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 Population Services International (PSI) includes the financial activities of the organizations included in its consolidated audit of December 31, 2014. According to Audit Note 1, Organization and Programs:

"PSI operates in approximately sixty countries worldwide using a variety of organizational structures as determined by local laws and customs. The organizational structures...include locally registered branch offices and nongovernmental organizations (NGOs), as well as locally incorporated for-profit entities and charitable trusts, as appropriate. These subsidiaries and affiliates operating in foreign countries are subject to the tax laws of the respective countries in which they operate."

According to Audit Note 2(y), the following organizations "became...independently governed organization[s]..." Therefore, the financial activities of these organizations are no longer included in the consolidated audit of Population Services International:

Effective 1/1/2011: SC Social Marketing Solutions Romania (SMS Romania)

Effective 1/1/2012: Society of Family Health Nigeria (SFH Nigeria)

Effective 1/1/2014: PSI Kenya transitioned operations to Population Services Kenya (PS Kenya)

Whenever practicable, CharityWatch obtains consolidated audited financial statements that include all of the entities of a charity. Such an audit eliminates related party transactions among related groups, and allows us to determine how efficiently an organization is operating on the whole.

For more information on this topic, please see our section on Treatment of Related Organizations, which can be found on the Criteria & Methodology tab under the "About Us" navigation header.
According to the Population Services International (PSI) consolidated audit of December 31, 2014 (Note 2(t), In-Kind Contributions):

"PSI received $79,453,839 and $69,090,982 of donated commodities, equipment, and services for the years ended December 31, 2014 and 2013, respectively."

[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".]

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