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Opportunity International

CharityWatch report issued
May 2023

Top-Rated Charity
CharityWatch Grade
Our independent grade based
on a number of factors.
Program Percentage
Amount spent on programs
relative to overhead.
Cost to Raise $100
Amount spent to raise
$100 of contributions.

Contact Information

Opportunity International
PO Box 2826
Carol Stream, IL 60132

Other Names

Opportunity International - U.S.
Opportunity Transformation Investments
Women's Opportunity Fund

Tax Status


Stated Mission

By providing financial solutions, support and training, empowers people living in poverty in developing countries to build sustainable incomes, educate their children, and escape generational poverty. Invests in and holds ownership positions in microfinance institutions serving the poor.

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Data based on Fiscal Year Ended 09/30/2021

Program Percentage: 79%

The percentage of Opportunity International's cash budget it spends on programs relative to overhead (fundraising, management, and general expenses).


Calculated Total Expenses



Cost to Raise $100: $17

How many dollars Opportunity International spends on fundraising to raise each $100 of contributions.


Calculated Total Contributions


Government Funding

0% to 24%

Percentage of cash revenue
coming from government sources


Financial Documents

Entity Document Type Tax ID
Opportunity International & Affiliates Audited Consolidated Financial Statements multiple
Opportunity Transformation Investments IRS Form 990 36-4382506
Opportunity International IRS Form 990 54-0907624
Entity: Opportunity International & Affiliates
Document Type: Audited Consolidated Financial Statements
Tax ID: multiple
Entity: Opportunity Transformation Investments
Document Type: IRS Form 990
Tax ID: 36-4382506
Entity: Opportunity International
Document Type: IRS Form 990
Tax ID: 54-0907624

Governance & Transparency

CharityWatch evaluates certain criteria related to a charity's Governance and Transparency. Donors may want to consider a charity's willingness to be open and transparent with CharityWatch to be a good litmus test for determining its commitment to public accountability.
This charity is Top-Rated
What does it mean to be Top-Rated?
Opportunity International
meets governance benchmarks.
Opportunity International
meets transparency benchmarks.
Provides Financial Information
Audit Accessibility
Governance: Policies
Reports regularly & consistently monitoring & enforcing compliance with a written Conflict of Interest Policy
Reports required, annual disclosure by officers, directors, and key staff of interests that could give rise to conflicts
Reports having a written Whistleblower Policy
Reports having a written Document Retention and Destruction Policy
Governance: Financials
Reports providing copy of tax form to all board members prior to filing it with IRS
Reports that financial statements were audited by an independent accountant
Governance: Board of Directors
Reports at least 5 voting board members
51% or more of voting board members reported as independent
Reports documenting minutes of board and board committee meetings
Privacy Policy
Privacy Policy No Sharing  

  Name Title Compensation
1 Atul Tandon CEO $710,716
2 Randy Kurtz Chief Administrative Officer $322,059
3 Dennis W. Ripley Chief Program Officer $304,048
Name: Atul Tandon
Title: CEO
Compensation: $710,716
Name: Randy Kurtz
Title: Chief Administrative Officer
Compensation: $322,059
Name: Dennis W. Ripley
Title: Chief Program Officer
Compensation: $304,048

CharityWatch Analysts perform an in-depth analysis of charities' audited financial statements and IRS tax filings, and often review other documents such as state filings, annual reports, and fundraising contracts during their evaluations. Below are select notes that CharityWatch believes may be of interest to donors.

CharityWatch's rating of Opportunity International (Opportunity) also includes the financial activities of the Opportunity affiliates consolidated in its audited financial statements for the fiscal year ended September 30, 2021, including Opportunity Transformation Investments. All intercompany transactions have been eliminated in the audit consolidation.

"Accounts of only the majority owned subsidiaries—banks and nongovernmental organizations—of Opportunity are included in the [audited] consolidated financial statements," according to Note 1 of the Opportunity International consolidated audit of September 30, 2021. Therefore, the financial activities of Opportunity's local "Implementing Partners" and "support member" organizations that operate independently and are not legal subsidiaries of Opportunity are not consolidated in the audited financial statements, nor are they included in CharityWatch's rating of Opportunity International.

According to the Opportunity International and Affiliates consolidated audit of September 30, 2021 (Note 7, Discontinued Operations):

"Because banking activities are a major part of OTI's [Opportunity Transformation Investments'] operations and financial results, OTI has determined that the decision to divest of majority ownership positions in banks represent a strategic shift. Accordingly, the assets and liabilities of the banking activities located in Ghana and Serbia have been segregated and reported as held for sale in the [audited] consolidated statement of financial position as of September 30, 2021... Furthermore, all banking activities have been reported as discontinued operations in the [audited] consolidated statement of activities for all periods presented. A decrease of net assets of $9,550,614 was recorded in 2021 on the sale of shares and deconsolidation of Opportunity Serbia."


"On November 10, 2020, the shareholders signed an agreement to sell 25% of the shares of Opportunity Bank Ghana to an unrelated third party. The agreement is subject to the approval of the Bank of Ghana, which is expected to occur within a reasonable timeframe.

"In accordance with mutually agreed revisions to the by-laws of Opportunity Nicaragua, Opportunity no longer controls Opportunity Nicaragua effective October 1, 2020 and the financial statements of Opportunity Nicaragua are not included in the 2021 [audited] consolidated financial statements of Opportunity. The deconsolidation of Opportunity Nicaragua resulted in a decrease of $1,590,508 in net assets."

As a result of its "discontinued operations for the year ended September 30, 2021", Opportunity reports a "Net gain (loss) attributable to OTI" in the amount of $(5,895,511).

According to the Opportunity International and Affiliates consolidated audit of September 30, 2021 (Note 2 re: Revenue and Expense), Opportunity received "in-kind support for contributed equipment and contributed professional services" in fiscal 2021 on which it placed a total value of $195,575.

[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 Opportunity International and Affiliates consolidated audit of September 30, 2021 (Note 8, Deferred Revenue and Notes Payable):

"In 2021 and 2020, Opportunity received $1,068,700 and $994,200 Paycheck Protection Program loans under the CARES [Coronavirus Aid, Relief, and Economic Security] act [sic]. The loans are classified as conditional grants. $1,068,700 and $994,200 is included in deferred revenue as of September 30, 2021 and 2020, respectively. The proceeds of the loans were used for payroll and eligible expenses per the loan agreements. The $994,200 loan amount forgiven on March 9, 2021 is included in 2021 government grant revenue..."

According to the Opportunity International and Affiliates consolidated audit of September 30, 2021 (Note 12, Related-Party Transactions):

"Included in program services in the [audited] consolidated statement of activities are grant expenses of $5,365,618 and $5,539,270 in 2021 and 2020, respectively, which relate to disbursements made by Opportunity to its affiliated member organizations."

[The $5,365,618 in grant disbursements made by Opportunity to its affiliated member organizations, noted above, represents approximately 25% and 20% of Opportunity's cash-based program expenses and total expenses, respectively, in fiscal 2021.]

According to the Opportunity International and Affiliates consolidated audit of September 30, 2021 (Note 14, Subsequent Events, Investment in Other Institutions):

"In January 2022, Opportunity converted a $100,000 note receivable and $500,000 of guarantee funds to equity in Opportunity Bank Uganda. The $600,000 plus an additional investment of $275,000 increased OTI's [Opportunity Transformation Investments'] ownership to 46.4% of outstanding shares of Opportunity Bank Uganda."

According to the Opportunity International and Affiliates consolidated audit of September 30, 2021 (Note 2 re: Risks and Uncertainties):

"The spread of COVID-19 is worldwide, dislocating the capital markets and affecting every industry. As of May 17, 2022, Opportunity has effectively responded to the pandemic by maintaining business continuity. Opportunity further believes that it is well-positioned to weather current market volatilities and business disruptions related to the pandemic. However, there is considerable uncertainty around both the severity and the duration of the COVID-19 outbreak, and for that reason the future financial and other impacts of the pandemic cannot reasonably be estimated at this time."

According to the Opportunity International (OIUS) tax filing for the fiscal year ended September 30, 2021, OIUS includes in its reporting for Compensation Information re: Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees, "Bonus & incentive compensation" paid to seven individuals, including $292,320 paid to Atul Tandon, CEO. The reported total compensation in calendar year 2020 for Atul Tandon is $710,716. The other six reported "Bonus & incentive compensation" payments range from $80,000 to $10,000, with associated total compensation ranging from $322,059 to $198,084 (IRS Form 990, Schedule J, Part II).

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