Episcopal Relief & Development

According to the Episcopal Relief & Development audit of December 31, 2021 (Note 2 re: Contributed Services), the Organization received in-kind contributed services in 2021 on which it placed a total value of $1,212,471. "Such contributed services include office space, payroll, financial management and accounting, human resources benefits management, and building maintenance provided by the Society [the Domestic and Foreign Missionary Society of the Protestant Episcopal Church of the United Sates of America] and outside legal services."

[Note: CharityWatch generally excludes the value of in-kind (non-cash) donations of goods and services from its calculations of Program % and Cost to Raise $100. More information on how grades are calculated and the treatment of in-kind donations can be found on the Our Process page.]

According to the Episcopal Relief & Development audit of December 31, 2021 (Note 6, COVID-19 and Payroll Protection Program Loan):

"The Organization received a loan of $1,207,245 under the Paycheck Protection Program ('PPP') under the Coronavirus Aid, Relief, and Economic Security Act ('CARES Act'). Forgiveness of the full amount of the loan was approved by the Small Business Association [sic] on May 23, 2021. This is reflected as PPP Loan Forgiveness on the statements of activities for the year ended December 31, 2021."

According to the Episcopal Relief & Development audit of December 31, 2021 (Note 11, Commitments):

"Effective January 1, 2016, the Organization entered into an agreement with the Executive council of the Episcopal Church ('Executive Council') and the Society [the Domestic and Foreign Missionary Society of the Protestant Episcopal Church of the United Sates of America] regarding the working relationship between the Organization and Executive Council and the Society. This agreement supersedes agreements from 2002, 2007 and 2011. The current agreement extends through December 31, 2021.

"The agreement identifies the range of financial, accounting, building services, technology, human resources and investment services that the Society will provide at no cost to the Organization... The agreement also includes a three-year lease for the Organization's current office suite that commenced on January 1, 2016. The value of the lease is calculated at a monthly rate of $27,186. This monthly rate is payable solely from the grant authorized by the General Convention of The Episcopal Church in its 2016 to 2018 budget. The rent is offset against the grant, such that neither the rent nor the grant is paid in cash, and the Organization has no obligation to pay rent during the lease term.

"In addition, on October 19, 2018, the Organization entered into a similar agreement for a three-year lease term for the period January 1, 2019 through December 31, 2021. The value of this lease is calculated at a monthly rate of $28,851. This monthly rate is payable solely from the grant authorized by the General Convention of The Episcopal Church in its 2019 to 2021 budget. As of December 31, 2021 and 2020, the Organization recognized a contributed rent receivable of $0 and $346,212, respectively, for the remaining term of this lease.

"On September 17, 2021 the Organization renewed its agreement for a one-year lease term for the period January 1, 2022 through December 31, 2022. The value of this lease is calculated at a monthly rate of $29,716.50. This monthly rate is payable solely from the grant authorized by the General Convention of The Episcopal Church in its 2022 to 2024 budget."