Hispanic Federation

According to the Hispanic Federation audited Statement of Activities for the year ended December 31, 2021, the Federation reports receiving in-kind donations on which it placed a total value of $1,786,969.

[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 Hispanic Federation audit of December 31, 2021 (Note 7, Paycheck Protection Program Loan):

"During the year ended December 31, 2020, the Organization obtained a loan from the Small Business Administration ('SBA') through the Paycheck Protection Program ('PPP'). Terms of the loan indicated that if certain conditions were met, which included maintaining average work forces during periods subsequent to receipt of the loan funds that were not less than pre-determined historical periods, that the loan, or a portion thereof, would be forgiven.

"The Organization accounted for the PPP loan...as a conditional contribution. During the year ended December 31, 2021, the Organization met all conditions for forgiveness and recognized the forgiveness of the loan as revenue. On April 7, 2021, full forgiveness including interest was approved by the SBA."

[Note: According to the Hispanic Federation audited Statement of Activities for the year ended December 31, 2021, the Federation reports a "Paycheck Protection Program grant" in the amount of $940,335 under "Revenue and support."]

According to the Hispanic Federation audit of December 31, 2021 (Note 14, Other Matters):

"On January 30, 2020, the World Health Organization declared the coronavirus outbreak a 'Public Health Emergency of International Concern' and, on March 10, 2020, declared it to be a pandemic. Actions taken worldwide to help mitigate the spread of the coronavirus include restrictions on travel, quarantines in certain areas, and forced closures for certain types of public places and businesses. The coronavirus and actions taken to mitigate it have had and are expected to continue to have an adverse impact on many countries' economies and financial markets, including the geographical area in which the Organization operates. As of the date of these [audited] financial statements [May 10, 2022], many of the travel restrictions and stay at home orders have been lifted; however, supply chains remain impacted. Management continues to monitor the outbreak; however, the potential impact cannot be quantified as of the date of these financial statements."