According to the United Service Organizations (USO) consolidated audit of December 31, 2021 (Note J, Contributed Materials, Facilities and Services), USO received contributed in-kind support in 2021 on which it placed a total value of approximately $53.83 million. [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 $100. More information on how grades are calculated and the treatment of in-kind donations can be found on the Our Process page.] |
According to the United Service Organizations (USO) consolidated audit of December 31, 2021 (Note F, Loans Payable [$s in thousands, as noted]): "During the year ended December 31, 2020, the USO, Inc. acquired four chartered centers who received loans pursuant to the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The loans are uncollateralized and are fully guaranteed by the federal government. The loans mature in May 2022 and bear interest at a rate of 1% per annum. Under the program terms, the loan and accrued interest are expected to be forgiven and recognized as grant revenue if the loan proceeds are used to maintain compensation costs and employee headcount, and other qualifying expenses (mortgage interest, rent and utilities) incurred following the receipt of the loan. During the year ended December 31, 2021, all loans were forgiven and the USO recognized revenue of $562 [thousand]." |
According to the United Service Organizations (USO) consolidated audit of December 31, 2021 (Note M, Acquisition of Chartered Centers): "The USO oversees the operations and activities for chartered USO affiliates to facilitate strategic alignment, deliver on the overarching mission-wide strategic objectives, and to ensure coverage for all geographic service areas. These chartered USO affiliates are financially autonomous and are each governed by separate boards that are independent of the USO Board of Governors. During the year ended December 31, 2021, the USO executed merger agreements with six of these chartered USO affiliates accounted for as an acquisition. During the year ended December 31, 2020, the USO executed merger agreements with four of these chartered USO affiliates accounted for as an acquisition. "As the USO is predominately supported by contributions and returns on investments and this is not expected to change as a result of this acquisition, the excess of the fair value of assets acquired over the fair value of liabilities assumed as a result of the acquisition has been recognized as a surplus in the [audited] consolidated statements of activities and changes in net assets on the effective date of the acquisition..." USO reports an "Excess of assets acquired over liabilities assumed in the acquisition of USO Chartered Centers" in the amount of approximately $21,665,000 and $5,567,000 in 2021 and 2020, respectively. |
According to the United Service Organizations (USO) consolidated audit of December 31, 2021 (Note G, Commitments and Contingencies, Risks and Uncertainties): "Beginning around March 2020, the COVID-19 virus has been declared a global pandemic... Business continuity, including supply chains and consumer demand across a broad range of industries and countries could be severely impacted for months or beyond as governments and their citizens take significant and unprecedented measures to mitigate the consequences of the pandemic. Management is carefully monitoring the situation and evaluating its options during this time. No adjustments have been made to these [audited] consolidated financial statements as a result of this uncertainty." |
According to the United Service Organizations (USO) 2021 tax filing, USO reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III): Regarding severance payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, line 4a): "Severance in the amount of $160,931 is reported for Philip Parisi due to his 2020 departure from the role of Treasurer / Chief Financial Officer of USO, Inc. Severance was paid in two installments. Half was paid in 2020, and the other half was paid in 2021. The amount reported on the 2021 Schedule J, Part II, column B(iii) [$160,931] reflects the portion of the severance paid out in 2021. This amount was also reported in Schedule J, Part II, column (C), Retirement and [other] deferred compensation, on the 2020 Form 990."
Regarding nonfixed payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, line 7):
"The amounts shown in Part II, column B(ii) [for 'Bonus & incentive compensation'] for the officers. key employees and highly compensated employees were paid based on the 2020 achievement of organization goals and individual contributions and accomplishments. The bonus compensation was based on a bonus plan reviewed by the USO's compensation committee and executive committee and approved by the USO's Board of Governors. The amount shown in Part II, column B(ii) for the President & CEO is determined and approved by the USO's Board of Governors."
USO reports "Bonus & incentive compensation" payments for 12 individuals in 2021, including $110,864 paid to Dr. J.D. Crouch, II, President & CEO, whose reported total compensation in 2021 is $821,483. The reported "Bonus & incentive compensation" payments for the other 11 individuals range from $61,000 to $18,000, with associated reported total compensation in 2021 ranging from $472,783 to $280,651 (IRS Form 990, Schedule J, Part II).
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