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.
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|United Methodist Committee on Relief (UMCOR) is not required to file an annual return with the IRS or state regulators because it is a religious organization. CharityWatch is therefore unable to provide salary information for UMCOR.|
|According to the United Methodist Committee on Relief (UMCOR) consolidated audit of December 31, 2016 (Note 14, Transfer of Net Assets of Aregak):|
"In October 2015, UMCOR's Board of Directors approved the transfer of the net assets of Aregak to the UMCOR Armenia Foundation (the 'Foundation'). On November 30, 2015, UMCOR received approval from the Central Bank of Armenia to transfer its shares of Aregak common stock to the Foundation. On December 1, 2015, UMCOR transferred all shares of Aregak to the Foundation and upon the transfer the Foundation became the sole owner of Aregak. The net assets of Aregak on November 30, 2015 transferred to the Foundation were $33,872,535.
"As UMCOR has no controlling financial or economic interest in the Foundation and does not have the ability to directly or indirectly control the direction of management and the policies of the Foundation, the accounts of the Foundation are not included in the [audited] consolidated financial statements of UMCOR."
Regarding Aregak, the UMCOR Armenia website (umcorarmenia.am) states:
"In the fall of 1997, UMCOR established the Aregak microfinance program, with the purpose of creating economic opportunities for low income people who had limited to no access to formal financial resources, especially in the remote rural areas. The microfinance program rapidly became the largest MFI in Armenia in terms of number of active clients."
"In March 2006, Aregak was registered and accredited by the RA Central Bank as a Universal Credit Organization structured as a Closed Joint Stock Company having UMCOR as its sole shareholder."