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 Homes for Our Troops audit of September 30, 2015 (Note 7, Contributed Materials and Services), the Organization reports receiving contributed building materials and construction services valued at $3,841,118 and contributed professional services valued at $414,844 in fiscal 2015. |
[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 Sept. 30, 2015 (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 the 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, 2015 and 2014, the Organization's estimated contractual obligations to fund the completion of current and future projects amounted to approximately $27,433,000 and $13,184,000, respectively."
|According to the Homes for Our Troops audit of September 30, 2015 (Note 1, Nature of the Organization):|
"... During 2012, the Organization began a new program, the Home Award Program, to donate renovated, foreclosed homes to injured military veterans and spouses of fallen service members. The Home Award Program was discontinued during 2014."
|According to the Homes for Our Troops audit of September 30, 2015 (Note 13, Related Party Transaction):|
"During the year ended September 30, 2015, the Organization recognized $979,903 in contribution revenue in the form of a pledge made by a company at which a member of the Organization's board of directors holds a senior executive position. The pledge is to be paid in 3 installments through May, 2017. As of September 30, 2015, the outstanding balance of [the pledge is] $645,903..."