Food for the Hungry financial statements and 990 are available for 2012

The audited financials are available on the finance page of their website here. Their 990 is not yet available on their website but is available at the North Carolina Secretary of State’s website here.

I think the financials were posted in the last few days. The N.C. material has a date stamp of 5/17/13. 

Just a few brief tidbits from the reports.

Note 11 of the financial statements describes the valuation of deworming medicine as:

For non-FDA (Food and Drug Administration) deworming medicines, FH relied on survey data from the surrounding countries to determine fair value.

Note 13 describes the IRS audit of the valuations used in the 2008 tax filing. The note says the organization believes the audit will be resolved without a material impact. That is standard accounting description of a contingency which the organization thinks will either be resolved favorable or at small cost (i.e. not material). Since the audit opinion is dated 2/28/13, that means the IRS audit had not been resolved as of the end of February.

For the last 3 years of 990 filings, here is the amount of legal fees disclosed on line 11b of page 10:

  • 2010 – $15,767
  • 2011 – $16,865
  • 2012 – $28,158

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