|According to the YMCA of the USA audit of December 31, 2017 (Note A, Description of Organization):
"The National Council of Young Men's Christian Associations of the United States of America (Y-USA) is an Illinois not-for-profit organization with headquarters in Chicago, Illinois.
"As the national resource office for the nation's 2,700 YMCAs, Y-USA's basic objective is to build the capacity of YMCAs to advance our cause of strengthening community through youth development, healthy living and social responsibility...
"Y-USA's funding comes from various sources, the most significant being from YMCA associations throughout the United States. These associations are autonomous corporations, separately incorporated in their respective states, have independent boards and issue separate, individual financial statements, which are not included in the accompanying [audited] financial statements."
[Note: Since Y-USA does not publish audited financial statements that include the financial activities of the associations referenced above, CharityWatch is able to provide a rating based on only the Y-USA national office.]
|According to the YMCA of the USA (Y-USA) audit of December 31, 2017 (Note H, Jerusalem Property Development) [$s in thousands, as noted]:
"This project involves the expansion of the Jerusalem International YMCA (JIY) facilities and the construction of residential units, an underground parking structure and retail space. ... The contract [with the Israeli developer carrying out the project], amended in 2002, called for an up-front payment of $9,000 [thousand] followed by payments of $250 [thousand] quarterly through 2006. Y-USA has received a total of $10,750 [thousand] to date, while the remainder was held by the developer as an estimated capital gains tax on the transaction. In June 2013, the developer transferred $3,750 [thousand] to the Israel Tax Authority as partial settlement of the capital gains tax liability. In October 2013, Y-USA paid the balance of $1,350 [thousand] as the final settlement of the tax liability. ... In addition to the cash payment, the contract called for the developer to construct and deliver to Y-USA, as custodian, a new sports center, a portion of the parking structure and related improvements. Y-USA has received assurance of performance of the developer through bank guarantees. The developer has received a 150-year lease on the land, ownership of the condominiums and a portion of the parking structure.
"In 2015, Y-USA entered into discussions with JIY to transfer Y-USA's interest in the property development to JIY for $8,958 [thousand], comprised primarily of repayment of an Israel property tax liability originally paid by Y-USA and the related interest, in the amount of $8,232 [thousand], as well as an escrow account in the amount of $726 [thousand]. As a result, Y-USA recorded a write down of a portion of the Jerusalem Development Project. The total asset of $22,990 [thousand] was written down by $6,141 [thousand] and the remaining asset of $16,489 [thousand] was netted against future deferred lease payments totaling $7,891 [thousand] as of December 31, 2015. Y-USA received the escrow amount of $726 [thousand] in 2016, resulting in a remaining asset for the property development of $8,232 [thousand] and $8,232 [thousand] on the statements of financial position as of December 31, 2017 and 2016, respectively."