Our 2015 Financial Information
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VISEDAL strives to be responsible stewards of our financial support and to make the greatest possible impact on our scholars’ lives with every donation we receive. We also value transparency and seek to provide a clear and accurate accounting of our finances for the benefit of our supporters and prospective donors.
This page provides detailed breakdowns of our 2015 expenses, both overall and in Nicaragua, showing our commitment to maximizing the percentage of our expenditures that go directly to program-related expenses in Nicaragua. We also provide a breakdown of our sources of financial support. |
GuideStar USA, Inc., the premier source of nonprofit information, has recognized VISEDAL at the GuideStar Exchange Gold participation level for our transparency and accountability.
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In 2015, our total expenses were $53,213. Our direct program expenses in Nicaragua accounted for 87% of our total expenditures. We are thrilled to devote such a high percentage of our expenses to directly helping our scholars.
Bank transfer fees, PayPal fees, legal expenses, and insurance and taxes accounted for 11% of our overall expenses. This is an increase from previous years because (1) we are now an official NGO in Nicaragua, which involves compliance expenses, and (2) we added insurance for our organization and board of directors in the United States. We believe these actions are important investments that allow us to more effectively operate in Nicaragua and the United States.
Bank transfer fees, PayPal fees, legal expenses, and insurance and taxes accounted for 11% of our overall expenses. This is an increase from previous years because (1) we are now an official NGO in Nicaragua, which involves compliance expenses, and (2) we added insurance for our organization and board of directors in the United States. We believe these actions are important investments that allow us to more effectively operate in Nicaragua and the United States.
Direct program expenses in Nicaragua totaled $46,310 in 2015. Staff compensation (28%) accounted for the largest portion of these expenses, in light of our recent addition of a full-time psychologist who provides optional counseling services to our scholars. We also moved into a bigger, better Casa VISEDAL during the year, which led to our office expenses (19%) accounting for the next largest portion.
School supplies (15%), food stipends (14%), and tuition payments (11%) represent the next tier of direct expenses. Our smallest group of direct expenses includes mentoring, extracurricular activities, transportation, and gifts (4%); our new College Scholar Program (3%); our new Breakfast Program (3%), and medical care (3%).
School supplies (15%), food stipends (14%), and tuition payments (11%) represent the next tier of direct expenses. Our smallest group of direct expenses includes mentoring, extracurricular activities, transportation, and gifts (4%); our new College Scholar Program (3%); our new Breakfast Program (3%), and medical care (3%).
We received $55,727 in donations and fundraising income in 2015, which is our highest total ever. Fundraising (40%) provided the largest portion of our income, due largely to our increased corporate delectable treat sales. Scholar sponsorships (35%) continued to provide a critical source of funding. General donations (19%) and Staff Fund (6%) totaled a quarter of our income.
Thanks to the generosity of our donors, we received more money than we spent in 2015. This allowed us to save $2,514 for future initiatives. In the past, we have used surpluses to add more scholars to the program, expand the breadth of services offered to our scholars such as counseling and Casa VISEDAL, and establish a reserve fund. This reserve will be critical as we further enhance and expand our program in coming years.
Thanks to the generosity of our donors, we received more money than we spent in 2015. This allowed us to save $2,514 for future initiatives. In the past, we have used surpluses to add more scholars to the program, expand the breadth of services offered to our scholars such as counseling and Casa VISEDAL, and establish a reserve fund. This reserve will be critical as we further enhance and expand our program in coming years.
Other Financial Information
Federal Tax Identification Number (Employer ID Number): 35-2343793
VISEDAL Partnership is a registered 501(c)(3) organization. Your contribution is tax deductible to the extent allowed by law.
VISEDAL Partnership is a registered 501(c)(3) organization. Your contribution is tax deductible to the extent allowed by law.