The Canadian Museum for Human Rights enters death spiral, fueled by debt | WHAT REALLY HAPPENED

The Canadian Museum for Human Rights enters death spiral, fueled by debt

Charity Intelligence Canada is a charity watchdog. Its latest report on the Friends of the CMHR has some unsettling details.

The Friends, which is a registered charity, spends 43 percent of its revenues on administrative costs and 18 percent of donations on fundraising costs. Given that "revenues" is made up of donations plus interest, which last year was negative one thousand dollars, in reality 61 percent of the money donated to Friends goes to overhead.

And then there's this paragraph in the Ci report:
Note: Ci Charity Intelligence has used the restated 2014 financial statements in the charity’s F2015 audited financial statements. Ci has adjusted amortization and allowance for doubtful pledges receivable and gifts to the museum affecting expenses by ($4m) in F2016, by ($18.4m) in F2015, and by ($14.1m) in F2014.
Given that the paragraph is written in a foreign language, auditorese, its hard to say what it really means.

Does it mean the museum has been counting money on its books that can't be collected?

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