According to the YMCA of the USA audit of December 31, 2020 (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 2,600 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.]
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According to the YMCA of the USA (Y-USA) audit of December 31, 2020 (Note B re: Revenue and Support, Donations-in-kind and contributed services): "Y-USA produces public service announcements ('PSAs') that run on media outlets across the country, such as television, radio, print and digital media. Y-USA distributes PSAs to a third party who then distributes them to media outlets. Media outlets provide placements to Y-USA for free, as a contribution to Y-USA's mission..." Y-USA reports receiving donations-in-kind related to PSAs in 2020 on which it placed a value of approximately $29,828,000. [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 $100. More information on how grades are calculated and the treatment of in-kind donations can be found on the Our Process page.]
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According to the YMCA of the USA (Y-USA) audit of December 31, 2020 (Note M, Paycheck Protection Program Loan) [$s in thousands, as noted]: "On May 4, 2020, Y-USA received a Paycheck Protection Program ('PPP') loan of $8,040 [thousand] granted by the Small Business Administration ('SBA') under the Coronavirus Aid, Relief, and Economic Security Act ('CARES Act'), which was enacted March 27, 2020. Funds from the loan can be used for payroll costs, including benefits, and other qualifying expenses. Under the terms of the PPP, certain amounts of the loan may be forgiven if they are used for qualifying expenses and meet other conditions as described in the CARES Act. "Y-USA has accounted for the loan proceeds as a conditional contribution... Because Y-USA believes it has substantially met all of the conditions of PPP loan forgiveness, the full amount of the loan has been recognized as contributed revenue in Government grants for the year ended December 31, 2020. The loan program's expenditures and results are subject to review and acceptance by the SBA and, as a result of such review, future adjustments could be required. If the SBA does not forgive any portion of the PPP loan, the remaining balance would have a two-year repayment period and the interest rate on the loan would be 1%." |
According to the YMCA of the USA (Y-USA) audit of December 31, 2020 (Note H, Jerusalem Property Development) [$s in thousands, as noted]: "In December 1999, Y-USA entered into an agreement with an Israeli developer for the construction of a new sports arena for the Jerusalem International YMCA, residential units, an underground parking structure and retail space. Y-USA's interest, net in the project was $8,232 [thousand] as of December 31, 2017. On April 2, 2019, Y-USA and the developer entered into an additional agreement for $8,500 [thousand] to settle all amounts owed by the developer to Y-USA. As a result of the agreement, Y-USA wrote off its interest in the Jerusalem Property Development and recorded a receivable from the developer of $8,500 [thousand] and a gain of $268 [thousand]. The developer paid $6,500 [thousand] in June 2019 and $2,000 [thousand] in April 2020. This transaction generated an Israeli tax expense of $681 [thousand] in 2020."
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According to the YMCA of the USA (Y-USA) audit of December 31, 2020 (Note N, Commitments and Contingencies): "Member associations are separate autonomous corporations, the operations of which are not under the control of Y-USA. However, Y-USA has, on occasion, been included as a defendant in litigation arising from incidents at member associations. Y-USA has to date been responsible for no settlements or judgements. In addition, litigation filed against a former subsidiary of Y-USA is still pending. "Counsel, named by Y-USA insurers during the discovery process, is normally unable to express an opinion as to the liability and damage aspects of the cases. If Y-USA were to be held liable, it is possible that the plaintiff may, to the extent that the liability of Y-USA exceeds its insurance coverage, attempt enforcement action against the funds of Y-USA. It is the opinion of management that the outcome of any present litigation matters will not materially affect the net assets of Y-USA. "The outbreak of COVID-19 has affected travel, commerce, and financial markets globally. Y-USA has been and continues to closely monitor the COVID-19 pandemic and its impact on its operations. Though the full impact of COVID-19 and the scope of any impact on Y-USA's operations and financial condition cannot yet be determined, Y-USA does not anticipate any potential adverse consequences that would be material to the financial statements."
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