Vietnam Veterans Memorial Fund

According to the Vietnam Veterans Memorial Fund audit of September 30, 2019 (Note 13, Donated Goods and Services), the Fund received donated goods and services in fiscal 2019 on which it placed a total value of $4,099,685. Of this amount, $3,963,720 consisted of donated public relations for the "Memorial legacy."

[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 Vietnam Veterans Memorial Fund audit of September 30, 2019 (Note 1, Nature of Operations, Memorandum of Conveyance):

"On November 13, 1984, the Fund and the U.S. Department of the Interior entered into a Memorandum of Conveyance, which governs the conditions under which the Fund conveyed all rights, title, and interest in the Vietnam Veterans Memorial to the U.S. Department of the Interior. Under the Memorandum of Conveyance, the Fund has the rights and responsibilities of:

• Participating with the National Park Service in ceremonies at the memorial on Memorial Day and Veterans Day.
• From time to time, adding names of those determined by the Department of Defense. 
• Maintaining residual funds to assist with repairs in the event of catastrophic damage to the memorial, requiring more than ordinary maintenance to restore the memorial to its original completed condition.

According to the Vietnam Veterans Memorial Fund audit of September 30, 2019 (Note 2 re: Education Center – Construction in Progress):

"The Fund was in the process of designing an Education Center, which would have been located on the National Mall adjacent to the Vietnam Veterans Memorial. Direct and indirect costs associated with the architectural and pre-construction services, curator services, and layout and exhibit design of the Education Center were capitalized. Effective September 21, 2018, the Board of Directors and management of the Fund terminated the efforts to construct a physical building on the National Mall and shifted their focus to continue efforts of building online resources, developing hand-held technology, education staff, mobile exhibits, and partnerships. As a result, during the year ended September 30, 2018, the Fund disposed of the capitalized cost totaling $8,437,271, which is included on the accompanying [audited] statement of activities as a loss on discontinued operations [in fiscal year 2018]."

According to the Vietnam Veterans Memorial Fund audit of September 30, 2019 (Note 2 re: Education Center – Grants to be Repaid per Donor Contracts):

"In conjunction with terminating the construction of the physical building on the National Mall, the Fund cancelled pledges and repaid previously received grant funds to donors totaling $6,500,000 and $13,453,543 during the years ended September 30, 2019 and 2018, respectively. At September 30, 2019 and 2018, remaining funds to be repaid to donors amounted to $3,500,000 and $7,945,133, respectively..."

According to the Vietnam Veterans Memorial Fund audit of September 30, 2019 (Note 10, Commitments and Contingencies, Direct Mail Contract):

"The Fund engages an outside third party to distribute educational materials to the public, which describes the purpose of the Fund and how the general public can participate in honoring Vietnam veterans. The educational mailings also provide space for a fundraising appeal. This agreement renews annually and can be terminated upon 60 days' written notice by either party. The contract calls for a fixed monthly fee of approximately $30,000, plus the cost of materials and postage."