CharityWatch Analysts perform an in-depth analysis of charities' audited financial statements and IRS tax filings, and often review other documents such as state filings, annual reports, and fundraising contracts during their evaluations. Below are select notes that CharityWatch believes may be of interest to donors.
Any time an Analysts' Note refers to a charity's Audited Financial Statements or IRS tax form, CharityWatch encourages interested donors to obtain a copy of the referenced documents so that they may view the information in context. Please contact the charity directly to request a copy of any referenced document. Charity tax forms and audits may also be obtained from a number of online databases. For a list of sources, please visit our LINKS page.
|According to the American Liver Foundation audit of September 30, 2014 (Note 5, Loan Payable):|
"On February 10, 2010, the Foundation obtained a loan from a board member to repay a pre-existing line of credit. The loan is secured by an office condominium owned by the Foundation. The original loan amount was $880,000 with an interest rate of 5.75% per annum. On May 1, 2013, the loan was amended to extend the due date to February 10, 2014. The interest rate increased to 8.5% with monthly payments based on a 20-year amortization. On February 4, 2014, the note was extended with the same terms with a new maturity date of February 28, 2016. The balance due on the loan as of September 30, 2014 is $553,295. The loan was repaid in 2015."
|According to the American Liver Foundation audit of September 30, 2014 (Note 11, Subsequent Events):|
"On October 15, 2014, the Foundation completed the sale of two condominium units that it owned in New Jersey. The selling price of the units was $385,000 which, after closing costs, yielded net proceeds of $356,580. Under the terms of the associated loan, the proceeds from the sale were used to repay loan principal. The balance due on the loan after applying the proceeds from the sale was $194,457. The terms of the loan remain the same." [See the above Analysts' Note re: Audit Note 5 for more on "the associated loan."]