on a number of factors.
Population Services International
1120 19th Street NW
Washington , DC 20036
Ratings & Metrics
|Entity||Document Type||Tax ID|
|Population Services International||Audited Consolidated Financial Statements||multiple|
|Population Services International||IRS Form 990||56-0942853|
Entity: Population Services International
Document Type: Audited Consolidated Financial Statements
Tax ID: multiple
Entity: Population Services International
Document Type: IRS Form 990
Tax ID: 56-0942853
Governance & Transparency
|1||Karl W. Hofmann||President/CEO||$454,659|
|2||Michael Holscher||Chief Delivery Officer||$428,929|
|3||Kim Schwartz||Senior VP||$407,831|
Name: Karl W. Hofmann
Name: Michael Holscher
Title: Chief Delivery Officer
Name: Kim Schwartz
Title: Senior VP
CharityWatch's rating of Population Services International (PSI) includes "the accounts of PSI and its network members worldwide...where PSI has control through at least two of the following: majority voting interest in the Board of Directors, management of the leadership position or a majority source of funding," which are consolidated in the PSI audited financial statements for the year ended December 31, 2021, according to Note 2(b). The worldwide network member entities consolidated in the PSI audited financial statements operated in over 40 countries during 2021, according to Note 2(b). All significant intercompany balances and transactions have been eliminated in the audit consolidation.
According to the Population Services International (PSI) consolidated audit of December 31, 2021 (Note 2(s), In-Kind Contributions), PSI reports receiving "donated commodities, equipment, and services" in 2021 on which it placed a total value of $15,787,837.
[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 Population Services International (PSI) consolidated audit of December 31, 2021 (Note 9, Paycheck Protection Program Loan):
"In May 2020, PSI received funds under the Paycheck Protection Program (PPP) of the CARES [Coronavirus Aid, Relief, and Economic Security] Act amounting to $4,334,145. The receipt of the PPP Loan required PSI to, in good faith, certify that the then current economic uncertainty made the loan request necessary to support the ongoing operations of PSI. The balance was forgiven during the year ended December 31, 2021 and is reported as loan forgiveness within the [audited] consolidated statements of activities. In addition, due to the nature of PSI's Federal awards, PSI was required to credit the forgiven PPP loan amount to their indirect expense pools for the year ended December 31, 2021.
"The Small Business Administration (the SBA) has stated that all PPP loans in excess of $2 million, and other PPP loans as appropriate, will be subject to potential audit by the SBA for compliance with PPP requirements over a ten-year lookback period. If the SBA were to determine that PSI lacked an adequate basis for the required certification concerning the necessity of the loan request or the subsequent use of loan proceeds, the SBA will seek repayment of the PPP loan, including interest and potential penalties. While PSI believes the PPP loan was properly obtained, there can be no assurance regarding the outcome of a potential SBA audit."
According to the Population Services International (PSI) consolidated audit of December 31, 2021 (Note 16, Related Party Transactions):
"PSI Europe (PSI/E) was formed in 1996 as an independently governed organization that is not consolidated in the accompanying [audited] financial statements. PSI appointed one of three founding members to the Board of PSI/E. During 2021 and 2020, PSI paid PSI/E approximately $807,00 and $878,000, respectively, in sub-award expenses. As of December 31, 2021 and 2020, PSI/E owed PSI approximately $144,000 and $303,000, in relation to advances received from PSI that were not yet spent.
"PSI has entered into certain transactions with Greenstar Social Marketing Pakistan (Guarantee) Limited (Greenstar), an organization of which PSI representatives are Board members of Greenstar, and a member of Greenstar's Board is a board member on the PSI governing Board of Directors. During 2021 and 2020, PSI paid Greenstar approximately $689,000 and $1.7 million, respectively, in subaward expenses.
"PSI representatives are Board members of SFH Nigeria and a SFH Nigeria representative was a board member on the PSI governing Board of Directors until December 31, 2020. For the years ended December 31, 2021 and 2020, PSI paid SFH Nigeria approximately $3.4 million and $3.0 million, respectively and in 2021, SFH Nigeria paid PSI approximately $217,000. SFH Nigeria owed PSI approximately $1,119,842 and $343,000 for the years ended December 31, 2021 and 2020, respectively.
"PSI representatives are on the PS Kenya governing Board of Directors and support PS Kenya management. PSI paid PS Kenya approximately $3.4 million and $588,000 for the years ended December 31, 2021 and 2020, respectively. PSI owed PS Kenya approximately $735,000 and $659,000 for the years ended December 31, 2021 and 2020. In 2021 and 2020, payments to PS Kenya were offset by the loan amounts due in the respective years (see Note 2w). [Note 2w states: 'For the years ended December 31, 2021 and 2020, PS Kenya owed PSI $2,528,658 and $3,228,658, respectively.']
"Effective January 1, 2021, PACE Uganda became an independently governed organization. In accordance with authoritative guidance on consolidation, PACE Uganda's financial transactions are no longer consolidated for financial reporting purposes. PSI representatives are Board members of PACE Uganda. For the year ended December 31, 2021, PACE Uganda paid PSI approximately $36,000.
"Effective October 1, 2021, PSH Zimbabwe became an independently governed organization. In accordance with authoritative guidance on consolidation, PSH Zimbabwe's financial transactions are no longer consolidated for financial reporting purposes. PSI representatives are Board members of PSH Zimbabwe. For the year ended December 31, 2021, PSI paid PSH Zimbabwe approximately $8.3 million and PSH Zimbabwe owed PSI approximately $7.1 million."
According to the Population Services International (PSI) consolidated audit of December 31, 2021 (Note 2(e), Investments):
"Investments in equity and fixed income mutual funds and fixed income securities are measured and reported at fair value. The fair value of fixed income securities and institutional mutual funds with readily determinable fair value is based on quotations obtained from national security exchanges.
"Investments are exposed to risks, such as interest rate, market, and credit. Due to the level of risks associated with certain investments, it is at least reasonably possible that changes in the values of investments will occur in the near term and such changes could materially affect the fair value of investments reported in the [audited] consolidated statements of financial position."
According to the Population Services International (PSI) consolidated audit of December 31, 2021 (Note 18, Risks and Uncertainties):
"On January 30, 2020, the World Health Organization (WHO) announced a new strain of coronavirus. As a result of the risks to the international community as the virus has spread globally...on March 11, 2020 the WHO declared the novel coronavirus a global pandemic.
"Despite the impact of COVID-19 on the global supply chain and economies, PSI has been able to continue implementation of program activities in both 2021 and in 2020. While the ongoing impact of COVID-19 is still uncertain, PSI does not expect a material impact on its operations and financial results."
According to the Population Services International (PSI) 2021 tax filing, PSI reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III):
"Incentive Compensation Policy:
The Organization maintains an incentive compensation policy as a means of rewarding employees in their achieving individual and organizational goals."
PSI reports "Bonus & incentive compensation" payments to nine individuals in 2021, including $34,025 and $28,000 paid to Kim Schwartz, Senior Vice President, and Michael Holscher, Chief Delivery Officer, respectively. Their reported total compensation in 2021 is $407,831 and $428,929, respectively. The other seven reported "Bonus & incentive compensation" payments range from $20,384 to $3,500, with associated reported total compensation ranging from $306,750 to $166,635 (IRS Form 990, Schedule J, Part II).