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.

CharityWatch's rating of National Audubon Society (Audubon) includes the accounts of Audubon's wholly owned subsidiaries, National Audubon Society of Coastal Connecticut, Inc., National Audubon Society of Sharon, Inc., Lincoln Audubon Society, and The National Audubon Society of Greenwich, Inc., which are included in Audubon's audited consolidated financial statements for the fiscal year ending June 30, 2015. These subsidiaries "hold land for the benefit and use of Audubon," according to Note 1 of Audubon's 2015 audit.

Audubon has 462 independent chapters throughout the United States that are not included in its consolidated financial statements "since such chapters are independent organizations," according to Note 2 of Audubon's 2015 audit. As such, these 462 independent chapters are not included in CharityWatch's rating of Audubon.
According to the National Audubon Society consolidated audit of June 30, 2015 (Note 9, Commitments and Contingencies):

"Audubon is in the process of developing and improving several nature centers, which are in various stages of completion. As of June 30, 2015 and 2014, Audubon had remaining commitments on construction and related agreements amounting to approximately $767,000 and $1,826,000, respectively."

"Audubon is invested in several limited partnerships under which Audubon is committed to make capital contributions in future periods totaling approximately $1,384,000 and $1,643,000 as of June 30, 2015 and 2014, respectively."

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