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.
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|On August 1, 2016, the Boards of Directors of the National Parkinson Foundation and the Parkinson's Disease Foundation announced that they have finalized the merger of the two organizations. The organization will operate as the Parkinson's Foundation with offices in New York City and Miami.|
CharityWatch's rating of Parkinson's Foundation (pre-merger, National Parkinson Foundation) does not include the financial activities of Parkinson's Disease Foundation. Currently, Parkinson's Disease Foundation is rated separately by CharityWatch under the name "Parkinson's Foundation (pre-merger, Parkinson's Disease Foundation)." CharityWatch will not be able to provide a post-merger rating for Parkinson's Foundation until at least its fiscal year-ended June 30, 2017 financial statements become available.
[See the "Donor Alerts & Articles / Media" Tab for a link to the press release dated 8/1/16 announcing the merger.]
|According to the National Parkinson Foundation audit of June 30, 2016 (Note 1, General, Combination Agreement):|
"On July 7, 2016, a Combination Agreement (the 'Agreement') was entered into by the Foundation and Parkinson's Disease Foundation, Inc. ('PDF'), a New York not-for-profit corporation. Effective upon closing, PDF acquired and accepted from the Foundation all of the Foundation's rights, title and interests. Furthermore, PDF assumed and became liable for and thereafter, paid and fully will satisfy when due any liability or obligation of the Foundation. A new legal entity named Parkinson Foundation, Inc. was formed as a result of the merger."
"As a result of the combination, the Foundation incurred legal and personnel costs of approximately $664,000..." Legal fees related to the merger amounted to $300,000, and personnel retention bonus expenses related to the merger amounted to $363,903, according to the audited Statement of Activities for the year ended June 30, 2016.
|According to the National Parkinson Foundation audit of June 30, 2016 (Note 8, Chapter Acquisitions):|
"In November 2015 and January 2016, the Foundation acquired two Chapters, the Central Ohio Parkinson Society and the National Parkinson Foundation Heartland. The Foundation did not pay any consideration for these Chapters. Once all liabilities were settled by the Chapters, the excess cash was transferred to the Foundation and was recognized as an inherent contribution by the Foundation. The total amount received by the Foundation from the chapter acquisition was approximately $218,000."