American Friends Service Committee's rating was adjusted for Joint Costs. If you are a donor who considers direct mail, telemarketing, and other Joint Cost solicitations to be true charitable programs, the below efficiency ratios, which were not adjusted for joint costs, may better reflect your goals.
| Program % | Cost to Raise $100 |
|---|---|
| 80% | $11 |
CharityWatch is able to evaluate the financial efficiency of American Friends Service Committee (AFSC) and issue it a letter grade rating by conducting an analysis of its audited financial statements. According to the AFSC audit of September 30, 2024 (Notes 1 & 2), AFSC has a central office, four U.S. regional offices, 32 area offices, two branch offices, and 16 international project offices. The audited financial statements include the financial activities of AFSC's national, regional, area, and international project offices. All material interoffice accounts are eliminated in the audit. AFSC is not required to complete a Form 990 tax filing for submission to the IRS due to its status as an "association of churches." As a Quaker organization, the American Friends Service Committee (AFSC) is governed by a group of more than 100 members of the Religious Society of Friends. This group is called the [AFSC] Corporation... ...The Corporation plays an important role for AFSC, approving members of our Board of Directors, approving changes to bylaws, and conducting other important business..." |
According to the American Friends Service Committee (AFSC) audit of September 30, 2024 (Note 2 re: Investment in Friends Center Corporation): "The Friends Center Corporation ('FCC') is a 501(c)(3) nonprofit organization comprised of three member organizations, including AFSC, the Philadelphia Yearly Meeting of the Religious Society of Friends ('PYM'), and Central Philadelphia Monthly Meeting ('CPMM'), and governed by an agreement among these organizations (the 'FCC Agreement'). The FCC constructed and operates the Friends Center complex in Philadelphia for the use by AFSC, other Quaker organizations, and organizations with similar beliefs. Certain provisions of the FCC Agreement permit each member organization to withdraw from FCC with proper notification. In the event of a withdrawal or dissolution, AFSC is entitled to receive an amount equal to 37% of the Friends Center’s net assets, as defined in the FCC Agreement. The percentages for PYM and CPMM are 33% and 30%, respectively. AFSC accounts for its investment in FCC using the equity method of accounting. See Note 8 for further details on AFSC’s transactions with FCC." According to the American Friends Service Committee (AFSC) audit of September 30, 2024 (Note 8, Related Party Transactions): "In connection with the renovations of the Friends Center, Economic Development Revenue Bonds ('Bonds') were issued through the Narberth Industrial Development Authority to Friends Center Corporation. The Friends Center is responsible for the payment of debt service on the Bonds, which is passed onto the partners of the Friends Center in the annual rent. At June 30, 2024 and 2023, the Friends Center’s fiscal year-end, the Bonds, which mature in 2038, had outstanding balances of approximately $4.8 million and $5.0 million, respectively, and is guaranteed, jointly and severally by AFSC and the other partners of the Friends Center. In addition, in September 2022, AFSC loaned the Friends Center $500,000 to renovate a portion of the premises to accommodate a day care center. The loan bears interest at 4% and is payable beginning September 2023 through September 2032. Interest payments were made during the years ending September 30, 2024 and 2023 and principal payments will commence in 2025. AFSC owns shares of Friends Fiduciary Quaker Index Fund, a related party, which totaled approximately $31.9 million and $26.8 million at September 30, 2024 and 2023, respectively." According to the American Friends Service Committee (AFSC) audit of September 30, 2024 (Note 4, Investment in Friends Center): "Summarized audited financial information for the Friends Center Corporation ('FCC') for the years ended June 30, 2024 and 2023 [includes]:" Net Assets of $6,857,415* and $7,206,687*, respectively. "* AFSC's 37.0% equity interest of $2,537,243 and $2,666,474 as of June 30, 2024 and 2023, respectively, is recorded as 'Investment in Friends Center'...Its share of the FCC's net changes in net assets was $(129,231) and $(91,444) for the years ended June 30, 2024 and 2023, respectively, which is disclosed within 'Investment (losses)/gains not appropriated'..." |
