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.
|On August 1, 2016, the Boards of Directors of the Parkinson's Disease Foundation and the National Parkinson 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, Parkinson's Disease Foundation) does not include the financial activities of National Parkinson Foundation. Currently, National Parkinson Foundation is rated separately by CharityWatch under the name "Parkinson's Foundation (pre-merger, National Parkinson 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 Parkinson's Disease Foundation (PDF) audited Statement of Activities for the year ended June 30, 2016, PDF received in-kind contributions for its operations valued at $469,931 in fiscal 2016.|
[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 Parkinson's Disease Foundation (the Foundation) audit of June 30, 2016 (Note 13, Subsequent Events):|
"On July 7, 2016, a Combination Agreement (the Agreement) was entered into by the Foundation and the National Parkinson Foundation, Inc. (NPF), a Florida not-for-profit corporation. Effective upon closing on July 28, 2016, the Foundation acquired and accepted from NPF all of NPF's rights, title and interests."
"Furthermore, the Foundation assumed and became liable for and thereafter, paid and fully will satisfy when due any liability or obligation of NPF. 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 donated merger-related professional fees of approximately $698,128 during fiscal 2016, which have been reflected as non-operating expenses in the [audit's] accompanying statement of activities for the year ended June 30, 2016."
|According to the Parkinson's Disease Foundation audit of June 30, 2016 (Note 12, Other Matters, Publishing Agreement):|
"As of November 14, 2014, the Foundation entered into a collaboration agreement with Nature Publishing Group (NPG) for a duration of five years unless terminated sooner as defined in the agreement. The purpose of the collaboration is to produce an online journal titled Parkinson's Disease. As part of the agreement, if certain events occur as defined in the agreement, the Foundation would receive 50% of the online journal's net profit and would pay NPG $90,000 each year. As part of the agreement, the Foundation would be entitled to cost recovery in future years. During fiscal 2016 and 2015, the Foundation did not earn any revenue and made payments of $90,000 in fiscal 2016 and 2015, respectively..."
|According to the Parkinson's Disease Foundation audit of June 30, 2016 (Note 11, Related-Party Transactions):|
"The World Parkinson Coalition (WPC) is affiliated with the Foundation and has board membership in common. For the year ended June 30, 2016, the Foundation provided grants to WPC in the amounts of $25,000..."