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, 2024 (Note 2, Summary of Significant Accounting Policies, Contributed Nonfinancial Assets): IFHF received contributed nonfinancial assets during the fiscal year ended April 30, 2024, on which it placed a total value of $148,035. [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.] |
According to The Intrepid Fallen Heroes Fund (IFHF) audit of April 30, 2024 (Note 5, Construction in Progress): "As of April 30, 2024 and 2023, IFHF incurred $12,038,110 and $2,777,883 in construction costs related to the tenth Intrepid Spirit Center..." |
According to The Intrepid Fallen Heroes Fund (IFHF) audit of April 30, 2024 (Note 6, 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, 2024 and 2023, the Museum provided administrative and technical support to IFHF, free of charge. These costs, in the amount of $148,035 and $148,680, 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, 2024 (Note 8, Related Party Transactions): "Revenue reflected in the accompanying statement of activities includes contributions from certain members of the Board and their affiliates totaling $1,190,993 and $1,273,571 in fiscal 2024 and fiscal 2023. There were no receivables due from Board members and their affiliates as of April 30, 2024 or 2023. |
According to The Intrepid Fallen Heroes Fund (IFHF) audit of April 30, 2024 (Note 10, Commitments): "In connection with the construction of the tenth Intrepid Spirit Center...as of April 30, 2024, IFHF has committed contracted spending on materials totaling $14,429,036." |
According to The Intrepid Fallen Heroes Fund (IFHF) tax filing for the fiscal year ended April 30, 2024, 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." |
According to the Intrepid Fallen Heroes Fund (IFHF) tax filing for the fiscal year ended April 30, 2024, IFHF reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III): Regarding non-fixed payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, Line 7): "Individuals reported on Form 990, Part VII, Section A received board approved discretionary performance bonus[es] in 2023. The amount is reported on Form 990, Part VII in Column (D)." IFHF reports providing "discretionary performance bonus[es]" to two individuals during 2023. David A. Winters, President, received $14,094 with total reported compensation of $147,419. Lisa Yaconiello, VP/Secretary, received $2,540 with total reported compensation of $39,792. |
