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.
|National Vietnam Veterans Foundation (NVVF) is to permanently close and its former President & Founder will pay damages, return his severance, and be banned nationwide from handling charitable assets as a result of settlements reached with the New York Office of the Attorney General (OAG), according to a November 10th, 2016 OAG press release.|
The OAG's investigation found that NVVF spent the majority of its millions in contributions on paying professional fundraisers and insider expenses. The former President & Founder, John Thomas Burch, Jr., admitted that NVVF had paid 90% of its donations to its fundraisers and to deceptively marketing how solicited money would be spent.
A link to the OAG's press release can be found by clicking on the "Donor Alerts & Articles / Media" Tab above.
|National Vietnam Veterans Foundation (NVVF) has closed its doors, according to an August 31, 2016 report by CNN.|
NVVF's vice president wrote in an email to CNN that the charity's president has resigned and "NVVF is shutting down completely," according to CNN. (NVVF was the object of a CNN report in May 2016.)
|According to the National Vietnam Veterans Foundation audit of December 31, 2014 (Note 4, Telemarketing): |
"In addition to the Foundation performing its own fundraising, it has hired Midwest Publishing, Inc. and Outreach Calling, Inc. (professional fundraisers) to perform its telemarketing function for fundraising. These contracts with the professional fundraisers stipulate that funds collected from solicited donations, less their related costs for commissions, telemarketing, fees, etc., will be remitted to the Foundation on a regular basis. The agencies raised $8,643,900 in 2014 through a combination of increased efforts and establishing fundraising opportunities in additional states by Outreach Calling, Inc., and Midwest Publishing, Inc. that was offset by a decline in fundraising revenue generated by Telecom of Ohio, Inc."
According to the Organization's 2014 tax filing, Form 990, Schedule G, of the $8,643,900 raised, $7,736,172 was paid to, or retained by, the fundraisers; $907,728 was paid to, or retained by, the charity.
|According to the National Vietnam Veterans Foundation audit of Dec. 31, 2012 (Note 2):|
"Revenue from fundraising vendors was concentrated with three vendors who were responsible for approximately 69%, 17% and 8% of total revenue. Related telemarketing costs with these vendors ranged from 83% to 89% of the revenues raised from fundraising."
|According to the National Vietnam Veterans Foundation (NVVF) 2012 tax filing, NVVF provided $11,128 in monetary "emergency" assistance to the brother of the President/Chairman of NVVF (Form 990 Schedule L, Part III).|