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FINCA International

CharityWatch report issued
May 2023

Top-Rated Charity
CharityWatch Grade
Our independent grade based
on a number of factors.
Program Percentage
Amount spent on programs
relative to overhead.
Cost to Raise $100
Amount spent to raise
$100 of contributions.

Contact Information

FINCA International
1201 15th Street, NW
8th Floor
Washington, DC 20005

Other Names

Foundation for International Community Assistance

Tax Status




Stated Mission

To alleviate poverty through lasting solutions that help people build assets, create jobs, and raise their standard of living.

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Data based on Fiscal Year Ended 12/31/2021

Program Percentage: 98%

The percentage of FINCA International's cash budget it spends on programs relative to overhead (fundraising, management, and general expenses).


Calculated Total Expenses



Cost to Raise $100: $17

How many dollars FINCA International spends on fundraising to raise each $100 of contributions.


Calculated Total Contributions


Government Funding

0% to 24%

Percentage of cash revenue
coming from government sources


Financial Documents

Entity Document Type Tax ID
FINCA International IRS Form 990 13-3240109
FINCA International Audited Consolidated Financial Statements multiple
Entity: FINCA International
Document Type: IRS Form 990
Tax ID: 13-3240109
Entity: FINCA International
Document Type: Audited Consolidated Financial Statements
Tax ID: multiple

Governance & Transparency

CharityWatch evaluates certain criteria related to a charity's Governance and Transparency. Donors may want to consider a charity's willingness to be open and transparent with CharityWatch to be a good litmus test for determining its commitment to public accountability.
This charity is Top-Rated
What does it mean to be Top-Rated?
FINCA International
meets governance benchmarks.
FINCA International
meets transparency benchmarks.
Provides Financial Information
Audit Accessibility
Governance: Policies
Reports regularly & consistently monitoring & enforcing compliance with a written Conflict of Interest Policy
Reports required, annual disclosure by officers, directors, and key staff of interests that could give rise to conflicts
Reports having a written Whistleblower Policy
Reports having a written Document Retention and Destruction Policy
Governance: Financials
Reports providing copy of tax form to all board members prior to filing it with IRS
Reports that financial statements were audited by an independent accountant
Governance: Board of Directors
Reports at least 5 voting board members
51% or more of voting board members reported as independent
Reports documenting minutes of board and board committee meetings
Privacy Policy
Privacy Policy

  Name Title Compensation
1 Rupert Scofield President/CEO $443,521
2 Colleen Zakrewsky Senior VP, Development & External Relations $269,205
3 Omer Imtiazuddin Managing Director, Finca Ventures $232,221
Name: Rupert Scofield
Title: President/CEO
Compensation: $443,521
Name: Colleen Zakrewsky
Title: Senior VP, Development & External Relations
Compensation: $269,205
Name: Omer Imtiazuddin
Title: Managing Director, Finca Ventures
Compensation: $232,221

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.

CharityWatch's rating of FINCA International also includes the financial activities of the entities controlled by FINCA and its subsidiaries, which are consolidated in the FINCA International audited financial statements for the year ended December 31, 2021. All intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, have been eliminated in the consolidated audit, according to Note 2 to the audited consolidated financial statements.

According to the FINCA International consolidated audit of December 31, 2021 (Note 1, Nature of Activities):

"As of December 31, 2021, FINCA Microfinance Holding Company LLC, ('FMH'), as the intermediate parent company, has microfinance operations in 18 developing countries in Latin America (Ecuador, Guatemala, Haiti, Honduras, and Nicaragua), Africa (Democratic Republic of the Congo, Malawi, Nigeria, Tanzania, Uganda, and Zambia), Eurasia (Armenia, Azerbaijan, Kosovo, Kyrgyzstan, and Tajikistan), and the Middle East and South Asia (Jordan, and Pakistan). During 2021, FMH also had microfinance operations in Afghanistan and Georgia, which were discontinued. FINCA [International, Inc.], through FMH, operates through local entities ('Subsidiaries') that are owned and/or controlled by the 'Company,' including predominantly corporations and, in some cases, non-governmental organizations. The Subsidiaries principally provide loans to individuals and to groups of individuals that lack access to traditional financial institutions. In most cases, these loans are made to either groups, individuals, or small- and medium-sized enterprises. Loans consist of agricultural loans, education loans, and other microfinance loans. ... In addition to loans, FMH, through its Subsidiaries, provides other financial services needed by the working poor, including savings deposits, remittances, and micro insurance."

Whenever practicable, CharityWatch obtains consolidated or combined audited financial statements that include all of the entities of a charity. Such an audit eliminates inter-organizational transactions among related entities 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 Our Process page.

According to the FINCA International consolidated audit of December 31, 2021 (Note 12, Grants and Donations Income), FINCA received contributed services and gifts-in-kind in 2021 on which it placed a total value of $1,608,106.

[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 on the Our Process page.]

According to the FINCA International consolidated audit of December 31, 2021 (Note 1, Nature of Activities):

"The COVID-19 pandemic is continuing across the various geographies globally, causing disruption to business and economic activities. However, the continued spread of COVID-19 and the emergence of mutated strains, led to the continuing uncertainty in the global economic environment.

"Employee well-being remains a top priority as we transition to new ways of working and continue to navigate through the pandemic. The support we provide is driven by the feedback from our people. We are enabling more colleagues to work flexibly and continue to follow social distancing and protection measures in line with local guidance. We firmly believe that helping our people to be healthy and happy is a key enabler of our strategy and benefits the people and communities we serve. Business continuity plans are in place. FMH [FINCA Microfinance Holding Company], as the intermediate parent company, conducts stress tests periodically or whenever business needs dictate to assess the resilience of the statement of financial position. FINCA considered the circumstances and risk exposures when analyzing the ongoing effects of the COVID-19 pandemic on its operations, and has activated its risk management practices to manage the potential business disruption the COVID-19 outbreak might have on its operations and financial performance."

According to the FINCA International consolidated audit of December 31, 2021 (Note 6, Financial Risk Management, Credit Risk Measurement, Expected Credit Loss Measurement):

"Due to the COVID-19 pandemic, the Company voluntarily, or due to certain local government and regulatory agencies either mandated or permitted loan modifications in the form of delayed repayments of principal and/or interest within their respective jurisdictions, and still reserve the right to continue to do so. Though the extension of payment relief does not automatically trigger a significant increase in credit risk and a stage migration for the purpose of calculating expected credit losses according to IASB [International Accounting Standards Board] guidance, the Company performed its assessment in determining whether there has been a significant increase in credit risk and considered the modification, as well as the geographical area where the borrower operates and its industry."

According to the FINCA International consolidated audit of December 31, 2021 (Note 25, Notes Payable):

"Interest rates paid by Subsidiaries range from six months' Karachi Interbank Offered Rate, minus 100 bps up to 25.5% floating and up to 33.9% fixed in local currencies for commercial loans in countries with high perceived risk or with depreciating currencies.

"In some situations, FMH [FINCA Microfinance Holding Company], as the intermediate parent, may be directly liable or may offer support for loans provided to Subsidiaries without adequate credit standing, which may be in the form of a direct guarantee.

"As of the reporting date, some Subsidiaries have breached covenants contained in financing agreements underlying these obligations. Management believes that these breaches are primarily due to recent global economic conditions which have affected the microfinance industry, or in some cases due to local political and economic developments. A breach of a loan covenant could permit a lender to accelerate payment of the loan but would not result in a cross-default beyond the particular Subsidiary. As of December 31, 2021, subsidiaries in Zambia, Armenia, Kyrgyzstan, Ecuador, Guatemala, Haiti, Pakistan, Tajikistan and FMH were in breach of financial covenants involving loans from international financial institutions amounting to $56.5 million (excluding $0.96 million breach from discontinued operations). As of December 31, 2021, Subsidiaries had obtained formal waivers for these breaches of covenants accounting for $37.2 million. ... Although management has obtained formal waivers of some of these breaches or assurances from lenders that the covenants will be waived, there is no assurance that these waivers or assurances will be extended indefinitely or that performance can be brought into full compliance."

According to the FINCA International 2021 tax filing, FINCA reports re: Business Transactions Involving Interested Persons, a transaction in the amount of $49,038 involving Julie Houser, "family member, CEO." The transaction is described as "employment" (IRS Form 990, Schedule L, Part IV).

Also according to the FINCA 2021 tax filing, FINCA reports re: the existence of a family or business relationship among officers, directors, trustees, or key employees (IRS Form 990, Schedule O re: Form 990, Part VI, Section A, line 2):

"The Chairman of FINCA International's board of directors, Robert W. Hatch, has a family relationship with the founder, John Hatch, who is also a director and retired employee of the organization.

"FINCA International directors Richard Williamson and Rupert Scofield are both members of the board of directors and minor shareholders of Cereal Ingredients, Inc. which is owned by Robert Hatch. John Hatch is also a minor shareholder of Cereal Ingredients but not a director."

FINCA reports having 17 voting members on its governing body at year-end 2021, with 14 voting members being independent (IRS Form 990, Part VI, Section A, lines 1a & 1b).

According to the FINCA International consolidated audit of December 31, 2021 (Note 14, Discontinued Operations):

"FINCA Nicaragua—During the last quarter of 2021, FINCA Nicaragua initiated sales transactions for the majority of its assets and settlement of its outstanding liabilities. These transactions will continue throughout 2022 and will ultimately lead to winding down of operations during 2022 in Nicaragua. Nicaragua has been classified as held for sale and presented separately in the consolidated statement of financial position. The proceeds of disposal are expected to [be] lower than the carrying amount of the related assets and accordingly impairment losses have been recognized on the classification of these operations as held for sale..."


"FINCA Bank Georgia—On July 7, 2021, FMH'[s] [FINCA Microfinance Holding Company's], wholly-owned subsidiary, FINCA Microfinance Cooperatief U.A., sold its subsidiary operations in Georgia for $13.9 million.

"FINCA Afghanistan—During 2021, significant geopolitical changes occurred in Afghanistan that led to a loss of control of that subsidiary by FMH [FINCA Microfinance Holding Company]. In August of 2021, the Taliban assumed control of the government of Afghanistan. Resulting international sanctions restricted FMH's ability to continue to manage its interests, benefit from returns, and shape the FINCA Afghanistan decisions through FMH's regular governance of that subsidiary. While FMH remains the legal owner of FINCA Afghanistan, FMH concluded on December 31, 2021, that it had lost control of the subsidiary because it could no longer effectively exercise its authority as shareholder over the subsidiary's activities and is no longer exposed to variable returns, nor can it affect the returns of the subsidiary through its managerial involvement. As a result of this loss of control event, FMH derecognized its investment in FINCA Afghanistan at its carrying amount at the date when control was lost. The Company deemed the loss of control a significant event and concluded that FINCA Afghanistan should be treated as a discontinued operation."


Related to "the results of the discontinued operations (sale of FINCA Georgia and abandoned operations in FINCA Afghanistan for the period from January 1, 2021 to December 31, 2021), and the results recognized on the re-measurement of assets related to FINCA Nicaragua", FINCA reports a "Loss from discontinued operations" in the amount of $(21,077,471) for the year ended December 31, 2021.

According to the FINCA International consolidated audit of December 31, 2021 (Note 31, Subsequent Events):

"On April 14, 2022, FMH [FINCA Microfinance Holding Company], as intermediate parent, sold 100% of its ownership interests in Banco Para la Asistencia Comunitaria FINCA S.A., a joint stock company formed under the laws of the Republic of Ecuador, for $1.5 million. The assets and liabilities of that subsidiary have been assumed by the buyer as a result of the sale. As of the sale date, the Subsidiary's total assets were $72.6 million and total liabilities were $73.9 million.

"With all the uncertainties and rapid developments caused by the Russia-Ukraine conflict, it is difficult to estimate the current or future impact on operations and financial position the conflict may have on FINCA Subsidiaries. While four Subsidiaries are members of the Commonwealth of Independent States ('CIS') and presumptively exposed to economic shocks in the Russian Federation, currency pricing from the start of the conflict to date [June 30, 2022] have not offered adverse indicators. The Russian ruble itself, despite severe economic sanctions, has reverted to pre-invasion levels. This is noted to highlight the difficulty Management has in relying on traditional economic indicators that presumably would lead it to adjust planning, which is no less a difficulty faced by official and private institutions orders of magnitude larger than FMH [FINCA Microfinance Holding Company] in terms of assets in the global financial space, as the petrodollar construct may confront alternative pricing backed by commodities. It is worth mentioning that there are FINCA Subsidiaries operating in countries whose economies may benefit from higher petroleum prices, regardless of its footing either in the US-backed sphere or a possible alternative.

"Nevertheless, certain preventive measures have been taken by FINCA to help neutralize any negative impact that might develop as the result of the conflict. FINCA reviewed limits and exposures to other financial institutions that might be sanctioned and exposed to sanctioned entities, with FINCA Kyrgyzstan effectively ringfenced. With depreciation remaining a risk, Subsidiaries have been instructed to maintain a long position in USD against the local currency. FINCA does not expect any material outflow of customer deposits or adverse pressure on its liquidity positions."

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