According to the Help Hospitalized Veterans d/b/a Help Heal Veterans (HHV) audit of July 31, 2024 (Note 1, Liquidity and Going Concern Considerations): "As of July 31, 2024, the Organization has $461,015 of financial assets (cash, investments, and
receivables) which it expects to be available within one year to meet its cash needs for general
expenditures; however, its current liabilities as of July 31, 2024 are $1,301,627. Although the
Organization generated an increase in net assets of $123,369 for the year ended July 31, 2024, its cash
flows used in operating activities were $1,472,018; which was largely funded by the sale of the
Organization’s investments, in the amount of $1,385,600. As of July 31, 2024, $190,970 of investments
remain, and are included in the financial assets as available for general expenditures. These conditions
raise substantial doubt about the Organization’s ability to continue as a going concern. The Organization’s plans to alleviate the substantial doubt of its ability to continue as a going concern
include negotiations with its largest vendor, which is significant to the Organization’s mail-based
fundraising efforts, to continue to extend its payment terms with the Organization. The Organization also
intends to control its operating expenses and believes that its land and building, located in Winchester,
California and which it purchased approximately 25 years ago, has appreciated significantly and is able to
provide it with additional resources sufficient to fund operations for at least one year from the date these
financial statements are available to be issued based on possible real estate activity.
Although all such plans have not yet been fully implemented, the Organization and the aforementioned
vendor have informally agreed that the vendor will continue to assist with the Organization’s fundraising
efforts while the Organization continues to pay down the balance owed to the vendor. In addition, the
Organization has undertaken due diligence related to potential opportunities with respect to its real estate,
including sale, sale/leaseback, and subleasing considerations of its facility. Furthermore, management
has begun to scale back its operating expenses. The Organization believes that these efforts will be
sufficient to alleviate doubt surrounding its ability to continue operating as a going concern and that the
Organization will be able to meet its obligations." |
According to the Help Hospitalized Veterans d/b/a Help Heal Veterans (HHV) audit of July 31, 2024 (Note 10, In-Kind Contributions): HHV received in-kind contributions during fiscal 2024 on which it placed a total value of $3,989,822. Of this amount, $2,941,560 was attributed to "Public service announcements." [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 on the Our Process page.]
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According to the Help Hospitalized Veterans d/b/a Help Heal Veterans (HHV) audit of July 31, 2024 (Note 7, Economic Injury Disaster Loan): "In 2020, the Organization entered into a loan agreement with the Small Business Administration ('SBA')
under the SBA’s Economic Injury Disaster Loan ('EIDL') assistance program. Pursuant to the loan
agreement, the Organization received $150,000, to be used for working capital.
Interest on the outstanding principal balance accrues at a rate of 2.75% per annum beginning on the date
of the advance. Payments of $641 commenced on October 20, 2022 (two years from the date of the
loan) and are due monthly through 30 years from the date of the loan agreement, at which time any
amount outstanding would become due. The EIDL is collateralized by all tangible assets of the
Organization. The outstanding balance, including accrued interest in the amount of $9,666 at July 31,
2024, is $159,666.
At July 31, 2024, principal payments on the EIDL are as follows" [the following has been formatted for presentation purposes]: For the Years Ending July 31: 2025: $4,169 2026: $4,270 2027: $4,372 2028: $4,478 2029: $4,586 Thereafter: $137,791 Total: $159,666
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According to the Help Hospitalized Veterans d/b/a Help Heal Veterans (HHV) 2024 tax filing: "Board members Jack Meagher and Ed Meagher have [a] family relationship." (IRS Form 990, Schedule O re: Form 990, Part VI, Section A, line 2). John [Jack] Meagher is reported as the Chairman of HHV and is also an Officer. Ed Meagher is reported as a Director (IRS Form 990, Part VII, Section A). HHV reports having nine voting members on its governing body at the end of fiscal 2024, with all nine members being independent (IRS Form 990, Part VI, Section A, lines 1a & 1b). |
