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Operation Finally Home

CharityWatch report issued
November 2023

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

Operation Finally Home
1659 State Highway 46 West
Suite 115-606
New Braunfels, TX 78132

Other Names


Tax Status


Stated Mission

To provide home and home modifications to America's military heroes and their families.

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Data based on Fiscal Year Ended 12/31/2022

Program Percentage: 45%

The percentage of Operation Finally Home's cash budget it spends on programs relative to overhead (fundraising, management, and general expenses).


Calculated Total Expenses



Cost to Raise $100: $27

How many dollars Operation Finally Home 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
Operation Finally Home IRS Form 990 20-8964096
Operation Finally Home Audited Financial Statements 20-8964096
Entity: Operation Finally Home
Document Type: IRS Form 990
Tax ID: 20-8964096
Entity: Operation Finally Home
Document Type: Audited Financial Statements
Tax ID: 20-8964096

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.
Operation Finally Home
meets governance benchmarks.
Operation Finally Home
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

  Name Title Compensation
1 Russell Carroll Executive Director $172,054
2 David Drew Senior VP of Operations $124,050
Name: Russell Carroll
Title: Executive Director
Compensation: $172,054
Name: David Drew
Title: Senior VP of Operations
Compensation: $124,050

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.

Operation Finally Home provides homes and home modifications to veterans and their families, spending a significant amount of the resources it receives on construction and acquisition costs related to building and remodeling these homes. Due to accounting rules, the hundreds of thousands of dollars spent on constructing these homes, which may occur 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 transfers ownership of a completed home to a veteran or other qualified individual. The result is that the charity may appear to be spending very little on its programs during years of construction, and a much larger amount on programs in subsequent years when construction is deemed complete and ownership is transferred.

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 that were recognized in a subsequent year. 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 Operation Finally Home audit of December 31, 2022 (Note D, Construction and Acquisition Costs for Veterans' Homes and Commitment to Transfer Homes to Veterans):

"Construction and acquisition costs for veterans' homes represent construction costs of homes that will be transferred to veterans upon completion. When constructing a new home, title and ownership of the property is retained by the Organization until such time the Organization transfers ownership to the veteran. Prior to transfer of ownership, costs incurred, and donations of materials and services received by the Organization for these activities are recorded as an asset of the Organization in the statements of financial position."

"To the extent that all significant conditions are met, a liability representing the commitment to transfer the home to a veteran is established in the same amount as the related asset. Upon transfer of ownership, the full cost of the property and the corresponding liability are both reduced to zero. Construction and Acquisition Costs for Veterans' Homes and the related liability Commitment to Transfer Homes to Veterans totaled $1,358,978 at December 31, 2022 and $952,849 at December 31, 2021."

According to the Operation Finally Home (OFH) 2022 tax filing, OFH reports building 18 homes, 5 transitional homes, and remodeling/modifying 18 homes for wounded veterans in 2022. In addition, OFH reports placing a non-cash value of $6,206,770 on the "Homes built and remodeled or modified" in 2022 (IRS Form 990, Part III, lines 4a, 4b, and 4c and Schedule I, Part III).

According to the Operation Finally Home (OFH) audit of December 31, 2022 (Note H, Contributed Material and Services), and IRS Form 990 (Schedule M), OFH reports receiving in-kind contributions of "Building materials and construction services" of $2,494,021, "Fundraising event costs" of $540, and "Advertising and printing" of $68,000, for a total of $2,562,561.

[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 Operation Finally Home audit of December 31, 2022 (Note K, Related Party Transactions):

"The Organization paid $369,541 in 2022 and $251,500 in 2021 to the Patriot Community Development, Inc. (PCD), respectively to assist in start-up costs and operating expenses for Veteran housing programs incurred by PCD. The Organization also contributed a vehicle previously used in operations. The Organization's Co-Chairman/Co-Founder is employed as the Executive Director of PCD. In addition, the Organization's Executive Director also serves as a Board member of PCD."

According to the Operation Finally Home audit of December 31, 2022 (Note F, Paycheck Protection Program):

"On May 1, 2020, the Organization received a $168,460 loan from the Paycheck Protection Program (PPP) offered by the Small Business Administration (SBA). The funds were used for approved payrolls cost over the eight-week period following their receipt. The Organization received forgiveness approval for the full loan amount on January 16, 2021. Accordingly, the amount was recognized as a PPP loan forgiveness in 2021."

According to Operation Finally Home's fiscal 2022 IRS Form 990, Schedule O, in reference to Form 990, Part VI, Section A, Line 2:

"Daniel D. Wallrath, Co-Chairman and Founder, has a family relation with board members, Carol Wallrath and Aaron Wallrath.

Board members Gary Henley and Lana Henley have a family relation."