Yesterday, without warning, the Independent Adoption Agency (IAC) closed it's doors permanently declaring Chapter 7 Bankruptcy. At the time of closing it was estimated that roughly 919 families had been affected by this closing nationwide and left in what has been termed "adoption limbo." Since then we had learned that the actual number was much higher at 1,886 adoptions that were in progress.
This abrupt closure of IAC (based in Concord California) has shocked prospective parents across the United States who have already paid the agency thousands of dollars to help them adopt a child. The agency was founded in 1982 and had service the adoption community for thirty-four years. They had offices located in California, New York, Indiana, Florida, Connecticut, Texas, North Carolina and Georgia.
The memo released by IAC and currently located on their website states "... the climate of adoption has changed radically in recent years. Societal changes have created an environment in the United States where there are fewer potential birth parents than at any other point in IAC’s history. Simultaneously, due to changing demographics and the closure of international adoption programs, there are more hopeful adoptive parents seeking to adopt domestically than in any other time in recent history. Because of this, while we have striven to find financial solutions, we have come to the end of a rope and are declaring bankruptcy. The IAC has worked tirelessly to adapt to this changing environment, but the many efforts we implemented were ultimately unsuccessful. We therefore cannot sustain the agency any longer." Many others in the adoption field claim that they have not seen any drastic changes in the number of children available domestically or families seeking to adopt.
It was noted that on January 5th 2017, interim executive directory Marcia Hodges sent a memo to clients acknowledging that IAC was facing "increased competition for birth mothers, from both ethical and less ethical outfits willing to offer monetary rewards in return for placements." But it was also noted that the memo stated "The good news is that we now have in place strategies and outreach programs to deal with this new reality, and we continue to see good results from our own efforts." Clients were understandably stunned when the agency shut its doors a few weeks later without warning.
Federal tax records and court documents show that the Independent Adoption Center struggled financially in recent years. In 2013, the agency reported a $151,271 deficit. Although the organization was back in the black the following year when it took in nearly $6.6 million. In 2015 gross revenue fell to $5.2 million and about $4.5 million in 2016, according to court documents. IAC also reported taking in $94,256 in January 2017 and having $56,312 in the bank at the time of closing, court records show.
Many families are understandably angry. The memo released the day IAC closed it doors stated that "... everything will be under control of the trustee and the court, IAC will not be involved with determining how any remaining funds in the account are utilized." Which begs the question, if they had a trustee already designated and court filings, why weren't families notified sooner? Why was IAC still accepting payments from families reportedly up to five days before closing their doors?
All in all this is a dark and sad day for so many families affected. Many other organizations are trying to assist the families left in limbo by offering some free advice. Other companies are offering discounts to their services in an attempt to help those families as best they can.
At Tekk Adoption we are offering discounts to the families affected by the IAC closing. We understand that your in a state of confusion and anger. We also understand that many of you are out thousands of dollars and that so many of you are wary of working with another adoption agency. Tekk Adoption is not an Adoption Agency, we are simply a "connection company", meaning that we offer tools to help adoptive parents and expectant parents connect one another. We do not offer advice or legal counsel. Our services are focused more on what is know as Independent Domestic Adoptions, in which adoptive families take on the responsibility of receiving direct contact from expectant parents and vet the calls themselves. However, Tekk Adoption has also worked successfully with adoptive parents working with an agency, utilizing Tekk Adoption services to increase their visibility to expectant parents across the United States.
Please feel free to direct any questions regarding our services and discount offer to Info@TekkAdoption.com.
Discount Offer: http://www.TekkAdoption.com/Information/IACHelp.aspx
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About the Author
I am the Founder and Owner of Tekk Adoption, created in 2013 to fill a need for affordable online technology services for families seeking to adopt. We hope to be your one-stop-shop for all technology needs regarding your adoption process. We make sure our services are robust and affordable for any family budget. Our goal is to help as many families realize their dream of adoption as we can, so you will see that our services are the most competitively priced on the market.
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