Website
Ratings & Metrics
Financial Documents
| Entity | Document Type | Tax ID |
|---|---|---|
| New Incentives | IRS Form 990 | 45-2368993 |
| New Incentives | Consolidated Audited Financial Statements | Multiple |
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Entity: New Incentives Document Type: IRS Form 990 Tax ID: 45-2368993 |
|
Entity: New Incentives Document Type: Consolidated Audited Financial Statements Tax ID: Multiple |
Governance & Transparency
Top Salaries
| Name | Title | Compensation | |
|---|---|---|---|
| 1 | Pratyush Agarwal | COO | $135,800 |
| 2 | Svetha Janumpalli | CEO | $135,800 |
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1 Name: Pratyush Agarwal Title: COO Compensation: $135,800 |
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2 Name: Svetha Janumpalli Title: CEO Compensation: $135,800 |
Analysts' Notes
CharityWatch's rating of New Incentives also includes the financial activity of its subsidiary, All Babies Are Equal Initiative, which is consolidated in the New Incentives audited financial statements for the year ended December 31, 2020. All significant intercompany balances and transactions have been eliminated in the audit consolidation. According to the New Incentives consolidated audit of December 31, 2020 (Note 1 re: Business): "...The Organization operates a program where low-income mothers are given cash transfers for immunizing their infants. This is known as Conditional Cash Transfers ('CCTs'). CCTs are one of the most evidence-based activities in international development. Through its Subsidiary [All Babies Are Equal Initiative], the Organization operates a conditional cash transfer program in Northern Nigeria, a region with one of the lowest immunization rates worldwide..." |
According to the New Incentives consolidated audit of December 31, 2020 (Note 3, Concentrations): "For the years ended December 31, 2020 and 2019, 99% and 48%, of total support came from two and one grantor, respectively..." [Note: According to available press releases from November and December 2020, New Incentives received a grant from Open Philanthropy in the amount of $16.8 million. This $16.8 million represents approximately 89% of New Incentives' total contributions in 2020. Given this high concentration, as well as the year-end timing of the grant, CharityWatch has adjusted out this $16.8 million grant in connection with calculating New Incentives' years of available assets in reserve at 12/31/2020.] |
According to the New Incentives (NI) 2020 tax filing, NI reports re: the existence of a family or business relationship among officers, directors, trustees, or key employees: "Pratyush Agarwal and Svetha Janumpalli have a family relationship" (IRS Form 990, Schedule O re: Form 990 Part VI, Section A, line 2). Pratyush Agarwal is reported as "Director & COO," and Svetha Janumpalli is reported as "Director & CEO." They are two of five reported officers and six reported voting members on the New Incentives board at year-end 2020, with four board members reported as independent (IRS Form 990, Part VII, Section A & Part VI, Section A, lines 1a & 1b). |
According to the New Incentives consolidated audit of December 31, 2020 (Note 6, Contingency): "...On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide. The spread of this virus globally has caused business disruption domestically in the United States and globally. While the disruption is currently expected to be temporary, there is considerable uncertainty around the duration of this uncertainty. The current situation is not expected to have an impact on the Organization's financial condition, results of operations, or cash flows as the organization received a pledge commitment of $16,785,243 during 2020 to fund operations through December 31, 2023. The Organization has also implemented comprehensive COVID-19 safety measures to ensure the safety of program participants and staff, and mitigate COVID-19 risks on its field operations." |