Which veterans nonprofits had the highest fundraising-to-program-spending ratios in 2024?
Executive summary
No single authoritative list of “highest fundraising-to-program-spending ratios in 2024” is provided in the available sources; instead watchdogs and charities report complementary metrics such as program expense ratios and fundraising efficiency (how much is spent to raise $1). Charities for Veterans reports multiple organizations with program ratios ≥90% in 2024 (e.g., Building Homes for Heroes 95.9%, Air Force Enlisted Village 92%) [1]. CharityWatch and Charity Navigator materials warn some veterans charities rely heavily on professional fundraisers and can have very high fundraising costs (Adoptaplatoon ≈95% of revenue raised by professional fundraisers) [2] [3].
1. What the question actually asks — and what sources measure
“Fundraising-to-program-spending ratio” can mean at least two different things in charity finance reporting. Watchdogs typically publish a program expense ratio (percent of total expenses spent on programs) and a fundraising-efficiency or fundraising-expense metric (dollars spent to raise each $1). CharityForVets highlights program ratios (percent to programs) and CharityNavigator reports both program expense ratio and fundraising efficiency definitions [1] [4]. The available sources do not present a single ranked 2024 list that matches the exact phrasing “fundraising-to-program-spending ratios” (not found in current reporting).
2. Which veterans nonprofits report the strongest program ratios in 2024
Charities for Veterans’ “Highly Recommended” list shows several organizations with program expense ratios at or above 90% on their 2024 returns, including Building Homes for Heroes (95.9%), Air Force Enlisted Village (92%), and United Veterans Beacon House and others meeting the ≥90% bar [1]. CharityWatch and other rating sites also single out Homes For Our Troops and similar groups as high program-percent examples [5] [6]. These program ratios indicate a large share of reported spending went to program activities rather than overhead in 2023–2024 filings cited by those sites [1] [5].
3. Fundraising intensity and cautionary signals
Other sources stress fundraising intensity rather than program percent. CharityWatch’s Veterans “F” list and profiles show some groups depend heavily on outside professional fundraisers — Adoptaplatoon derives approximately 95% of revenue from a professional fundraising company, and some organizations’ support comes largely from direct-mail firms [2] [3]. Those arrangements often inflate fundraising expenses and reduce net dollars to programs even if a charity’s headline program percent appears acceptable after watchdog adjustments [2] [3].
4. Large charities with significant fundraising investments
Wounded Warrior Project (WWP) reports it invested about $90 million in fundraising in 2024 — roughly 24% of its expenses — and says that generated more than $4 returned for every dollar spent, while it spent “more than 70%” of expenses directly on programs in FY2024 [7]. That illustrates a competing viewpoint: higher fundraising spending can be an investment to scale services, not necessarily waste, depending on results and transparency [7]. CharityNavigator explains fundraising-efficiency and program expense measures used to assess such trade-offs [4].
5. How to interpret these numbers as a donor or reporter
Program-percent headlines (e.g., “86 cents of every dollar” or ≥90%) are useful but incomplete. Watchdogs differ in methods: some adjust “joint costs” and fundraising allocations, producing different program percentages for the same charity [3] [4]. Donors should cross-check program expense ratios with fundraising-efficiency (cost to raise $1), recent IRS Form 990s, and watchdog notes about fundraiser contracts and related-party relationships [3] [4].
6. Practical next steps and transparency checks
If you want a ranked answer tailored to “highest fundraising-to-program-spending ratios in 2024,” available sources do not supply that exact dataset; instead, compile 2024 Form 990s and watchdog adjustments from CharityWatch and Charity Navigator for the charities you care about (not found in current reporting). Meanwhile, use Charities for Veterans’ highly recommended list to identify groups reporting ≥90% program spending in 2024 as a starting shortlist [1], and review CharityWatch notes on fundraising-provider dependence [2] [3].
Limitations: sources provided do not include a single, comprehensive 2024 ranking by the exact metric you asked for and do not include raw Form 990 tables for all veteran nonprofits; assertions above cite only the available watchdog and charity statements [1] [2] [4] [3] [7] [5].