Audit shows where money is spent

To the editor:

Over many years as a chief executive officer of a bank and other ventures (now retired) it has been my good fortune to be able to be generous to many worthwhile non-profit organizations.

The Wounded Warrior Project has without a doubt the most compelling ads on TV. They are now by mail, frequently soliciting here in Cedar Rapids. They have even had The Gazette deliver their materials. Their most recent audit on Sept. 30, 2013, shows how they have supported their mission. It does not bode well for the Wounded Warrior.

During the year ending Sept. 30, 2013, they raised $304,233,419. They spent in support of their operations $218,973,152; retaining in their net worth an unallocated $85,260,267. Their total net worth at year end was $175,498,020.

The most interesting part of their operations is the audited allocating of their expenses as noted in their public Form 990. As one looks at the expenses you may find yourself hard pressed to determine how much, if any, of the money ever went to the mission of assisting Wounded Warriors. It also would be of interest to determine why they are amassing a substantial net worth, now in excess of $175,000,000.

I'm just a retired person so my ability to warn others is limited.

Henry Royer

Cedar Rapids