on a number of factors.
Ratings & Metrics
Governance & Transparency
|1||Jason Fileta||Interim CEO/VP||$120,144|
Name: Jason Fileta
Title: Interim CEO/VP
According to the Tearfund USA audit of March 31, 2021 (Note 9, Related Party Transactions):
"Approximately $728,000 and $848,000, which is approximately 43% and 73% of total support revenue, was donated to the Organization by Tearfund UK during the years ended March 31, 2021 and 2020, respectively. Tearfund UK has provided seed money for the incorporation of the Organization. Additionally, during the years ending March 31, 2021 and 2020, the Organization granted approximately $736,000 and $362,000, respectively, to Tearfund UK in order to fund projects in foreign countries. As of March 31, 2021 and 2020, amounts granted but not paid to Tearfund UK totaled approximately $106,000 and $0, respectively."
[Note: For the calculation of Tearfund USA's Cost to Raise $100 in fiscal 2021, CharityWatch adjusted out the $727,876 donated by Tearfund UK referenced above. The $736,295 Tearfund USA granted to Tearfund UK "in order to fund projects in foreign countries" represents about 38% and 46% of Tearfund USA's total spending and program services spending, respectively, in fiscal 2021.]
According to the Tearfund USA audit of March 31, 2021 (Note 8, Donor Concentration): "Two donor's giving accounted for approximately 62% and 87% of all revenue for the years ended March 31, 2021 and 2020, respectively."
According to the Tearfund USA audit of March 31, 2021 (Note 5, Paycheck Protection Programs Loan):
"The Organization entered into two separate loan agreements through a financial institution to obtain funding for Paycheck Protection Program (PPP) loan[s], administered by the Small Business Administration (SBA), through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The first PPP loan was entered into on May 4, 2020 for an amount of $134,161. The second PPP loan was entered into on February 16, 2021 for an amount of $205,900. These loans qualify for forgiveness if requirements set by the SBA are met. The Organization received forgiveness from the SBA for the full amount of the first PPP loan during the year ending March 31, 2021 and has recognized the revenue on the [audited] statements of activities under grant income. The second PPP loan accrues interest at 1% per annum and matures two years from February 16, 2021, which was the date the loan was fully funded."
According to the Tearfund USA audit of March 31, 2021 (Note 10, Risks and Uncertainties):
"The Organization's operations may be affected by the recent and ongoing outbreak of the coronavirus disease 2019 (COVID-19) which was declared a pandemic by the World Health Organization in March 2020. The ultimate disruption which may be caused by the outbreak is uncertain; however, it may result in a material adverse impact on the Organization's financial position, operations, and cash flows. Other possible effects may include, but are not limited to, disruption in the Organization's workforce and a decline in value of assets held by the Organization including property and equipment. The total financial impact cannot be estimated at this time because the duration of the pandemic cannot be estimated. Management is carefully monitoring the situation and evaluating its options as circumstances evolve."