Ok, I know this has been done before, but as someone who does this for a living, I thought I'd give my two cents. Below is the link to the IRS Form-990 for North Shore Animal League. This is the return that income tax exempt orgs have to file with the government. It is a matter of public record, and includes details about revenues, expenditures, etc: http://www.animalleague.org/assets/pdfs/2013-irs-form-990.pdf EDIT: OK, so I forgot the DS crew are not into reading anything longer than 10 words, so here is the short version: NSAL appears to be pretty well designed by accountants and lawyers to operate year-over-year at a loss (so, purposefully weak expense controls and inflated payments to buddies to run operations), but also allow the long-term assets to be sucked out (over an extended period of time) in the form of inflated executive compensation deals and tax gimmicks. In short, it redistributes resources from rich donors to the friends of rich donors. A few (long) thoughts: (1) Officer compensation: Salaries are not especially high for organizations of this type. However, what struck me was the absence of tax-qualified benefits for the rank-and-file employees. Moreover, if you look at Part IX, line 9, you see "other employee benefits" for $3,431,794. This is probably a non-tax qualified executive compensation package (e.g., a way of inflating compensation outside of the salary box). Then, if you look at Schedule D, Part X, they are carrying an accrued pension liability of $3 million and an annuity payable of $1 million. That is truly remarkable for an organization that is running in the red and does not appear to have a tax-qualified ERISA plan. This is probably an executive (non-qualified) retirement package that is just sitting there on the books, year over year, eating in to the projected future revenues. I would LOVE to know what that line item is. (2) Related party transactions: They appear to be financing a related-party: The Pet Savers Foundation. The amount is small ($80,000), but the question is why they are transferring money to a related-party that does business at the same address as NSAL. Who owns and controls PSF? What is it doing that NSAL does not do? (3) Revenues & Expenses: Revenues are from a "black box." Rather than the fund-raising galas producing money, it looks like various individual gifts comprise the lion's share of revenues ($27 million). Other places in the filing suggest that high net worth individuals are donating stock, real property and so forth to NSAL, which forms the bulk of their asset base. Schedule G, Part II: Their Celebrity Gala cost more to produce than it raised. Indeed, the organization as a whole is spending more than it is taking in as revenue. When I look at the expenses, I see many yellow flags: very high ad and promotion costs ($600K), very high legal fees ($500K); very high occupancy and travel costs for an org of this type ($400K and $300K). What really caught my attention was the "other expenses" totaling some $14 million. $7.5 million of this was in "program education materials." WHAT!!! If their revenue sources are almost wholly a small circle of high net worth philanthropists, these type of expenses do not make sense. (4) Third party expenses: They are paying an outside party (Infocision) about 33% of the gross receipts for telemarketing. I would love to see the contract for that arrangement and who owns and controls Infocision. I would also like to see the phone log and vouchers for the Infocision account. Moreover, their third-party legal and accounting fees are VERY HIGH for an organization of this size. The accounting fees in particular struck me as WAY off the mark, unless they are in the middle of a huge governmental investigation or active litigation. Again, I would like to cross-list the officer and employee index against the law firm and accounting firm index. (5) Assets: Despite running revenues against expenses, year-over-year, in a way that makes the organization "un-profitable," they have a surprisingly strong asset base. They have $4 million in cash, which is unheard of, and appear to have the bulk of their asset base in property and equipment. That itself is not unusual for an org of this type, but I would love to know how they acquired the real property, as they appear to own the premises upon which they operate.