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Archive for December 29th, 2008

The past couple of years there has been controversy surrounding many of the charities and foundations established by parents of missing children. The latest to come under scrutiny is run by the parents of, Shawn Hornbeck, who was found and the foundation established to help find others, Shawn Hornbeck Foundation.

Shawn Hornbeck Foundation Still Lacks Oversight

Five months after the Shawn Hornbeck Foundation promised an audit of its financial records and said it would quickly file overdue reports with the IRS, neither has been completed, according to the Better Business Bureau (BBB).

The IRS requires them to file a form 990 outlining expenditures which they apparently haven’t done according to the Better Business Bureau (BBB).

A 990 form is a report that tax-exempt organizations earning more than $25,000 per year are required to file with the federal government. Akers told the BBB that the foundation’s income was beneath that $25,000 threshold for two of the six years of its existence, but it still intends to file reports for those years.

It is easy to understand not filing for the years when the donations were less than the threshold. The concerns are how much did the organization earn in those years when earnings were over $25,00 and how was the money spent? You might think these would be two common questions most people would expect to be asked when establishing any charity whether it is registered with the IRS or not.

Foundations and Charities

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