Aronson Nonprofit Report has a comment out today on the World Help restatement: Charity Overstate Revenue by $222 Million and You Thought Your Restatement Was Bad.
Once again, we have an issue of claiming value for donated medicine which is an ongoing blight in the nonprofit community, but in this case, the donors say they never gave any donation. The finger-pointing is heated and people are no longer cooperating with the press.
Carol Barnard points out this creates an issue for other NPOs who have received donations from World Help.
If World Help’s GIK has been overstated by 99.3%, it seems like that could have an impact on the valuation used for those who received GIK from them.