CharityWatch REPORT
Issued November 2017

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 Conservation Fund (TCF) is based on its audited combined financial statements, which also include the financial activities of TCF's two related public charity entities: Sustainable Conservation, Inc. (SCI) and Natural Capital Investment Fund, Inc. (NCIF).

According to The Conservation Fund combined audit of December 31, 2016 (Note 1):

"TCF's and SCI's mission is to create partnerships with the private sector, other nonprofit organizations, and public agencies to protect America's outdoor heritage. NCIF is a certified community development financial institution that provides financing for natural resource-based businesses. All material intercompany transactions have been eliminated in combination [of the audited financial statements]."

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