Pathfinder International

CharityWatch's rating of Pathfinder International also includes the financial activities of Pathfinder International India and the other entities consolidated in Pathfinder's audited financial statements for the fiscal year ended June 30, 2021. All significant Intercompany balances and transactions have been eliminated in the audit consolidation.

According to the Pathfinder International consolidated audit of June 30, 2021 (Note 8, Grants and Contracts Advances, Net):

"On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law and is meant to address the economic fallout from the COVID-19 pandemic. In connection with the CARES Act, the Organization received a Small Business Administration (SBA) Paycheck Protection Plan (PPP) loan for $2,746,252 on April 15, 2020. The loan is unsecured, bears interest at 1.00%, and matures on April 15, 2022. Under the provisions of the CARES Act and related loans, this loan will be forgiven if certain conditions are met related to the use of the proceeds and maintenance of certain employment requirements of Organization employees...

"Pathfinder elected to account for the PPP loan as a conditional contribution... In June 2021, Pathfinder received notification of loan forgiveness from the SBA in the amount of $2,746,252 plus any accrued interest. Management believes the revenue recognition criteria...have been met as of June 30, 2021. As such, this PPP loan has been recognized as grants and contracts revenue in the [audited] consolidated statement of activities as of June 30, 2021."

According to the Pathfinder International consolidated audit of June 30, 2021 (Note 2 re: Risks and Uncertainties):

"On January 30, 2020, the World Health Organization declared the coronavirus outbreak a 'Public Health Emergency of National Concern' and, on March 11, 2020, declared it to be a pandemic. The U.S. economy has been growing as COVID-19 pandemic conditions have significantly improved in the United States from their low points. Commercial activities in the United States have been increasingly returning to pre-pandemic practices and operations as a result of recent and expected future government spending on pandemic relief, infrastructure and other matters.

"However, there remains uncertainty as to the ultimate duration and severity of the pandemic on commercial activities, supply chain constraints and labor availability, including risks that may arise from variants...mutations or related strains of the virus and the ability of countries to successfully administer vaccinations to a sufficient number of persons. As a result of these uncertainties, Pathfinder is unable to determine what the ultimate impact will be on its donors, customers, vendors and other stakeholders [sic] businesses, operations, financial result[s] and financial position."

According to the Pathfinder International tax filing for the fiscal year ended June 30, 2021, the Pathfinder reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III):

Regarding severance payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, line 4a):

"Ms. Suzanne Rexing, Chief Global Engagement Officer, left the position in January 2020. She received $81,600 in severance payment under the separation agreement during the calendar year 2020..."

[The reported total compensation in calendar year 2020 for Suzanne Rexing is $144,295 (Schedule J, Part II).]