CharityWatch REPORT
Issued September 2017

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 Catholic Relief Services (CRS) consolidated audit of September 30, 2016 (Note 10, Donated Agriculture, Other Commodities and Ocean Freight):

CRS reports receiving total in-kind donated agriculture, other commodities and ocean freight valued at approximately $269.56 million in fiscal 2016, including approximately $144.24 million in agricultural commodities donated by the U.S. government (USAID & USDA) and approximately $100.90 million in donated ocean freight.

[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 Catholic Relief Services (CRS) consolidated audit of September 30, 2016 (Note 16, Contingencies):

"Subsequent to year-end CRS entered into a six-year service agreement with a software vendor, to be effective March 1, for a minimum financial commitment of $7.2 million over that period. Termination rights under the agreement are only for a breach upon 30 days' notice."
According to the Catholic Relief Services consolidated audit of September 30, 2016 (Note 3, Concentration of Credit Risk):

"Cash and cash equivalents and segregated investments include demand deposits which are maintained at various financial institutions in the United States and foreign countries. The total deposits at institutions in the United States exceed the Federal Deposit Insurance Corporation (FDIC) insurance limits. Deposits held at institutions outside of the United States are not subject to insurance. At September 30, 2016 and 2015, $61,093,000 and $81,709,000, respectively, of deposits were in excess of FDIC insurance including $23,810,000 and $24,925,000, respectively, held in numerous financial institutions outside of the United States..."

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