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 Women for Women International consolidated audit of December 31, 2015, "Women for Women received donated legal, advertising and accounting services with an estimated value of $421,309" in 2015 (Note 1, Donated Professional Services).

[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 Women for Women International consolidated audit of December 31, 2015 (Note 15, Subsequent Events):

"In December 2015, Women for Women entered into an affiliation agreement with Zene za Zene International (ZzZ International), an independent organization dedicated to women's empowerment in Bosnia and Herzegovina. ZzZ International was formed from Women for Women's Bosnia country office. Under the affiliation agreement, Women for Women will share internal policies with ZzZ International to assist it to operate in a manner consistent with Women for Women's mission and also provide technical, financial and capacity building supports. The agreement became effective January 1, 2016, for a term of two years, with an option to automatically renew for [an] additional two years."
According to the Women for Women International consolidated audit of December 31, 2015 (Note 10, Risks and Commitments, Foreign Operations):

"Women for Women has operations in several foreign countries. These foreign operations maintain cash accounts and fixed assets. In addition, the inventory and portions of the prepaid expenses, receivables and other assets are related to activities in these foreign countries. The future of these programs may be adversely affected by a number of potential factors, such as currency devaluations, terrorist activity or changes in the political climate. As of December 31, 2015, assets in these countries totaled approximately $3,966,000, representing approximately 17% of Women for Women's total consolidated assets."

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