Clinton Foundation To Amend, Re-file 990s
April 23, 2015 Mark Hrywna
The Clinton Foundation expects to re-file tax forms for the years 2010 through 2012 because of possible errors in reporting contributions from foreign governments. The Clinton Health Access Initiative (CHAI) also is expected to re-file its Internal Revenue Service (IRS) Form 990 for 2012 and 2013.
The Foundation reported receiving no funding from foreign and U.S. governments for three consecutive years starting in 2010, after millions in contributions reported in previous years, according to reports by the Reuters new agency. The foundation also might audit returns going back 15 years.
In a statement on its website, the Clinton Foundation said total revenue was “reflected accurately on each year’s tax form, and there was no under-reporting or over-reporting. We are in the midst of conducting a voluntary external review process and will determine whether to re-file after that process is completed.”
“As far as we know, the only error on our tax forms was that government grants were mistakenly combined with all other contributions for three years. These grants were properly listed and broken out on audited financial statements and donors also were included on the annual donor listing. All total revenue and expenditures on these forms were accurate but as we are committed to transparency and accountability and as such, we expect to re-file.”
Reuters news agency reported that the charity was under-reporting or over-reporting donations from foreign governments and in other cases omitting to break out government donations entirely when reporting revenue.
Hillary Clinton resigned from the foundation’s board this month before officially announcing that she again will seek the Democratic nomination for president. Husband Bill Clinton and daughter Chelsea will continue to serve on the board.
The foundation issued a statement after Clinton stepped down announcing modifications to its policies to increase donor disclosure, from annually to quarterly; to refrain from holding the Clinton Global Initiative (CGI) International events or accept contributions or sponsorships from foreign governments, other than meeting attendance fees; and, only accept funding from foreign governments that have funded Clinton Foundation programs, namely Australia, Canada, Germany, the Netherlands, Norway, and the United Kingdom.
The Clinton Foundation ranked No. 53 on the 2014 NPT 100, a study of the nation’s largest nonprofits. The foundation reported almost $149 million in total revenue on its Form 990 for the fiscal year ending 2013, the most recent available. Consolidated financial statements, which include the foundation as well as subsidiaries, indicated total revenue of $294.7 million and total assets of $351.5 million.