HealthRight International

CharityWatch's rating of HealthRight International also includes the financial activities of its wholly owned subsidiary, the Ukranian Foundation for Public Health, which are consolidated in the organization's audited financial statements for the year ended December 31, 2021. All significant intercompany accounts and transactions between the entities have been eliminated in the audit consolidation.

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

"The Ukranian Foundation facilitates related efforts to improve health and support services for vulnerable populations for the purpose of resource mobilization for developing, supporting, and providing charitable care and support to vulnerable and at-risk population groups... The Ukranian Foundation is a charitable organization incorporated by HealthRight in Ukraine and is regulated by the Constitution of Ukraine and the Law of Ukraine on charity and charitable organizations."

According to the HealthRight International consolidated audit of December 31, 2021 (Note 2 re: Donated Goods and Services), HealthRight received in-kind "contributed services (medical evaluations) meeting the requirements for recognition" during 2021 on which it placed a total value of $261,305.

[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 HealthRight International consolidated audit of December 31, 2021 (Note 11, Paycheck Protection Program Loans):

"In May 2020, the Organization entered into a Paycheck Protection Program Term Note (the 'PPP Note') with JPMorgan Chase Bank in the amount of $147,057. The PPP Note was issued to the Organization pursuant to Coronavirus Aid, Relief, and Economic Security Act's (the 'CARES Act')...Paycheck Protection Program (the 'Program'). Under the Program, all or a portion of the PPP Note may be forgiven in accordance with the Program requirements. The PPP Note carries a maturity date of May 2022, at a 1% interest rate. The amount of the forgiveness shall be calculated (and may be reduced) in accordance with the requirements of the Program, including the provisions of the CARES Act. No more than 25% of the amount forgiven can be attributable to non-payroll costs, as defined in the Program. The loan was forgiven in full on April 19, 2021.

"In January 2021, the Organization entered into a second Paycheck Protection Program Term Note (the 'second PPP Note') with JPMorgan Chase Bank in the amount of $107,787. ... The second PPP Note carries a maturity date of January 2026, at a 1% interest rate. The amount of the forgiveness shall be calculated (and may be reduced) in accordance with the requirements of the Program, including the provisions of the CARES Act. No more than 25% of the amount forgiven can be attributable to non-payroll costs, as defined in the Program."

According to the HealthRight International consolidated audit of December 31, 2021 (Note 14, Subsequent Events): "The second PPP Note loan balance of $107,537 was forgiven in January 2022."

According to the HealthRight International consolidated audit of December 31, 2021 (Note 12, EIDL Loan):

"On June 4, 2020, the Organization entered into an Economic Injury Disaster Loan ('EIDL') with the United States Small Business Administration (the 'Loan') in the amount of $149,900. ... The Loan carries a maturity date of June 4, 2050, at a 2.75% interest rate. Installment payments will begin thirty months from the date of the loan."

According to the HealthRight International consolidated audit of December 31, 2021 (Note 10, Affiliation Agreement):

"The Organization entered into an Affiliation Agreement (the 'Agreement') with New York University ('NYU'), an unrelated not-for-profit education corporation in February 2014.

"The Agreement creates an affiliation between the Organization and NYU (the 'Affiliation') to work together to facilitate NYU faculty and student opportunities for applied research, an expanded curriculum, and enhanced in-service learning in the field of global public health. The Organization will benefit from the Affiliation by securing its U.S. operations, and gaining the involvement of specialists and researchers in its programs, with the Organization's belief that the presence of an operating global non-governmental, non-profit organization on a university campus is an innovative, exciting and cost-effective approach which offers both parties to this agreement expanded opportunities to accomplish their independent, but complementary missions. The leaders of both parties have concluded that the Affiliation is beneficial to both.

"The Affiliation revolves around seven (7) key components, all operating toward a common goal of building lasting access to health for excluded communities. These components are based on the principle that both NYU and the Organization remain as separate, independent organizations..."