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 Tragedy Assistance Program for Survivors (TAPS) 2015 tax filing, TAPS reports receiving total in-kind goods valued at $414,229 and total donated services and use of facilities valued at $80,806 in 2015 (IRS Form 990 Schedule M and Schedule D, Part XI). The TAPS 2015 audit (Note 9) reports that "approximately $230,000" of the donated items were "in-kind tickets from various donors...for survivors to attend sporting events."|
[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 Tragedy Assistance Program for Survivors (TAPS) audit of December 31, 2015 (Note 10, Commitments, Severance Liability):|
"The Organization has entered into an employment agreement with the President through June 30, 2016. The agreement contains a clause whereby the Organization is liable for severance pay in the event of termination other than for cause. At December 31, 2015, the maximum potential amount of severance is approximately $140,000."
Also according to the TAPS 2015 audit (Note 10, Commitments, Hotel Contracts):
"The Organization has entered into contracts for events through 2017. These contracts contain cancellation clauses whereby the Organization will be liable for a calculated fee should the event be cancelled. As of December 31, 2015, the maximum potential fees in the event of cancellation total $617,000."
|According to the Tragedy Assistance Program for Survivors (TAPS) audit of December 31, 2015 (Note 2, Concentrations):|
"TAPS received approximately 27% of its total revenue from one donor in the year ended December 31, 2015."