CharityWatch REPORT
Issued February 2016

CharityWatch Analysts perform an in-depth analysis of charities' audited financial statements and IRS tax filings, and often review other documents such as state filings, annual reports, and fundraising contracts during their evaluations. Below are select notes that CharityWatch believes may be of interest to donors.

Any time an Analysts' Note refers to a charity's Audited Financial Statements or IRS tax form, CharityWatch encourages interested donors to obtain a copy of the referenced documents so that they may view the information in context. Please contact the charity directly to request a copy of any referenced document. Charity tax forms and audits may also be obtained from a number of online databases. For a list of sources, please visit our LINKS page.

Note(s)
According to the Accion International consolidated audit of December 31, 2014 (Note B), Accion received donated in-kind services and goods valued at $3,264,169 in 2014.

[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 by clicking on "About CharityWatch" from the navigation bar and then clicking on "Criteria & Methodology".]
According to the Accion International consolidated audit of December 31, 2014 (Note M, Concentrations of Credit Risk):

"... Approximately 41% of Accion's investments in affiliates are invested in the common stock of Gentera, a Mexican-based bank [and the largest microfinance institution operating in Mexico]..."
According to the Accion International consolidated audit of December 31, 2014 (Note N, Subsequent Events):

"On January 15, 2015, Accion sold its entire ownership of ACCION Microfinancas Sociedade de Credito ao Microempreendedor e a Empresa de Pequeno Porte, S.A. (SCM) [a for-profit microfinance company operating in Manaus, Amazonas, Brazil]... for a price of $800,000, a loss on sale of investment of $8,109,942, and an increase in net assets on deconsolidation of $7,548,393, for a net decrease in net assets of $561,549."

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