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Opportunity International

CharityWatch report issued
June 2020

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 International Nicaragua
Opportunity Transformation Investments
Women's Opportunity Fund

Tax Status


Stated Mission

Works internationally to help families living in poverty build sustainable livelihoods, educate their children, & escape endemic poverty; provides loans, training, & support services to help clients grow their incomes & improve education for children.

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Data based on Fiscal Year Ended 12/31/2018

Program Percentage: 88%

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: $22

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 Nicaragua IRS Form 990 47-0994982
Opportunity Transformation Investments IRS Form 990 36-4382506
Opportunity International IRS Form 990 54-0907624
Opportunity International & Affiliates Audited Consolidated Financial Statements Multiple
Entity: Opportunity International Nicaragua
Document Type: IRS Form 990
Tax ID: 47-0994982
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
Entity: Opportunity International & Affiliates
Document Type: Audited Consolidated Financial Statements
Tax ID: Multiple

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 $392,804
2 Ron Gray Legal Counsel $317,973
3 Gregory Roth SVP, Philanthropy $245,808
Name: Atul Tandon
Title: CEO
Compensation: $392,804
Name: Ron Gray
Title: Legal Counsel
Compensation: $317,973
Name: Gregory Roth
Title: SVP, Philanthropy
Compensation: $245,808

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) includes the financial activities of the Opportunity affiliates consolidated in its audited financial statements for the year ended December 31, 2018. These affiliates include Opportunity Transformation Investments and Opportunity International Nicaragua.

According to the Opportunity consolidated audit of December 31, 2018 (Note 1, Organization):

"Effective June 19, 2000, Opportunity incorporated Opportunity Transformation Investments (OTI), which is intended to invest in and hold ownership positions in microfinance institutions. OTI's board of directors is controlled by Opportunity. Accordingly, OTI and its controlled banks are consolidated in Opportunity's [audited] financial statements. ... All intercompany transactions have been eliminated in consolidation."


"On January 23, 2014, OTI incorporated Opportunity International Nicaragua, Inc. (OINIC) to (i) provide assistance in the operation and maintenance of agricultural processing plants in Nicaragua that can assist in local community development, improve agricultural methods, and provide assistance to poor farmers...(iii) support and develop community-led projects and promote leadership development among youth and adults in selected communities in Nicaragua...and (v) help to build local self-sufficiency for poor people with locally run, sustainable institutions. The assets and liabilities of OINIC are included in charitable assets and liabilities on the [audited] consolidated statement of financial position, and the revenue and expenses of OINIC are included in charitable activities on the [audited] consolidated statement of activities.

"On December 18, 2014, OTI incorporated Opportunity Transformation Investments B.V. (OTI BV), a private company with limited liability under the laws of the Netherlands to hold the assumed notes from European Fund for Southwest Europe S.A.... The assets and liabilities of OTI BV are included in the charitable assets and liabilities of the [audited] consolidated statement of financial position, and the revenue and expenses of OTI BV are included in the charitable activities of the [audited] consolidated statement of activities."

CharityWatch's rating of Opportunity International does not include the financial activities of the Opportunity member organizations; the Opportunity entities in the countries of Australia, the United Kingdom, Germany, Canada and Hong Kong; the Opportunity International Network; or Opportunity, Inc. These entities, which are described in the audit note cited below, operate independently of Opportunity International.

According to the Opportunity International (Opportunity) consolidated audit of December 31, 2018 (Note 1, Organization):

"Opportunity fulfills its mission through nongovernmental organizations and commercial microfinance institution members in developing countries. A member organization is an implementer of microenterprise development and provider of financial services within the Opportunity network. Funds are disbursed to member organizations to capitalize various local commercial start-up ventures and to fund their own operations. While member organizations are critical in assisting Opportunity to achieve its purpose, they are not legally affiliated with Opportunity (with the exception of the microfinance institutions that are incorporated as for-profit microfinance institutions...), and accordingly, their accounts are not included in these [audited] consolidated financial statements.

"Similarly, entities within the Opportunity support network, including Opportunity International Australia, Opportunity International United Kingdom, Opportunity International Germany, Opportunity International Canada, and Opportunity Hong Kong raise funds in their respective countries and operate independently of Opportunity. Their accounts are not included in these [audited] consolidated financial statements.

"Effective January 1, 1998, all affiliated member organizations of Opportunity signed a membership agreement formalizing the Opportunity International Network (Network). The Network was established to coordinate a common strategy among all members, to develop an accreditation process for participating members, and to manage standardization and quality throughout the Network member organizations. ... The Network is not consolidated in these accompanying [audited] consolidated financial statements as the Network is not a legal subsidiary of Opportunity.

"Opportunity, Inc., a nonprofit entity incorporated January 23, 2014, was established (i) to provide relief to the poor and to help end extreme poverty in the world by providing finance services to microfinance clients; (ii) to provide support and management services to Network affiliates; and (iii) to develop investment and global branding strategies for Network members. Opportunity, Inc. is not consolidated in the accompanying [audited] financial statements as it is not a legal subsidiary of Opportunity. In November 2018, Opportunity, the other support members, and Opportunity, Inc. signed a memorandum describing our commitment to a shared vision and mission and collaborative relationships.

"Opportunity provides a majority of the funding for the Network and Opportunity, Inc.'s operations, along with providing accounting and management services. These services are considered Opportunity's dues for Network membership and support for Opportunity, Inc. Total costs incurred by Opportunity...related to the Network and Opportunity, Inc. are $7,367,407 and $9,440,575 for the years ended December 31, 2018 and 2017, respectively."

According to the Opportunity International consolidated audit of December 31, 2018 (Note 8, Discontinued Operations):

"During 2015, OTI [Opportunity Transformation Investments] made the decision to sell its banking activities located in Africa. Because these banking activities are a major part of OTI's operations and financial results, OTI has determined that the disposals represent a strategic shift. Accordingly, the assets and liabilities of the banking activities located in Colombia and Ghana have been segregated and reported as held for sale in the [audited] consolidated statement of financial position as of December 31, 2018... Furthermore, the banking activities in these regions have been segregated and reported as discontinued operations in the consolidated statement of activities for all periods presented.

"On August 18, 2017, the shareholders of Opportunity Bank Malawi (OIBM) sold all shares to an unrelated third party. The estimated $4.9 million loss on the disposal of OIBM's net assets was included in loss on discontinued operations in 2015. $2.4 million of the estimated loss was reversed in 2017 when the shares of OIBM were sold.

"Effective December 29, 2017, OTI sold its ownership interest in Opportunity Romania to an unrelated third party. The $1 million loss on the disposal of Opportunity Romania's net assets was included in loss on discontinued operations in 2017.

"On May 25, 2018, the shareholders of Opportunity Bank Colombia and an unrelated third party agreed on a 100% acquisition of Opportunity Bank Colombia shares. The transaction is pending the approval of the Superintendency of Finance of Colombia and is expected to close in the third quarter of 2019. As of December 31, 2017, OTI estimated a loss on disposal of its banking activities in Colombia of approximately $3.5 million. $.9 million of the loss on Opportunity Colombia was attributable to noncontrolling interests. The loss was recognized as a reduction in value of the assets of Opportunity Colombia as of December 31, 2017."

In Audit Note 8, Opportunity International also presents reconciliations related to the discontinued operations. The reconciliations include the following totals, as of December 31, 2018:

  • Total assets of the disposal group classified as held for sale of $85,745,803.
  • Total liabilities of the disposal group classified as held for sale of $78,104,100.
  • Net loss on discontinued operations of $(1,051,318) attributable to OTI.

In addition, according to the 2018 Opportunity International consolidated audit (Note 17(b), Subsequent Events, Dissolution of OTI BV):

"Due to lack of activity, OTI [Opportunity Transformation Investments] filed for the dissolution of OTI BV [Opportunity Transformation Investments B.V., a private company with limited liability under the laws of the Netherlands] on April 24, 2019. The deregistration by the Netherlands Business Register was completed on July 8, 2019."

According to the Opportunity International (OI) consolidated audit of December 31, 2018 (Note 2(b), Revenue and Expense), OI received in-kind support for contributed equipment and contributed professional services in 2018 on which it placed a total value of $600,748.

[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 consolidated audit of December 31, 2018 (Note 15, Related-Party Transactions):

"Included in program services...are grant expenses of $10,252,831 and $12,463,660 in 2018 and 2017, respectively, which relate to disbursements made by Opportunity to its affiliated member organizations."

According to the Opportunity Transformation Investments (OTI) 2018 tax filing, OTI reports re: Loans to and/or from Interested Persons, the existence of three loans to the organization. Two of the loans, which each had an original principal amount of $125,000 and a balance due of $73,956, are from trusts related to a director. The third loan, which had an original principal amount of $1,000,000 and a balance due of $591,651, is from a director. The purpose of all three loans is reported as "Serbia;" each loan is reported to have a written agreement, to have been approved "by board or committee," and is not in default (IRS Form 990, Schedule L, Parts II & V).

According to the Opportunity International Nicaragua (OIN) 2018 tax filing, OIN reports re: the existence of a family or business relationship among officers, directors, trustees, or key employees (IRS Form 990, Schedule O re: Part VI, Section A, line 2):

"The following directors are husband and wife David Allman and Donna Allman, and Don Greiner and Shellie Greiner."

David and Donna Allman are reported as being President and Secretary, respectively; Don Greiner is reported as being Treasurer (IRS Form 990, Part VII, Section A). In addition, OIN reports having 12 voting members on its governing body at the end of 2018, 11 who are independent (IRS Form 990, Part VI, Section A, lines 1a & 1b).

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