CharityWatch REPORT
Issued January 2018

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.

CharityWatch's rating of the Clinton Foundation is based on the Foundation's audited consolidated financial statements, which include the accounts of the Bill, Hillary & Chelsea Clinton Foundation, as well as entities in which the Clinton Foundation maintains an economic interest and financial control. These include: the Clinton Health Access Initiative (CHAI); the Clinton Foundation Sweden; Acceso Worldwide Fund, Inc.; Acceso Peanut Enterprise Corporation, S.A.; and Acacia Development Co., according to Note 1 of the 2016 consolidated audit.
According to the Clinton Foundation consolidated audit of December 31, 2016 (Note 18, Subsequent Events):

"On March 7, 2017, CHAI [Clinton Health Access Initiative] amended its bylaws to alter its governance structure. Prior to that date, the Clinton Foundation appointed five of CHAI's nine board members, with the remaining board members being elected by the CHAI board as a whole. Pursuant to the amendment, the CHAI board was expanded to fifteen members, five of whom are recommended by the Clinton Foundation and ten of whom are recommended by the independent board members. This slate of nominees is then elected by the CHAI board as a whole. Accordingly, subsequent to March 7, 2017, the Clinton Foundation no longer maintains an economic interest in or control of CHAI and effective March 7, 2017, CHAI will no longer be consolidated [in the Clinton Foundation audited financial statements]. Revenues and total assets related to CHAI were approximately $152,732,000 and $90,763,000 respectively, as of and for the year ended December 31, 2016."
According to the Clinton Foundation consolidated audit of December 31, 2016 (Note 17, Disposal activities):

"On November 29, 2016, the board of Clinton Foundation Sweden, an affiliated non-profit organization, adopted and implemented plans to end operations. As a result, Clinton Foundation Sweden ceased fund raising activities, addressed outstanding liabilities, and dissolved its operations prior to December 31, 2016. No material gains or losses arose as a result of this dissolution.

"Contribution revenue for Clinton Foundation Sweden, included in the consolidated financial statements, totaled $5,800,000 and $4,400,000, respectively, for the years ended December 31, 2016 and 2015."
According to the Clinton Foundation consolidated audit of December 31, 2016 (Note 1, In-kind contributions), the Foundation reports receiving "in-kind contributions from various donors" on which it placed a value of $1,450,769 in 2016.

[Note: CharityWatch generally excludes the value of in-kind (non-cash) donations of goods and services from its calculations of Program % and Cost to Raise $100. More information on how grades are calculated and the treatment of in-kind donations can be found by clicking on "About CharityWatch" from the navigation bar and then clicking on "Criteria & Methodology".]

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