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 Y's consolidated audit of December 31, 2015 (Note A):|
"Y-USA's funding comes from various sources, the most significant being from YMCA associations throughout the United States. These associations are autonomous corporations, separately incorporated in their respective states, have independent boards and issue separate, individual financial statements, which are not included in the [audit's] accompanying consolidated financial statements."
Since the organization does not publish audited financial statements that include the financial activities of the associations referenced above, CharityWatch is able to provide a rating based on only the national office.
|According to The Y's consolidated audit of December 31, 2015, (Note B, Contributed Services and In-kind Media):|
"... Contributed services recognized related to consulting, support payments and travel were $450 and $78 [$s in thousands] for the years ended December 31, 2015 and 2014, respectively."
"... Y-USA produces and distributes PSAs [public service announcements] to a third party who then distributes them to television, radio, Internet and magazines that focus attention on the YMCA programs. These carriers provide airtime and print space to deliver PSAs to assist Y-USA in its mission, free of charge... For the years ended December 31, 2015 and 2014, Y-USA recorded $8,053 and $6,912 [$s in thousands], respectively [for contributed in-kind PSAs]."
[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 $100. More information on how grades are calculated and the treatment of in-kind donations can be found by clicking on "About CharityWatch" from the navigation bar and then clicking on "Criteria & Methodology".]
|According to The Y's consolidated audit of December 31, 2015 (Note H, Jerusalem Property Development) [$s in thousands]:|
"This project involves the expansion of the JIY [Jerusalem International] YMCA facilities and the construction of residential units, an underground parking structure and retail space ... The contract [with the Israeli developer carrying out the project], amended in 2002, called for an up-front payment of $9,000 followed by payment of $250 quarterly through 2006. Y-USA has received a total of $10,750 to date, while the remainder was held by the developer as an estimated capital gains tax on the transaction. In June 2013, the developer transferred $3,750 to the Israel Tax Authority as partial settlement of the capital gains tax liability. In October 2013, Y-USA paid the balance of $1,350 as the final settlement of the tax liability ... In addition to the cash payment, the contract called for the developer to construct and deliver to Y-USA, as custodian, a new sports center, a portion of the parking structure and related improvements...The developer has received a 150-year lease on the land, ownership of the condominiums and a portion of the parking structure. Revenue on the lease is being recognized over the 150-year lease period [all $s in thousands]."
"In 2015, Y-USA entered into discussions with JIY to transfer Y-USA's interest in the property development to JIY for $8,958, comprised primarily of repayment of an Israel property tax liability originally paid by Y-USA and the related interest, in the amount of $8,232, as well as an escrow account in the amount of $725. As a result, Y-USA recorded a write down of a portion of the Jerusalem Development Project. The total asset of $22,990 was written down by $6,141 and the remaining asset of $16,489 was netted against future deferred lease payments totaling $7,891 as of December 31, 2015. This resulted in a remaining asset for the property development of $8,958 on the consolidated statements of financial position as of December 31, 2015 [all $s in thousands]."