CharityWatch REPORT
Issued July 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.

According to the consolidated audit of September 30, 2015, Note 1, Nature of Operations:

"For the purpose of facilitating water and sanitation lending by micro-finance institutions ('MFIs') in India, created two organizations in 2014: WaterCredit Investment Fund 1, LLC and WaterCredit, LLC. WaterCredit Investment Fund 1, LLC (the 'Fund' or 'WCIF 1') believes that there are lending opportunities in the water and sanitation arena capable of achieving charitable impact while generating a limited return for investors. The Fund intends to achieve this limited return by making loans to qualified MFIs in India for the express purpose of increasing access to water and sanitation improvements. For the purpose of continuing to expand the facilitation of water and sanitation lending, created WaterCredit Investment Fund 3, LLC in 2015..."
According to the consolidated audit of September 30, 2015, Note 13, Significant Estimates and Concentrations:

"Approximately 30% and 15% of all contributions were received from one donor in 2015 and 2014, respectively."
According to the consolidated audit of September 30, 2015, Note 11, Employee Benefit Plan:

"The Organization has an incentive compensation plan that provides a range of organizational and personal goals to determine incentive compensation per employee... As of September 30, 2015 and 2014, the Organization recorded approximately $489,000 and $364,000, respectively, of accrued incentive compensation expense..."

According to the IRS Form 990 filing for the fiscal year-ended 9/30/2015, Schedule J, Part III re: Compensation Information:

"Non-fixed payments in the form of a bonus are determined based on personal and organizational performance and the discretion of the Board of Directors."

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