| Entity | Document Type | Tax ID |
|---|---|---|
| Grameen Foundation USA | IRS Form 990 | 73-1502797 |
| Freedom from Hunger | IRS Form 990 | 95-1647835 |
| Grameen Foundation USA & Affiliates | Audited Consolidated Financial Statements | Multiple |
|
Entity: Grameen Foundation USA Document Type: IRS Form 990 Tax ID: 73-1502797 |
|
Entity: Freedom from Hunger Document Type: IRS Form 990 Tax ID: 95-1647835 |
|
Entity: Grameen Foundation USA & Affiliates Document Type: Audited Consolidated Financial Statements Tax ID: Multiple |
| Name | Title | Compensation | |
|---|---|---|---|
| 1 | Steve Hollingworth | Past President/CEO | $260,623 |
| 2 | Brent Chism | Interim CEO | $186,748 |
| 3 | Herminia Rubio Gutierrez | Acting CFO | $149,588 |
|
1 Name: Steve Hollingworth Title: Past President/CEO Compensation: $260,623 |
|
2 Name: Brent Chism Title: Interim CEO Compensation: $186,748 |
|
3 Name: Herminia Rubio Gutierrez Title: Acting CFO Compensation: $149,588 |
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.
"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. |
According to the Grameen Foundation USA consolidated audit of June 30, 2022 (Note 15, Litigation): "During the year ended June 30, 2022, the Kenya branch was the subject of litigation brought by a former employee. The Kenya branch has appealed the suit in the Kenya Employment and Labour Relations Court (ELRC). The potential range of loss or the likelihood of an unfavorable outcome for the Kenya branch are unknown as of the date of this report." |
According to the Grameen Foundation USA consolidated audit of June 30, 2022 (Note 4, Paycheck Protection Program): "On February 8, 2021, Grameen Foundation USA received a second round of Paycheck Protection Program (PPP) loan proceeds in the amount of $586,650. During the year ended June 30, 2022, Grameen Foundation USA expended and tracked a portion of the PPP funds for purposes outlined in the CARES Act guidance found in FASB ASC 958-605. Grameen Foundation USA has recognized the PPP funding expended as a conditional grant by which all conditions have been met. Grant income in the amount of $187,278 is included in grants and contributions on the accompanying Consolidated Statement of Activities and Change in Net Assets for the year ended June 30, 2022. Grant income in the amount of $399,372 was recognized in the prior year when Grameen Foundation USA began spending the second round of PPP loan funds. On June 2, 2022, Grameen Foundation USA received notice of forgiveness by the SBA of their second PPP loan. On February 12, 2021, TaroWorks received a second round of PPP loan proceeds in the amount of $65,065. During the year ended June 30, 2022, TaroWorks expended and tracked a portion of the PPP funds for purposes outlined in the CARES Act guidance and believes they have met all conditions set forth for full forgiveness. Accordingly, under guidance found in FASB ASC 958-605, TaroWorks has recognized the PPP funding expended as a conditional grant by which all conditions have been met. Grant income in the amount of $14,659 is included in grants and contributions on the accompanying Consolidated Statement of Activities and Change in Net Assets for the year ended June 30, 2022. Grant income in the amount of $50,406 was recognized in the prior year when TaroWorks began spending the second round of PPP loan funds. On September 21, 2021, TaroWorks received notice of forgiveness by the SBA of their second PPP loan." |
According to the Grameen Foundation USA consolidated audit of June 30, 2022 (Note 9, In-Kind Contributions), Grameen received in-kind contributions in fiscal 2022 on which it placed a total value of $301,638. The in-kind contributions include "Professional services", "Advertising services", and "Legal 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 on the Our Process page.] |
According to the Grameen Foundation USA consolidated audit of June 30, 2022 (Note 8, Future Funding of the Affiliates): "As of June 30, 2022, GFI had a net surplus without donor restrictions balance of $552,966, comprised of $(1,592,174) in cumulative losses from operations offset by $2,145,140 in capital investments by Grameen Foundation USA. Failure to obtain additional revenue without restrictions may affect GFI's future activities. Grameen Foundation USA is committed to continuing to invest resources in GFI because of its social mission to ensure it can meet its obligations. The consolidated financial statements do not include any adjustment that might be necessary if GFI is unable to continue operations. As of June 30, 2022. TaroWorks had a net deficit without donor restrictions balance of $223,948 comprised of $(469,024) in cumulative losses from operations offset by $245,076 in capital investments by Grameen Foundation USA. Failure to obtain additional revenue may affect its future activities. However, Grameen Foundation USA is committed to investing resources in TaroWorks to support its social mission. The consolidated financial statements do not include any adjustment that might be necessary if TaroWorks is unable to continue operations." |
