CharityWatch has issued a "?" rating for Boy Scouts of America (National Office) at this time due to concerns related to its February 17, 2020 Chapter 11 bankruptcy filing. Boy Scouts of America has "officially exited bankruptcy," according to its website, and announced a "Confirmation of Plan of Reorganization andEmergence from Chapter 11 Bankruptcy to Equitably Compensate Survivors While EnsuringScouting Continues Across the Country." However, because its exit from bankruptcy occurred after December 31, 2022 , the date of its most currently available consolidated audited financial statements and related tax filings, CharityWatch is unable to assign the charity a letter grade rating for its fiscal year 2022. According to its consolidated audited financial statements for the fiscal year ended 12/31/2022, Statement of Financial Position, Boy Scouts of America reports a total deficit balance in net assets of $1,832,595,000. According to its fiscal year ended 12/31/2022 IRS Tax Form 990, Boy Scouts of America reports total expenses of $2,557,971,284. Of this amount, $96,309,666 consists of "Bankruptcy Expense," which the charity has allocated as a management and general expense; $2,272,115,811 consists of "Insurance Claims," which the charity has allocated as a program expense; and $75,071,739 consists of "Insurance" expense, which the charity has allocated as a program expense ($74,702,455), a management and general expense ($368,237), and a fundraising expense ($1,047). (IRS Form 990, Part IX, Statement of Functional Expenses)
According to the Boy Scouts of America consolidated audited financial statements for the fiscal year ended 12/31/2022, Note 1, Organization, Bankruptcy, Proceedings, Going Concern, Litigation and Summary of Significant Accounting Policies, Consolidation: "The consolidated financial statements combine the accounts and results of operations and activities of the National Council of the Boy Scouts of America and its Affiliates (National Council): Learning for Life, the Learning for Life Foundation, BSA Asset Management, LLC (BSAAM; BSA Commingled Endowment Fund, LP (Partnership); the Boy Scouts of America National Foundation (the Foundation), New World19, LLC; and Arrow WV, Inc. (collectively the "Affiliates")...The limited partner interest of the local councils in the Partnership is presented in the consolidated financial statements as a noncontrolling interest. Other results of operations and activities of local councils are not included..." Under Chapter 11, Boy Scouts of America (BSA) continued to operate as it reorganized its finances.
For more information related to the BSA bankruptcy filing, please see the news links under Related External Articles in the Articles & Alerts section.
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