CharityWatch's rating of HIAS includes the financial activities of the HIAS U.S. headquarters, foreign branch offices, and foreign legal subsidiaries that are consolidated in the HIAS audited financial statements for the year ended December 31, 2021. All significant intercompany transactions have been eliminated in the audit consolidation.
According to the HIAS consolidated audit of December 31, 2021 (Note 1, Organization):
"HIAS operates in the United States, Asia, Caribbean, Latin America, Africa and Europe. The [audited] consolidated financial statements of HIAS included certain related entities in these geographical locations." |
According to the HIAS consolidated audit of December 31, 2021 (Note 2 re: Governmental and Operating Grants and Contributions), HIAS received in-kind contributed legal services in 2021 on which it placed a total value of $590,876. [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.]
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According to the HIAS consolidated audit of December 31, 2021 (Note 9, Concentration Risk): "The most significant source of HIAS's revenue are grants from the U.S. Government. In 2021, HIAS received $36,935,679 and $3,921,471 from the U.S. Department of State and U.S. Department of Health and Human Services, respectively, accounting for approximately 30% and 3%, respectively, of total revenues and other support." |
According to the HIAS consolidated audit of December 31, 2021 (Note 2 re: Investments): "Investments are stated at quoted market values or values provided by the respective fund manager or general partner as of the measurement date. ... Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility changes. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect the amounts reported on the accompanying [audited] consolidated financial statements."
According to the HIAS consolidated audit of December 31, 2021 (Note 2 re: Venezuela – Foreign Currency and Inflation): "HIAS has been adversely impacted by developments in Venezuela, including the significant devaluation of the Venezuelan Bolivar that have occurred in recent years, hyperinflation and restrictive exchange control regulations which reduced access to U.S. dollars through the official currency exchange mechanisms. "For the years ended December 31, 2021 and 2020, there was no official currency exchanges in Venezuela and the available exchange information available did not account for inflation. The exchange rate used in translating the local currency to U.S. dollars are the actual rates HIAS received on the exchanges." |
According to the HIAS consolidated audit of December 31, 2021 (Note 15, Risks and Uncertainties): "On January 30, 2020, the World Health Organization (WHO) announced a global health emergency because of a new strain of coronavirus... In March 2020, the WHO classified the COVID-19 outbreak as a pandemic... "The full impact of the COVID-19 outbreak continues to evolve as of the date of this report [July 14, 2022]. As such, it is uncertain as to the full magnitude that the pandemic will have on HIAS's financial condition, liquidity, and delivery of operations. Management is actively monitoring the effect of this pandemic on its operations globally and its effects on refugees, financial condition, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the extent to which COVID-19 may impact the Organization's future consolidated financial position and changes in net assets and cash flows is uncertain." |
According to the HIAS 2021 tax filing, HIAS reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III): Regarding nonfixed payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, line 7):
"In calendar year 2021, HIAS provided bonuses to various individuals reported on the Form 990 upon meeting certain objective performance-based criteria as outlined in the Organization's compensation policy."
HIAS reports "Bonus & incentive compensation" payments to three individuals, each in the amount of $1,200, in 2021. The reported total compensation for those three individuals in 2021 ranges from $343,781 to $167,233 (IRS Form 990, Schedule J, Part II).
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