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Top Rated

Intrepid Fallen Heroes Fund

CharityWatch report issued
October 2023

Top-Rated Charity
CharityWatch Grade
Our independent grade based
on a number of factors.
Program Percentage
Amount spent on programs
relative to overhead.
Cost to Raise $100
Amount spent to raise
$100 of contributions.

Contact Information

Intrepid Fallen Heroes Fund
West 46th Street and 12th Ave.
One Intrepid Square
New York, NY 10036

Other Names

Armed Forces Family Survivors Fund

Tax Status


Stated Mission

Serves military personnel suffering traumatic brain injury & post-traumatic stress; helps them fight the war within by building advanced treatment centers providing the best possible care, enabling them to continue to serve on active duty and enjoy a productive life.

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Data based on Fiscal Year Ended 04/30/2022

Program Percentage: 94%

The percentage of Intrepid Fallen Heroes Fund's cash budget it spends on programs relative to overhead (fundraising, management, and general expenses).


Calculated Total Expenses



Cost to Raise $100: $5

How many dollars Intrepid Fallen Heroes Fund spends on fundraising to raise each $100 of contributions.


Calculated Total Contributions


Government Funding

0% to 24%

Percentage of cash revenue
coming from government sources


Financial Documents

Entity Document Type Tax ID
Intrepid Fallen Heroes Fund IRS Form 990 20-0366717
Intrepid Fallen Heroes Fund Audited Financial Statements 20-0366717
Entity: Intrepid Fallen Heroes Fund
Document Type: IRS Form 990
Tax ID: 20-0366717
Entity: Intrepid Fallen Heroes Fund
Document Type: Audited Financial Statements
Tax ID: 20-0366717

Governance & Transparency

CharityWatch evaluates certain criteria related to a charity's Governance and Transparency. Donors may want to consider a charity's willingness to be open and transparent with CharityWatch to be a good litmus test for determining its commitment to public accountability.
This charity is Top-Rated
What does it mean to be Top-Rated?
Intrepid Fallen Heroes Fund
meets governance benchmarks.
Intrepid Fallen Heroes Fund
meets transparency benchmarks.
Provides Financial Information
Audit Accessibility
Governance: Policies
Reports regularly & consistently monitoring & enforcing compliance with a written Conflict of Interest Policy
Reports required, annual disclosure by officers, directors, and key staff of interests that could give rise to conflicts
Reports having a written Whistleblower Policy
Reports having a written Document Retention and Destruction Policy
Governance: Financials
Reports providing copy of tax form to all board members prior to filing it with IRS
Reports that financial statements were audited by an independent accountant
Governance: Board of Directors
Reports at least 5 voting board members
51% or more of voting board members reported as independent
Reports documenting minutes of board and board committee meetings
Privacy Policy
Privacy Policy No Sharing  

  Name Title Compensation
1 David A. Winters President $148,996
2 Thomas J. Alletto CFO/Treasurer $141,463
Name: David A. Winters
Title: President
Compensation: $148,996
Name: Thomas J. Alletto
Title: CFO/Treasurer
Compensation: $141,463

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.

As part of our financial analysis, CharityWatch makes certain adjustments to figures reported by a charity in its tax filing and/or audited financial statements to better reflect for donors how efficiently a charity is spending its donations.

Intrepid Fallen Heroes Fund provides services to severely injured military personnel, spending the vast majority of the funds it receives on the construction of research, diagnosis, treatment, and other medical facilities. Due to accounting rules, the millions of dollars the charity spends on constructing these facilities, typically over a multi-year period, are not reported by the charity as a program expense in the year the funds are spent on construction. Rather, the program and other expenses from construction costs are recognized in the year the charity conveys ownership of a completed medical facility to the U.S. Army, U.S. Navy, Department of Defense, or other agency charged with staffing and operating the facility. The result is that the charity appears to be spending very little on programs during years of construction, and a drastically large amount on programs in subsequent years when construction is complete.

CharityWatch understands that while these accounting rules are appropriate for audit and other financial reporting, taking them at face value when computing financial efficiency percentages for any single reporting year would produce volatile results that are not reflective of how efficiently or inefficiently this charity is operating. Therefore, we make adjustments to reported figures by including the charity's construction costs in its program percentage in the year the funds are spent. Similarly, we subtract from reported program spending the funds the charity spent on construction in prior years. These adjustments produce program efficiency and fundraising ratios that are more helpful for donors who want to know how efficiently the charity is raising and spending public dollars in a given year.

Please see the Our Process page for more information about other adjustments CharityWatch analysts make to a charity's reported financial figures during our evaluations.

According to The Intrepid Fallen Heroes Fund (IFHF) audit of April 30, 2022 (Note 6, Construction in Progress):

"Through April 30, 2022 and 2021, IFHF incurred $11,814,693 and $490,100 in construction costs related to the ninth Intrepid Spirit Center, and preliminary design costs for the tenth Intrepid Spirit Center..."

According to The Intrepid Fallen Heroes Fund (IFHF) audit of April 30, 2022 (Note 7, Transactions with Intrepid Museum Foundation (the "Museum")):

"An agreement between IFHF and the Museum provides for the exchange of certain services, including payroll and space between the two organizations. During the years ended April 30, 2022 and 2021, IFHF had transactions with the Museum as follows:

The Museum provided administrative and technical support to IFHF, free of charge. These costs, in the amount of $125,471 and $103,556, have been reported as in-kind contributions and are allocated among program, management and general and fundraising expenses."

According to The Intrepid Fallen Heroes Fund (IFHF) audit of April 30, 2022 (Note 9, Related Party Transactions):

"Revenue reflected in the accompanying statement of activities includes contributions from certain members of the Board and their affiliates totaling $1,033,113 and $1,105,638 in fiscal 2022 and fiscal 2021. There were no receivables due from Board members and their affiliates as of April 30, 2022 or 2021. 

IFHF occasionally incurs administrative expenses on behalf of an affiliated not-for-profit entity by virtue of common board membership. Additionally, during fiscal 2021, the affiliated entity donated $38,494 to IFHF, which is included within contributions and grants on the accompanying 2021 statement of activities. As of April 30, 2022 and 2021, $196 was due to IFHF from the affiliated entity and is included within prepaid expenses and other assets on the accompanying statement of financial position."

According to The Intrepid Fallen Heroes Fund (IFHF) audit of April 30, 2022 (Note 11, Commitments):

"In connection with the construction of Intrepid Spirit Centers nine and ten...as of April 30, 2022, IFHF has committed contracted spending on materials totaling $15,699,336."

According to The Intrepid Fallen Heroes Fund (IFHF) audit of April 30, 2022 (Note 14, Subsequent Events):

"The ninth spirit center in Fort Carson, Colorado was completed subsequent to year end and opened on July 13, 2022. It has since been donated to the U.S. government. The related activity will be recognized in fiscal year 2023."

According to The Intrepid Fallen Heroes Fund (IFHF) tax filing for the fiscal year ended April 30, 2022, IFHF reports re: Supplemental Information to Form 990 or 990-EZ (IRS Form 990, Schedule O):

Regarding Form 990, Part VI, Section A, Line 2:

"Winston Fisher, a Director of the Intrepid Fallen Heroes Fund, and Martin Edelman, a Director of the Intrepid Fallen Heroes Fund, have business relationships with one another."

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