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.
|According to the Africare audit of June 30, 2015 (Note 12, Contingency):|
"On February 29, 2016, Africare received a letter from the United States Agency for International Development (USAID) claiming approximately $3,000,000 is due back to the agency for questioned costs resulting from Africare's 2012 fiscal year compliance audit. Africare has hired legal counsel and plans to appeal the claim. Management of Africare is confident that their appeal will result in a favorable outcome..."
"The ability of Africare to continue as a going concern is dependent on the success of Africare's Board and management in raising unrestricted funding during the coming fiscal year and subsequent years to ensure that expenditures do not continue to exceed available funds...The ability of the Africare to continue as a going concern is dependent on the success of Africare's plans to raise unrestricted funds in the future, identify viable strategic and operational alternatives, and minimize unfunded expenditures."
[According to Africare's audited Statement of Financial Position as of June 30, 2015, Africare reports an Unrestricted Net Assets deficit of
|According to the Africare audit of June 30, 2015 (Note 13, Litigation):|
"As of June 30, 2015, Africare is the defendant in a number of legal actions in various countries. The lawsuits were filed against Africare for failure to properly abide by laws in the country for payroll and other fringe compensations entitled to local employees. Africare has accrued $358,000 for those lawsuits that are considered to be probable loss and estimable. While the final outcome cannot be determined at this time, management is of the opinion that the ultimate liability, if any, from the final resolution of these matters will not have a material effect on Africare's financial statements."