According to the AMVETS National Service Foundation audit of August 31, 2024 (Note 11, Related Party Transactions), the Foundation reports related party transactions in fiscal 2024 that include the following: – AMVETS Charities, Inc.: (1) "Short-term loans from Charities..." in the amount of $473,446; (2) "Expenses paid by the Foundation on behalf of Charities" in the amount of $12,015; (3) "Amounts collected by the Foundation on behalf of Charities" in the amount of ($3,866); and (4) "Operating advances from Charities" in the amount of ($59,330) – AMVETS National Department: (1) "Grants awarded by the Foundation" in the amount of $750,000; (2) "Payroll expenses paid by the Foundation on behalf of ND" in the amount of $294,173; (3) "Expenses paid by the Foundation on behalf of ND" in the amount of $32,880; (4) "Contributions received by the ND on behalf of the Foundation" in the amount of $102,561; (5) "Amount due to the Foundation converted to grants ND" in the amount of ($100,000); (6) "Transfers from ND to the Foundation" in the amount of ($700,000); (7) "In-kind financial services provided by the Foundation" in the amount of $78,599; and (8) "In-kind human resources services provided by the Foundation" in the amount of $65,462 – AMVETS Ladies Auxiliary: (1) "Payroll expenses paid by the Foundation" in the amount of $3,904; (2) "In-kind human resources services provided by the Foundation" in the amount of $5,263; and (3) "Credits received by the Foundation on behalf of Ladies Auxiliary" in the amount of ($8,294)
[Note: AMVETS National Department (or National Headquarters) is rated separately by CharityWatch. The $750,000 in cash grants provided to the National Department by the Foundation, as noted above, represents approximately 66% of the Foundation's program services expenses in fiscal 2024 (after adjusting the thrift store operations and joint solicitation costs to fundraising).] |