Tax form led Sun to Boys Town’s ‘hidden’ assets


In 1972 you had to be a member of the Boys Town inner circle to see its balance sheet. Or, as in the case of the Sun Newspapers , you had to know about a new and therefore obscure tax form filing that required nonprofits to report their financials. Even then, it took the Sun time and expense to obtain the public records, documents and figures Boys Town dearly wanted to suppress. Today, due in part to the Sun’s disclosures of Boys Town’s worth, the law requires nonprofits to be much more transparent about their assets. The same information the Sun had to go to some lengths to get 40 years ago, anyone with access to a computer can easily and freely obtain today with a few keystrokes or mouse clicks. In 2009, Boys Town, which now has a national reach, reported $1 billion in assets, $810 million in the Father Flanagan’s Fund for Needy Children (the institution’s endowment) and $122 million in liabilities for a net worth of $903 million. Five to 6 percent of the endowment supports annual operations. Boys Town reports nearly 90 percent of every dollar received is spent on childcare. Charity Navigator awarded it a four-star rating for sound fiscal management. Boys Town’s accountability has earned it recognition as a Better Business Bureau Wise Giving Alliance accredited charity. These are all signs of how the organization does business very differently now compared to when the Sun rattled its cage.


Category: Art

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