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Intrepid Fallen Heroes Fund

CharityWatch report issued
July 2018

Top-Rated Charity
A-
CharityWatch Grade
Our independent grade based
on a number of factors.
 
79%
Program Percentage
Amount spent on programs
relative to overhead.
 
$6
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

501(c)3

Stated Mission

Provides services in support of military personnel severely injured in support of our nation; services are designed to improve the medical care provided to them and enhance their ability to return to military service or a productive and independent civilian life.

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Data based on Fiscal Year Ended 04/30/2017

Program Percentage: 79%

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

$4,400,000

Calculated Total Expenses

(rounded)

 

Cost to Raise $100: $6

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

$8,900,000

Calculated Total Contributions

(rounded)

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.
Transparency
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 Lisa Yaconiello VP $144,158
2 Thomas J. Alletto CFO $133,924
1
Name: Lisa Yaconiello
Title: VP
Compensation: $144,158
2
Name: Thomas J. Alletto
Title: CFO
Compensation: $133,924

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.

[The next Analysts' Note, below, provides more information about the construction of The Intrepid Fallen Heroes Fund's "Intrepid Spirit Centers."]

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 (the Fund) audit of April 30, 2017 (Note 1, Organization and Tax Status):

"... The Fund is building nine 'Intrepid Spirit' centers at major military bases around the country. These centers act as satellites to the central NICoE [National Intrepid Center of Excellence] facility [in Bethesda, MD] and allow urgently needed care to be brought to more troops and closer to home. The Fund has a $100 million campaign underway to raise funds for the construction of the Intrepid Spirit Centers.

"Construction of the first two Intrepid Spirit Centers located at Fort Belvoir, Virginia and Camp Lejeune, North Carolina was completed during fiscal 2014. Construction of the third Intrepid Spirit Center, at Fort Campbell, Kentucky, was completed in fiscal 2015. The fourth and fifth Intrepid Spirit Centers, at Fort Bragg, North Carolina, and Fort Hood, Texas, were completed in fiscal 2016. The sixth Intrepid Spirit Center, at Joint Base Lewis-McCord, Seattle, Washington, began construction in fiscal 2016 and will be completed in fiscal 2018. The seventh Intrepid Spirit Center at Camp Pendleton, Oceanside, California began construction in fiscal 2017 and will also be completed in fiscal 2018."
According to The Intrepid Fallen Heroes Fund (the Fund) tax filing for the fiscal year ended April 30, 2017, the Fund reports receiving in-kind donated services and use of facilities on which it placed a value of $169,850 in fiscal 2017 (IRS Form 990, Schedule D, Part XI).

[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 (the Fund) audit of April 30, 2017 (Note 7, Related Party Transactions):

"A member of the Fund's Board is an officer in a law firm which provides legal services to the Fund. The Fund paid $40,000 to the law firm in fiscal 2017 for legal services which provided a value of $48,519. The difference of $8,519 is reported as in-kind contributions..."