Large-scale charity rating platforms often rely on self-reported “impact” results and automated data extraction from unaudited tax filings without examining the accuracy, consistency, comparability, or completeness of this information. CharityWatch takes a different approach: we “follow the cash,” conducting manual, expert reviews of audited financial statements, tax filings, and other documents to adjust for reporting issues and provide letter grade ratings unbiased by charities’ creative accounting or marketing tactics. The chart below illustrates how our in-depth evaluations can produce results that differ starkly from those of data aggregators and nonprofit trade associations.
CharityWatch has identified many charities that spend 65% or more of their expenses on overhead and 35% or less on their programs and still receive top ratings and seals from other raters; Charity Navigator and Candid (guidestar.org), respectively.
| Program Percentage | Cost to Raise $100 | CharityWatch Rating |
| 36 – 49% | $41 – 59 | D |
| 0 – 35% | $60 – 100 | F |
View Complete CharityWatch Rating Criteria
| Charity Name | Charity Watch Rating | Fiscal Year | Charity Navigator Rating | “Data Up Until” Fiscal Year | Candid Seal | Candid Seal Calendar Year |
|---|---|---|---|---|---|---|
| Dreamchaser PMU Horse Rescue & Rehabilitation | F | 2023 | 1-Star | 2023 | Platinum | 2024 |
| Front Range Equine Rescue | D / F | 2023 | 4-Star | 2024 | N/A | N/A |
| Paws of Honor | F | 2023 | 2-Star | 2023 | Platinum | 2025 |
| Pilots to the Rescue | D | 2023 | 4-Star | 2023 | Platinum | 2025 |
| Project K-9 Hero | D | 2023 | 4-Star | 2023 | Platinum | 2025 |
| Redwings Horse Sanctuary | D | 2023 | 2-Star | 2024 | Platinum | 2024 |
| SPCA International | F | 2023 | 3-Star | 2024 | Platinum | 2025 |
| Tiger Creek Animal Sanctuary | D | 2023 | 1-Star | 2023 | Gold | 2025 |
| Tiger Haven | D | 2024 | 3-Star | 2024 | N/A | N/A |
The chart above contains select examples of animal charities to which CharityWatch has assigned “D” and “F” ratings as of 9/30/2025 based on our criteria. Charity Navigator’s ratings and Candid’s seals were retrieved from those websites in September 2025 and reflect each charity’s current rating or transparency seal as of the date retrieved. NOTE: Candid’s seals are based on charities’ self-assessments and do not include a financial measurement of how efficiently a charity is using its donations. Charity Navigator’s ratings are based on what charities report about themselves in their unaudited tax filings.
Dreamchaser PMU Horse Rescue & Rehabilitation: CharityWatch analyzed the 2023 IRS Form 990 and audited financial statements of Dreamchaser PMU Horse Rescue & Rehabilitation and determined that the charity spent only 28% of its cash expenses on its programs and 72% on overhead. It cost the charity $70 to raise each $100 in cash support that year. These ratios earned the charity an “F” rating on CharityWatch’s “A+” to “F” rating scale.
Related-party lease & concentration risk: The executive director (ED) owns the land where 100% of operations occur. The charity paid the ED $42,000 in rent in 2023 (2023 audit, Note 9). The 2022 audit (Note 8) warns that losing this relationship would pose a concentration of risk since all facilities operate on the ED’s property.
Key-person dependence & succession plan: The 2023 audit (Note 10) says the organization has key-person insurance and that the ED has arranged for leadership continuity by appointing her daughter as “heir apparent.”
Board relationships & independence (Form 990 for 2023): The filing discloses a family relationship—Susan N. Thompson (listed as “President, Treasurer, CEO, Director,” and the only officer) is the mother of Jamie Thompson (a Director). The organization reports five voting board members, with only two classified as independent.
Why this matters:
Taken together, these disclosures point to (1) financial and operational dependence on the ED (land ownership, related-party rent), (2) leadership concentration with a familial succession plan, and (3) limited board independence.
Front Range Equine Rescue: CharityWatch analyzed the 2023 IRS Form 990 and audited financial statements of Front Range Equine Rescue and determined that the charity spent only 43% of its cash expenses on programs and 57% on overhead. It cost the charity $24 to raise each $100 in cash support that year. These ratios earned the charity a “D” rating on CharityWatch’s “A+” to “F” rating scale. The rating was downgraded to an “F” due to the organization’s 9 year’s worth of available assets in reserve.
Front Range Equine Rescue’s 2023 Form 990 (Schedule O) discloses a business relationship between Hilary Wood (President) and Marion Nagle (Executive Director) under Part VI, Section A, Line 2.
Paws of Honor: CharityWatch analyzed the 2023 IRS Form 990 and audited financial statements of Paws of Honor and determined that the charity spent 16% of its cash expenses on programs and 84% on overhead. It cost the charity $74 to raise each $100 in cash support that year. These ratios earned the charity an “F” rating on CharityWatch’s “A+” to “F” rating scale.
Paws of Honor uses “no-risk” fundraising and program consulting contracts tied to direct-mail income. The charity only pays invoices from the money raised, but if the contracts end with unpaid costs, the consulting firms can place a lien on Paws of Honor’s direct-mail list and on any rental income from that list until they’re repaid. As of December 31, 2023, the audit notes a potential future liability of $2,519,337 under these arrangements—i.e., those costs would be repaid over time as related revenue is received.
Paws of Honor reports on its 2023 Form 990 (Schedules L & O):
$441,335 in transactions with Old Dominion Animal Health Center, described as discounted sales of veterinary services and products. The filing notes shared members on the board of directors.
$61,458 paid to Patricia L. Hennig as salary; the filing identifies her as the spouse of director Ryan Hennig.
Paws of Honor’s 2023 Form 990 (Schedule O for Part VI, Section A, line 2) discloses a business relationship among board members: directors Robert Youngblood, Cassie Browne, and Mark V. Drummond are employed by the same company.
On Part VII, POH reports Robert Youngblood and Cassie Browne as both directors and officers (President; and Vice President/Treasurer, respectively). Mark V. Drummond is reported as a director.
Why this matters: Schedule L disclosures flag potential conflicts so donors and regulators can see when insiders or affiliated entities have financial dealings with a charity. They don’t by themselves indicate wrongdoing, but do warrant appropriate board oversight and documentation.
Pilots To The Rescue: CharityWatch analyzed the 2023 IRS Form 990 and audited financial statements of Pilots To The Rescue and determined that the charity spent 47% of its cash expenses on programs and 53% on overhead. It cost the charity $30 to raise each $100 in cash support that year. These ratios earned the charity a “D” rating on CharityWatch’s “A+” to “F” rating scale.
Project K-9 Hero: CharityWatch analyzed the 2023 IRS Form 990 and audited financial statements of Project K-9 Hero and determined that the charity spent 47% of its cash expenses on programs and 53% on overhead. It cost the charity $50 to raise each $100 in cash support that year. These ratios earned the charity a “D” rating on CharityWatch’s “A+” to “F” rating scale.
Redwings Horse Sanctuary: CharityWatch analyzed the 2023 IRS Form 990 and audited financial statements of Redwings Horse Sanctuary and determined that the charity spent 47% of its cash expenses on programs and 53% on overhead. It cost the charity $31 to raise each $100 in cash support that year. These ratios earned the charity a “D” rating on CharityWatch’s “A+” to “F” rating scale.
SPCA International: CharityWatch analyzed the 2023 IRS Form 990 and audited financial statements of SPCA International and determined that the charity spent 21% of its cash expenses on programs and 79% on overhead. It cost the charity $78 to raise each $100 in cash support that year. These ratios earned the charity a “F” rating on CharityWatch’s “A+” to “F” rating scale.
Audit (Dec. 31, 2023) — legacy direct-mail agreement: In October 2006, SPCA International (SPCAI) signed a 10-year contract with a direct-mail service provider (“DM”) to run fundraising/marketing. The provider produced direct-mail awareness/education materials, handled organizational development, and processed cash receipts. The provider also incurred start-up costs for SPCAI; SPCAI is obligated to reimburse all costs incurred on its behalf. After the initial 10 years, the contract self-renewed annually unless cancelled.
Audit (Dec. 31, 2023) — new direct-mail agreement: In August 2023, SPCAI entered a 3-year contract with a new direct-mail vendor (“Moore”) to administer fundraising. The deal auto-renews in one-year increments until terminated. Services include donation processing, data entry, exception services, donor acknowledgments, and web reporting.
2023 Form 990 — payments to major fundraising vendors: SPCAI reported paying $7,639,134 to Innovairre Communications for “Direct Mail Marketing Strategy” and $1,223,261 to PEP Response for “Marketing” during the calendar year (Part VII, Section B, Independent Contractors).
Why this matters: These disclosures show long-standing, large-scale reliance on direct-mail fundraising vendors, multi-year contractual commitments (with automatic renewals), and substantial annual payments—factors donors often evaluate when assessing fundraising efficiency, vendor dependence, and contract oversight.
Tiger Creek Animal Sanctuary: CharityWatch analyzed the 2023 IRS Form 990 and audited financial statements of Tiger Creek Animal Sanctuary and determined that the charity spent 40% of its cash expenses on programs and 60% on overhead. It cost the charity $37 to raise each $100 in cash support that year. These ratios earned the charity a “D” rating on CharityWatch’s “A+” to “F” rating scale.
Organization structure and affiliates: In 2019 the board converted debt owed to the Organization by Tigerlink, Inc. into equity. The Organization now owns 100% of Tigerlink, Inc., which in turn owns 99% of Tiger Creek Safari Resort, LLC. (Consolidated audit, Note A, 9/30/2023)
Revenue concentration in a professional fundraiser: About 67% of total revenue comes from the fundraising efforts of a professional fundraising company. The audit warns that losing this vendor would negatively affect operations. (Note K, 9/30/2023)
Related-party leases and licensing fees (Note L, 9/30/2023): The Organization leases 15 acres from Decision Points, LLC (owned/managed by the founder) and from Terri Gilley. Rent is $14,676 per month; total rent expense was $198,547 in FY23. The rent is scheduled to increase 10% in 2022 and every third year thereafter.
The Organization pays a 4% licensing fee for trademarks/copyrights/logos/slogans created by the executive director and managed by Cat Daddy’s Properties, LLC (90% owned by the founder). The licensing fee was $199,923 in FY23 and is recorded under taxes and licenses.
The Organization also leases 10 acres of pastureland owned by the founder and Lisa Werner for $10 per year and other considerations; rent was waived in FY23. Minimum lease payments disclosed at 9/30/2023: $198,547 for years 2023–2024 and $208,337 for years 2025–2027.
Schedule L — business transactions with interested persons (Form 990, FY ended 9/30/2023): Of the 15-acre lease rent noted above, $122,789 was received by Development Director Brian Werner and $75,758 by Terri Gilley (former spouse of Brian Werner).
Schedule L — loans to/from interested persons (Form 990, FY ended 9/30/2023): Loan from the Organization to Director Brian Ferris: original principal $533,305; balance due $562,835 at 9/30/2023 (purpose: “Advance”).
“Loan” from Brian Ferris to the Organization: On Nov. 18, 2014, the board approved payment of deferred compensation plus 7% interest to Executive Director Brian Werner retroactive to September 1995. The prior-period adjustment was $1,416,764 (retained earnings restatement) and interest expense increased by $85,777 for FY2014. This historical deferred compensation (Tiger Missing Link Foundation audit, 9/30/2015) is reported in the charity’s tax filing as a “loan” from Mr. Werner to the organization. Original principal $1,598,449; balance due $2,185,703 at 9/30/2023 (purpose: “Accrued interest & compensation”).
Loan from Cat Daddy’s Properties, LLC (90% owned by the founder) to the Organization: Original principal $127,250; balance due $418,036 at 9/30/2023 (purpose: “Rent”).
Each loan is reported as approved by board/committee, with a written agreement, and not in default.
Governance and independence (Form 990, FY ended 9/30/2023): Emily Brooks is reported as Chairman/Executive Director; Brian Werner Ferris is reported as Founder. Eight voting board members at year-end; three are reported as independent (Part VI, Section A, lines 1a & 1b).
Schedule O discloses a family relationship: Brian Werner and Emily Brooks are father and daughter (Part VI, Section A, line 2).
Why this matters (quick read): The filings show heavy reliance on a single fundraising vendor; multiple related-party arrangements (land leases, licensing fees, loans); concentrated control and family ties in leadership; and limited board independence. These are common governance and financial-risk considerations for donors, grantors, and regulators.
Tiger Haven: CharityWatch analyzed the fiscal 2024 IRS Form 990 and audited financial statements of Tiger Haven and determined that the charity spent 43% of its cash expenses on programs and 57% on overhead. It cost the charity $36 to raise each $100 in cash support that year. These ratios earned the charity a “D” rating on CharityWatch’s “A+” to “F” rating scale.
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