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.

Note(s)
According to the Homes For Our Troops (HFOT) audit of September 30, 2017 (Note 7, Contributed Materials and Services):

HFOT reports receiving in-kind contributed materials and services on which it placed a total value of $23,409,282 in fiscal 2017. Of the total value, $19,053,000 consisted of in-kind public service announcements (PSAs), $3,761,642 consisted of in-kind building materials and construction services, and $594,640 consisted of in-kind professional services.

[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".]
According to the Homes For Our Troops audit of September 30, 2017 (Note 8, Construction and Acquisition Costs for Veterans' Homes and Contractual Commitment to Transfer Homes to Veterans):

"Construction and acquisition costs for veterans' homes represents real estate acquisition and home construction costs of specifically adapted home projects.

"When acquiring land and constructing a new home, title and ownership of the property is retained by the Organization until such time the Organization transfers ownership to the veteran. Prior to transfer of ownership, costs incurred and donations of materials and services received by the Organization for these activities are recorded as an asset of the Organization...

"To the extent that all significant conditions of the contractual agreement between the Organization and the veteran have been met, a liability representing the contractual commitment to transfer the home to the veteran is established. Upon transfer of ownership, the full cost of the property and the corresponding contractual liability are both reduced to zero.

"As of September 30, 2017 and 2016, the Organization's estimated contractual obligations to fund the completion of current and future projects amounted to approximately $59,336,892 and $49,605,000, respectively. These contractual obligations will be required to be met between fiscal years 2017 and 2019."
According to the Homes For Our Troops (HFOT) tax filing for the fiscal year ended September 30, 2017, in response to the question of "whether (and if so, how) the organization made its governing documents, conflict of interest policy, and financial statements available to the public during the tax year" (IRS Form 990, Part VI, Section C, line 19), HFOT reports:

"The Organization's financial statements are posted on its website and are also available via postal mail or e-mail upon request. The Organization does not make its governing documents or conflict of interest policy public" (IRS Form 990, Schedule O).

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