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Intrepid Fallen Heroes Fund

CharityWatch report issued
August 2021

Top-Rated Charity
A+
CharityWatch Grade
Our independent grade based
on a number of factors.
 
92%
Program Percentage
Amount spent on programs
relative to overhead.
 
$5
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

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 04/30/2020

Program Percentage: 92%

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

$11,000,000

Calculated Total Expenses

(rounded)

 

Cost to Raise $100: $5

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

$7,900,000

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 Audited Financial Statements 20-0366717
Intrepid Fallen Heroes Fund IRS Form 990 20-0366717
Entity: Intrepid Fallen Heroes Fund
Document Type: Audited Financial Statements
Tax ID: 20-0366717
Entity: Intrepid Fallen Heroes Fund
Document Type: IRS Form 990
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 David A. Winters President $165,825
2 Thomas J. Alletto CFO $146,630
1
Name: David A. Winters
Title: President
Compensation: $165,825
2
Name: Thomas J. Alletto
Title: CFO
Compensation: $146,630

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 (IFHF) audit of April 30, 2020 (Note 1 re: Organization):

"...IFHF is building ten '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 [located at Walter Reed National Military Medical Center in Bethesda, MD] and allow urgently needed care to be brought to more troops and closer to home. IFHF has a $100 million campaign underway to raise funds for the construction of the Intrepid Spirit Centers.

"Since fiscal 2014, seven Intrepid Spirit Centers have been built: at Fort Belvoir, Virginia; Camp Lejeune, North Carolina; Fort Campbell, Kentucky; Fort Bragg, North Carolina; Fort Hood, Texas; Joint Base Lewis-McChord, Washington; and Camp Pendleton, California. In fiscal year 2019, construction [has] begun on the Intrepid Spirit Center at Eglin Air Force Base, Florida (eighth Intrepid Spirit Center). Construction at Eglin Air Force Base was completed in June 2020, and the facility opened in July 2020. In fiscal year 2020, planning began for the start of construction at the Intrepid Spirit Center at Fort Carson, Colorado (ninth Intrepid Spirit Center). IFHF continues fundraising for an additional center to be constructed at Fort Bliss, Texas (tenth Intrepid Spirit Center)."


According to The Intrepid Fallen Heroes Fund (IFHF) audit of April 30, 2020 (Note 10, Commitments):

"In connection with the development of Intrepid Spirit Centers eight and nine (see note 1 [cited above]), as of April 30, 2020, IFHF has committed contracted spending on material agreements totaling $1,386,685."

According to The Intrepid Fallen Heroes Fund (IFHF) audit of April 30, 2020 (Note 8, Related Party Transactions):

"A member of IFHF's Board is an officer in a law firm which provides legal services to IFHF. IFHF paid $25,000 and $18,000 to the law firm for legal services in fiscal 2020 and fiscal 2019."

According to The Intrepid Fallen Heroes Fund (IFHF) audit of April 30, 2020 (Note 12, Subsequent Events):

"Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the dat[e] that the [audited] financial statements were available to be issued, which date is September 25, 2020. The following was identified:"

"COVID-19 ('Coronavirus') Pandemic

The ongoing Coronavirus pandemic has resulted in substantial volatility to the global economy. The pandemic has had, and will have, an adverse effect on the results of operations. The extent to which the pandemic impacts IFHF's results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the Coronavirus and actions taken to contain the pandemic and its impact, among others. As a result, management cannot reasonably estimate the overall impact of the Coronavirus pandemic to IFHF's future results of operations, cash flows, or financial condition."

"Transfer of Eglin Air Force Base Spirit Center

On June 5, 2020, IFHF formally transferred the operation of the eighth Intrepid Spirit Center at Eglin Air Force Base, Florida to the United States Government. Included in construction in progress as of April 30, 2020 is $10,422,920 of construction costs at Eglin Air Force Base which were subsequently transferred and expensed, and will be included within contributions and grant expenses in the fiscal year 2021 financial statements."

According to The Intrepid Fallen Heroes Fund (IFHF) tax filing for the fiscal year ended April 30, 2020, IFHF reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III):

Regarding nonfixed payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, Line 7):

"Bonus is determined and approved by the board based on performance.

"Bonus was treated as taxable compensation to the recipients.

"Thomas J. Alletto – $3,500
Lisa Yaconiello – $7,500"


Lisa Yaconiello is reported as VP/Secretary with total compensation of $53,685 in calendar year 2019 (IRS Form 990, Schedule J, Part II). Thomas J. Alletto is reported as CFO/Treasurer with total compensation of $146,630 in calendar year 2019 (IRS Form 990, Part VII).