE L DENNIS ESQUIRE VICE PRESIDENT
    1.00     		0 0 0
    INDEPENDENCE FOUNDATION 200 S BROAD
    STREET SUITE 1101
    PHILADELPHIA,PA19102
    BARTON M SILVERMAN VICE PRESIDENT
    1.00     		0 0 0
    INDEPENDENCE FOUNDATION 200 S BROAD
    STREET SUITE 1101
    PHILADELPHIA,PA19102
    ANDREA MENGEL PHD RN SECRETARY
    1.00     		0 0 0
    INDEPENDENCE FOUNDATION 200 S BROAD
    STREET SUITE 1101
    PHILADELPHIA,PA19102
    CATHERINE CARR MEMBER(START 6/2015)
    1.00     		0 0 0
    INDEPENDENCE FOUNDATION 200 S BROAD
    STREET SUITE 1101
    PHILADELPHIA,PA19102
    DERICK DREHER MEMBER(START 6/2015)
    1.00     		0 0 0
    INDEPENDENCE FOUNDATION 200 S BROAD
    STREET SUITE 1101
    PHILADELPHIA,PA19102
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    JENNIFER BOHNENBERGER DIRECTOR OF GRANTMAK
    40.00     		121,887 42,012 2,640
    200 SOUTH BROAD STREET
    PHILADELPHIA,PA19102
    SUSAN HECKROTTE PROGRAM OFFICER
    40.00     		74,802 16,692 1,183
    200 SOUTH BROAD STREET
    PHILADELPHIA,PA19102
    KATE E TEJADA OFFICE ADMINISTRATOR
    40.00     		47,198 10,099 1,617
    200 SOUTH BROAD STREET
    PHILADELPHIA,PA19102
    ROSE TOMLINSON ADMINISTRATIVE ASSIS
    40.00     		40,170 4,419 0
    200 SOUTH BROAD STREET
    PHILADELPHIA,PA19102
    ANN TORREGROSSA CONSULTANT- HEALTH &
    40.00     		37,091 4,080 0
    200 SOUTH BROAD STREET
    PHILADELPHIA,PA19102
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    REINSEL KUNTZ LESHER LLP AUDIT/TAX SERVICES 75,820
    PO BOX 8408
    LANCASTER,PA176048408
    MILL CREEK CAPITAL ADVISORS INVESTMENT SERVICES 53,019
    161 WASHINGTON STREET
    CONSHOHOCKEN,PA19428
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    70,917,136
    b
    Average of monthly cash balances.......................
    1b
    519,538
    c
    Fair market value of all other assets (see instructions)................
    1c
    933,145
    d
    Total (add lines 1a, b, and c).........................
    1d
    72,369,819
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    72,369,819
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    1,085,547
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    71,284,272
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    3,564,214
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    3,564,214
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    65,996
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
    5,144
    c
    Add lines 2a and 2b............................
    2c
    71,140
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    3,493,074
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    5,000
    5
    Add lines 3 and 4............................
    5
    3,498,074
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    3,498,074
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    4,798,780
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    4,798,780
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    4,798,780
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2014     		(c)
    2014     		(d)
    2015
    1 Distributable amount for 2015 from Part XI, line 7 3,498,074
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2015:
    a From 2010...... 1,596,095
    b From 2011...... 1,418,803
    c From 2012...... 1,612,486
    d From 2013...... 1,621,269
    e From 2014...... 1,572,252
    fTotal of lines 3a through e........ 7,820,905
    4Qualifying distributions for 2015 from Part
    XII, line 4: bullet$ 4,798,780
    a Applied to 2014, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2015 distributable amount..... 3,498,074
    e Remaining amount distributed out of corpus 1,300,706
    5 Excess distributions carryover applied to 2015. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 9,121,611
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2014. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2016. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8Excess distributions carryover from 2010 not
    applied on line 5 or line 7 (see instructions) ...     		1,596,095
    9Excess distributions carryover to 2016.
    Subtract lines 7 and 8 from line 6a ......     		7,525,516
    10 Analysis of line 9:
    a Excess from 2011.... 1,418,803
    b Excess from 2012.... 1,612,486
    c Excess from 2013.... 1,621,269
    d Excess from 2014.... 1,572,252
    e Excess from 2015.... 1,300,706
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2015, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2015 (b) 2014 (c) 2013 (d) 2012
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    SUSAN E SHERMAN PRESIDENT INDEPENDE
    200 SOUTH BROAD STREET SUITE 1101
    PHILADELPHIA,PA19102
    (215) 985-4009
    bThe form in which applications should be submitted and information and materials they should include:
    INDEPENDENCE FOUNDATION DOES NOT ACCEPT UNSOLICITED PROPOSALS. EACH YEAR THE FOUNDATION SENDS OUT REQUEST FOR PROPOSALS (RFP) UNDER THE FOLLOWING CATEGORIES: CULTURE AND THE ARTS, HEALTH AND HUMAN SERVICES, PUBLIC INTEREST LEGAL AID, NURSE MANAGED HEALTH CARE INITIATIVE, PUBLIC INTEREST LAW FELLOWSHIP PROGRAM, AND FELLOWSHIPS IN THE ARTS PROGRAM. ORGANIZATIONS NOT PREVIOUSLY FUNDED BY THE FOUNDATION ARE ENCOURAGED TO SEND A TWO PAGE LETTER OF INQUIRY INCLUDING ORGANIZATIONAL BACKGROUND INFORMATION, AMOUNT BEING REQUESTED AND DESCRIPTION OF THE PROGRAM/SERVICES FOR WHICH THE FUNDS WILL BE USED. PLEASE NOTE THAT THE FOUNDATION'S FUNDING AREA IS RESTRICTED TO PHILADELPHIA AND ITS SURROUNDING PENNSYLVANIA COUNTIES: BUCKS, CHESTER, DELAWARE AND MONTGOMERY.
    cAny submission deadlines:
    THE FOUNDATION ESTABLISHES A GRANT CYCLE ON A YEARLY BASIS AND ALL DECISIONS ARE MADE IN CYCLE.
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    LETTERS OF INQUIRY WILL BE REVIEWED FOR CONSISTENCY WITH CURRENT FUNDING PRIORITIES. SHOULD THE APPLICATION, AFTER REVIEW BY THE BOARD OF DIRECTORS, PROVE TO BE WITHIN THE SCOPE OF THE FOUNDATION'S INTERESTS, THE APPLICANT WILL BE ADVISED AND THE NECESSARY INTERVIEWS MAY BE ARRANGED PRIOR TO A FINAL DETERMINATION BY THE BOARD OF DIRECTORS.
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    PASS THROGUH FROM LUBERT-ADLER REAL ESTATE FUND VI LP
    2929 ARCH STREET STE 1650
    PHILADELPHIA,PA191042868     		  PC GENERAL SUPPORT 21
    PASS THROUGH FROM LBC CREDIT PARTNERS PARALLEL II LP
    2929 ARCH STREET STE 1550
    PHILADELPHIA,PA191042868     		  PC GENERAL SUPPORT 41
    PASS THROUGH FROM LUBERT-ADLER REAL ESTATE FUND VI-A LP
    2929 ARCH STREET STE 15650
    PHILADELPHIA,PA191042868     		  PC GENERAL SUPPORT 16
    SEE ATTACHED STATEMENT 19
    200 SOUTH BROAD STREET
    PHILADELPHIA,PA19102     		  PC SEE ATTACHMENT 3,559,183
    Total .................................bullet 3a 3,559,261
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ...........     		900099 16 14 24,983  
    4 Dividends and interest from securities....     14 2,332,757  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory ............     		900099 94,701 18 1,491,953  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue:
    aPASS THROUGH FROM LUBERT-ADLER REAL ESTATE FUND, VI LP     		900099 -29,541 01    
    bPASS THROUGH FROM LBC CREDIT PARTNERS PARALLEL LL, LP 900099 23,387 01 15,853  
    cPASS THROUGH FROM LUBERT-ADLER REAL ESTATE FUND, VI-A LP 900099 -1,780 01 628  
    dPASS THROUGH FROM PATRIOT FINANCIAL 900099 0 01 0  
    eMISC. REVENUE     01 2,789  
    fRETURNED GRANT         5,000
    gK-1 RENTAL LOSS PER BOOKS         -11,407
    hPASS THROUGH FROM LUBERT-ADLER REAL ESTATE FUND, VI LP 900099 -48,248 01 89,339  
    12 Subtotal. Add columns (b), (d), and (e).. 38,535 3,958,302 -6,407
    13Total. Add line 12, columns (b), (d), and (e)..................
    133,990,430
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    11E RETURNED GRANT ADDED BACK INTO DISTRIBUTION CALCULATIONON PART XI
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2015)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2015 AccountingFeesSchedule
    Name:
    INDEPENDENCE FOUNDATION
    EIN:
    23-1352110
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 75,820 68,238   7,582

    TY 2015 InvestmentsCorpBondsSchedule
    Name:
    INDEPENDENCE FOUNDATION
    EIN:
    23-1352110
    Name of Bond End of Year Book Value End of Year Fair Market Value
    MILL CREEK FUNDS - FIXED INCOME 1,591,483 1,591,483
    VANGUARD SHORT-TERM INVESTMENT GRADE FUND ADMIRAL SHARES 6,836,500 6,836,500
    VANGUARD INTERMEDIATE - TERM INVESTMENT - GRADE FUND ADMIRAL SHARES 8,987,828 8,987,828
    VANGUARD MINIMUM VOLATILITY FUND 4,215,710 4,215,710

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    INDEPENDENCE FOUNDATION
    EIN:
    23-1352110
    Name of Stock End of Year Book Value End of Year Fair Market Value
    MILL CREEK FUNDS - EQUITY SECURITIES 1,821,544 1,821,544
    THIRD AVE. VALUE FD INSTL. CL 0 0
    VANGUARD PRIMECAP CORE FUND 14,538,117 14,538,117
    VANGUARD GROWTH INDEX FUND INSTITUTIONAL SHARES 9,216,786 9,216,786
    VANGAURD CAPITAL VALUE FUND 2,687,260 2,687,260
    VANGAURD EMERGING MARKETS STOCK INDEX FUND SIGNAL SHARES 737,599 737,599
    VANGUARD LARGE CAP INDEX FUND INSTITUTIONAL SHARES 7,963,087 7,963,087
    MILL CREEK FUNDS - DOMESTIC FUNDS 983,402 983,402
    MILL CREEK FUNDS - INTERNATIONAL FUNDS 1,542,354 1,542,354

    TY 2015 InvestmentsOtherSchedule2
    Name:
    INDEPENDENCE FOUNDATION
    EIN:
    23-1352110
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    PATRIOT FINANCIAL PARTNERS, LP FMV 3,357,213 3,357,213
    LBC CREDIT PARTNERS PARALLEL LL, LP FMV 217,564 217,564
    LUBERT-ADLER REAL ESTATE FUND VI-A, LP FMV 315,079 315,079
    LUBERT-ADLER REAL ESTATE FUND VI, LP FMV 821,968 821,968

    TY 2015 LandEtcSchedule2
    Name:
    INDEPENDENCE FOUNDATION
    EIN:
    23-1352110
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LEASEHOLD IMPROVEMENTS 863,433 863,151 282 282
    FURNITURE AND EQUIPMENT 218,237 184,407 33,830 33,830
    COMPUTER EQUIPMENT 24,260 24,260 0  


    TY 2015 OtherAssetsSchedule
    Name:
    INDEPENDENCE FOUNDATION
    EIN:
    23-1352110
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ARTWORK 271,693 271,693 890,350


    TY 2015 OtherDecreasesSchedule
    Name:
    INDEPENDENCE FOUNDATION
    EIN:
    23-1352110
    Description Amount
    LBC CREDIT PARTNERS PARALLEL II, LP TAX/BOOK DIFFERENCES 17,273
    CURRENT YEAR UNREALIZED GAINS/LOSSES ON INVESTMENTS 2,675,600
    LUBERT-ADLER REAL ESTATE FUND VI-A, LP TAX/BOOK DIFFERENCES 22,629


    TY 2015 OtherExpensesSchedule
    Name:
    INDEPENDENCE FOUNDATION
    EIN:
    23-1352110
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    POSTAGE 3,935 787   3,148
    OFFICE SUPPLIES 12,860 2,572   10,288
    COMPUTER (HARD/SOFTWARE) 24,201 6,135   18,066
    OTHER INSURANCE 12,835 6,418   6,417
    REPAIRS & MAINTENANCE 16,094 4,080   12,014
    MISCELLANEOUS EXPENSES 26,439 6,702   19,737
    DUES AND SUBSCRIPTIONS 17,450 3,490   13,960
    GRANT SUPPORT 72,710 0   72,710


    TY 2015 OtherIncomeSchedule2
    Name:
    INDEPENDENCE FOUNDATION
    EIN:
    23-1352110
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PASS THROUGH FROM LUBERT-ADLER REAL ESTATE FUND, VI LP -29,541 0 -29,541
    PASS THROUGH FROM LBC CREDIT PARTNERS PARALLEL LL, LP 39,240 15,853 39,240
    PASS THROUGH FROM LUBERT-ADLER REAL ESTATE FUND, VI-A LP -1,152 628 -1,152
    MISC. REVENUE 2,789 2,789 2,789
    RETURNED GRANT 5,000   5,000
    K-1 RENTAL LOSS PER BOOKS -11,407   -11,407
    PASS THROUGH FROM LUBERT-ADLER REAL ESTATE FUND, VI LP 41,091 89,339 41,091


    TY 2015 OtherIncreasesSchedule
    Name:
    INDEPENDENCE FOUNDATION
    EIN:
    23-1352110
    Description Amount
    LUBERT-ADLER REAL ESTATE FUND VI, LP TAX/BOOK DIFFERENCES 208,912
    PATRIOT FINANCIAL PARTNERS, L.P. TAX/BOOK DIFFERENCES 100,957


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    INDEPENDENCE FOUNDATION
    EIN:
    23-1352110
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT FEES 109,843 109,843   0
    CONSULTING FEES 91,712 0   91,712


    TY 2015 TaxesSchedule
    Name:
    INDEPENDENCE FOUNDATION
    EIN:
    23-1352110
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL EXCISE TAX EXPENSE 222,014 0   0
    PASS THROUGH - FOREIGN TAXES PAID 285 285   0