CharityWatch REPORT
Issued September 2016

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 Circle of Friends for American Veterans audit of September 30, 2015 (Note 5, Concentrations):

"The Organization's revenues are generated almost exclusively through two call centers who together account for 99% of total revenue..."
According to the Circle of Friends for American Veterans audit of September 30, 2015 (Note 6, Legal Matters):

"The Organization underwent a payroll audit by the Internal Revenue Service [IRS] for the years 2008 through 2010. Legal counsel retained on this matter successfully negotiated the tax liability to a reduced rate and had all penalties abated. The employment taxes and interest have not been paid at the audit date and at December 9, 2015 the liability stands at Accrued Payroll Taxes of $77,625 and Accrued Interest of $3,093. An Offer in Compromise was filed with the IRS which was not approved. All prior employment tax returns have been filed and legal counsel is in the process of obtaining an installment agreement with the IRS for the payment of these taxes over time."

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