CharityWatch's rating of Grameen Foundation USA also includes the financial activities of Freedom from Hunger, Grameen Foundation for Social Impact, and TaroWorks, LLC, which are consolidated in the audited financial statements of Grameen Foundation USA for the fiscal year ended June 30, 2022. According to Grameen Foundation USA consolidated audit of June 30, 2022 (Note 1 re: Organization):
"Grameen Foundation for Social Impact (GFSI), is a non-profit corporation registered in India...whose mission is to undertake activities and services that impact the lives of the poor, especially women... "TaroWorks, LLC...is a U.S. corporation that provides an advanced mobile data platform to enhance data collection, monitoring, sales and inventory management in the field. The mission is to improve product and service delivery to the poor by bringing real-time data to any organization, anywhere. It is wholly owned by Grameen Foundation USA. "Freedom from Hunger is a U.S. non-profit organization...On October 21, 2016, Freedom from Hunger entered into an Asset Transfer Agreement with Grameen Foundation USA in order to advance the organizations' shared missions. On November 1, 2016, the organizations came under common control. After this date Freedom from Hunger became a Type I supporting organization of Grameen Foundation USA within the meaning of Section 509(a)(3) of the Internal Revenue Code of 1986. Freedom from Hunger's supporting organization status was approved by the Internal Revenue Service on March, 1, 2017. As a supporting organization, Freedom from Hunger is organized and operated exclusively for the benefit of, to perform the functions of, and to carry out the purposes of Grameen Foundation USA and designates." [See the "Articles & Alerts" for a link to the October 25, 2016 press release announcing Grameen Foundation USA's merger with Freedom from Hunger.]
The accounts of Grameen Foundation India Private Limited (GFI) and Grameen Impact Ventures Private Limited (GIV) are also consolidated in the Grameen Foundation USA fiscal 2022 consolidated audited financial statements, according to audit Note 1. GFI is a for-profit corporation registered in India and a wholly-owned subsidiary of Grameen Foundation USA. Also, GIV is a for-profit company registered in India and is also a wholly-owned subsidiary of Grameen Foundation USA. The financial activities of GFI & GIV, for-profit entities, are not included in CharityWatch's rating of Grameen Foundation USA. |