April 14, 2025

Not-For-Profits

Wounded Warriors &

Society for the Prevention of Cruelty to Animals, International

(SPCA Int’l)

I have recently written a few pieces on “Not-For-Profit Watch Dogs & St. Jude’s & the ASPCA.” I read an article last week that mentioned six (6) Charities that were questionable, Wounded Warriors & SPCA Int’l were two of those. I decided to review their financial information and mission statements.

Wounded Warrior:

The Wounded Warrior Project Mission Statement states “fostering social support and connection among warriors and their families, breaking down barriers to mental health …” Additional objectives include: “to serve veterans and serve members who incur a physical or mental injury, illness or wound , co-incident to their military service on or after 9-01-11.” All admirable objectives. Their headquarters is based in Jacksonville, Fl.

They indicate, that over the past 20 years they have provided over $2 billion of life saving services to this project, and have served over 240,000 veterans since post-9/11, and that they have over 9 million donors. This project started in 2003.

They provide mental health services as well as physical health & wellness and financial wellness to veterans.They also support an independence program for those with moderate to severe traumatic brain injuries, spinal cord injuries, and neurological issues.

Their fiscal year ends September 30. For the period ending September 30, 2023, their Form 990 indicates that they have 1,037 employees and 1,405 volunteers.

Revenue for fiscal year ending September 30, 2023 amounted to $348.7 million, and expenses amounted to $369.5 million. Thus, a $20.8 million loss.

$332.6 million of their income was from contributions and another $12.5 came from investments. Revenue from fundraising activities amounted to $137.6 million and the cost to raise that amounted to $9 million. That appears to be a reasonable return on their investment.

However, included in expenses was $128.8 million in expenses that could be categorized as “fundraising expense.” This included direct response mailings, direct response TV & online response, and warrior and other events.

If one considered these expenses, along with the $9 million in fundraising costs, $137.8 million was spent to generate $332.6 million in contribution revenue, or a 41% cost to revenue ratio. That appears to me to be quite costly. Also, an additional $10.7 million was spent for advertising & promotion.

Total salaries & benefits for the fiscal year amounted to $107.1 million. Approximately $4.4 million relates to senior management. The President & C.E.O.’s compensation amounted to $501,673.

Grants to other organizations, in furtherance of their mission, amounted to $53.8 million.

These expenses total $309.4 million, of the total expense of $369.5 million.

It would appear that most of their activities, in serving veterans, is through grants to other organizations.

Total assets of the Project amounted to $448. 2 million, while liabilities equal $58.6 million, leaving a net fund balance (net worth) of $389.6 million. Of total assets, cash & cash equivalents amount to $24.1 million, and investments total $362.5.

One of the charity watch dogs, Charity Navigator gives the Wounded Warrior Project, 3 stars out of 4. However, if you read my paper on these watch dogs, I believe that all of their ratings should be considered suspect.

In looking at their financials and looking at the mission, I am sure that some of their activities are helping wounded warriors. However, it would appear that their financial management could use some work.

As a result, if you are inclined to put donations into this project, beware that there may be other similar programs that may be more affective. You should do your own due diligence.

SPCA International:

I was aware of the ASPCA and local SPCA’s, but this was a new one to me. This organization is supposedly based in New York City, and its mission, as stated in their information, “is dedicated to advancing the safety and well- being of animals by supporting military families in keeping their pets, and preventing them from entering shelters.”

They are on a calendar year basis, and for the year ended 2023, their total revenue amounted to $25.3 million. Expenses totaled $26.3 million, and therefore they lost $1 million.

Total assets amounted to $6.6 million and net assets, after liabilities, amounted to $4.9 million.

Of their total revenue, $10 million was considered in-kind contributions. This was primarily, veterinary supplies. These were subsequently contributed to animal shelters throughout the world.

Cash contributions amounted to approximately $15.2 million, and investment income, an additional $143,000. Cash expenses amounted to $16.3 million (excluding in kind veterinary supplies). Grants to other organizations, in fulfillment of SPCA’s mission, amounted to $11.4 million.

Fundraising expenses totaled $6.8 million, and salaries $1 million. These expenses total $19.2 million. I assume that the in-kind veterinary supplies are included in the grants.

Included in expenses is $944,331 in salaries & benefits. There are 4 individuals listed as senior management. Their salaries and benefits total $503,530 of the total salaries & benefits, or 53.3 % of the total. The highest paid individual is listed as Director of Programs, and her salary & benefits amounted to $135,626. It appears that this person acts as the President & C.E.O., as no President & C.E.O. is listed. Also, it appears that all 4 of the senior managers work from home and not at a central location. This appears unusual and one wonders how affective this is.

The current treasurer, Robert Gulick, was also listed in other documents, as the President. I am not sure whether this is correct. These positions are unpaid, voluntary positions.

Another anomaly is fundraising. Innovairre Communications, a large fundraising organization , is shown raising $10.7 million but only $3.1 million went to SPCA Int’l. The balance of $7.6 million was kept by Innovairre. This doesn’t appear to be very productive. While the SPCA Int’l reports total fund raising expenses of $6.8 million, that appears to be incorrect, since Innovairre received $7.6 million.

Total assets amounted to $6.6 million, and net assets (after liabilities) amounted to $5 million. Cash & cash equivalents amounted to $1.2 million, and investments $4.5 million.

Again, Charity Navigator gives this charity 3 stars out of 4. This appears to be completely unreasonable.

Based upon the facts, per above, I don’t know why anyone would contribute to this charity. They have no affiliation with the ASPCA or any of the SPCA’s.

Their management organization has to be suspect, as is their entire operation.

I am sure that they must do some good, but it appears that this is a dysfunctional organization. Donate at your own risk.

Jess Sweely

Madison, Va.