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.

CharityWatch's rating of FINCA International is based on its consolidated audit, which also includes the accounts of FINCA Microfinance Holding Company LLC (FMH), FINCA Canada, and FINCA UK.

According to Note 1 of the FINCA 2014 consolidated audit, FINCA, through FMH, has microfinance operations in 23 developing countries in Latin America, Africa, Eurasia, and the Middle East. "FINCA operates local entities ('Subsidiaries') that are directly or indirectly owned or controlled by FINCA, including predominantly corporations and in some cases, non-governmental organizations or branches of FINCA International."
According to the FINCA International consolidated audit of December 31, 2014 (Note 3), FINCA reports receiving in-kind contributions of services and gifts valued at approximately $4.1 million 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 FINCA International 2014 tax filing, FINCA reports paying a family member of the CEO $51,027 for employment in 2014 (IRS Form 990 Schedule L, Part IV).

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