Financial Statements

Financial Statements

For the year ended December 31, 2017 (with comparative totals for the year ended December 31, 2016)

PARTNERS FOR DEVELOPMENT December 31, 2017

Contents

Page

Independent Auditors' Report ....................................................................................................... 1-2

Statement of Financial Position (with comparative totals for 2016) ............................................. 3-4

Statement of Activities (with comparative totals for 2016) ..............................................................5

Statement of Functional Expenses (with comparative totals for 2016).............................................6

Statement of Cash Flows (with comparative totals for 2016) ...........................................................7

Notes to Financial Statements ..................................................................................................... 8-20

40 Wall Street, 32nd F loor New York, NY 10005 T 212 785 0100 F 212 785 9168

Independent Auditors' Report

To the Board of Directors Partners for Development Silver Spring, Maryland

Report on the financial statements We have audited the accompanying financial statements of Partners for Development which comprise the statement of financial position as of December 31, 2017, and the related statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to the financial statements.

Management's responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

1

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Partners for Development as of December 31, 2017, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Prior period financial statements We have previously audited Partners for Development 2016 financial statements, and we expressed an unmodified audit opinion on those audited financial statements in our report dated June 12, 2017. In our opinion, the summarized comparative information present herein as of and for the year ended December 31, 2016, is consistent in all material respects, with the audited financial statements from which it has been derived.

New York, New York April 24, 2018

2

PARTNERS FOR DEVELOPMENT Statement of Financial Position As of December 31, 2017 (with comparative totals for December 31, 2016)

Assets Current assets Cash - United States Cash in foreign countries

Total cash and cash equivalents

Investments (Notes 3 and 4) Grants receivable ? current (Note 5) Micro-credit loan funds receivable ? current, net of loan loss

provision ? (Note 6) Pledges receivable Advances and employee receivables Prepaid expenses Total current assets

2017

2016

$ 506,173 $ 734,050

343,450

242,298

849,623

976,348

3,486,902 2,185,903

29,841 6,665,193

724,492 3,426 26,674 44,757

7,321,777

732,551 6,756 19,101 29,016

8,458,806

Furniture and equipment Furniture and equipment Less: accumulated depreciation Net, furniture and equipment

123,970 (30,432 ) 93,538

22,554 (19,209 )

3,345

Other assets Grants receivable ? long term (Note 5) Micro-credit loan funds receivable, ? long term (Note 6) Security deposit Total other assets

454,435 601,927 10,222 1,066,584

731,884 240,271

9,382 981,537

Total assets

$ 8,481,899 $ 9,443,688

The accompanying notes are an integral part of these financial statements. 3

PARTNERS FOR DEVELOPMENT Statement of Financial Position As of December 31, 2017 (with comparative totals for December 31, 2016)

Liabilities and Net Assets Current liabilities Accounts payable and accrued expenses Accrued employee benefits

Total liabilities

Net assets Unrestricted Temporarily restricted

Total liabilities and net assets

2017

2016

$

81,510 $ 190,172

146,777

107,459

228,287

297,631

745,981 7,507,631

599,118 8,546,939

$ 8,481,899 $ 9,443,688

The accompanying notes are an integral part of these financial statements. 4

PARTNERS FOR DEVELOPMENT Statement of Activities For the year ended December 31, 2017 (with comparative totals for the year ended December 31, 2016)

Support and revenue Support Grants - Notes 7 and 10 Contributions Interest, investment income and loan

administration fees (Notes 3 and 6) Recognized discount on grant Other

Unrestricted

Temporarily restricted

Totals 2017

2016

$ 744,069 $ 19,244

126,338 -

44,901

686,740 $ 1,430,809 $

-

19,244

103,819 18,048

-

230,157 18,048 44,901

393,129 37,572

160,226 154,270 43,332

Total support and revenue Net assets released from restrictions

934,552 1,897,789

808,607 (1,897,789 )

1,743,159 -

788,529 -

Total support and revenue

2,832,341

(1,089,182 )

1,743,159

788,529

Expenses Program services Benin Programs Nigeria Programs Cambodia Programs Other Programs

1,017,403 829,133 483,524 10,851

2,340,911

1,017,403 829,133 483,524 10,851

2,340,911

1,052,841 502,500 384,420 189,197

2,128,958

Supporting services Management and general

353,906

353,906

319,894

Total expenses

2,694,817

2,694,817

2,448,852

Change in net assets before other item

137,524

(1,089,182 )

(951,658 ) (1,660,323 )

Other item Monetization adjustment Foreign currency exchange gain/(loss)

9,339

49,874

59,213

(1,532,068 ) (399,097 )

Change in net assets Net assets, beginning of year

146,863 599,118

(1,039,308 ) 8,546,939

(892,445 ) (3,591,488 ) 9,146,057 12,737,545

Net assets, end of year

$ 745,981 $ 7,507,631 $ 8,253,612 $ 9,146,057

The accompanying notes are an integral part of these financial statements. 5

PARTNERS FOR DEVELOPMENT Statement of Functional Expenses For the year ended December 31, 2017 (with comparative totals for the year ended December 31, 2016)

Salaries Payroll taxes and benefits

Total personnel services Consulting fees Travel and program monitoring Vehicle and transportation Training expenses Project equipment, supplies and micro- credit

loan programs Office and housing equipment and furniture Equipment maintenance and rental Accounting and legal Depreciation Office supplies Insurance Publications and printing Temporary help Rent Utilities Communications Other Bad debt expense (recovery) Total expense before capitalization Capitalization Total expense, net of capitalization

Benin programs

Program services

Cambodia

Nigeria

Other

programs programs programs

Total programs

Supporting services

Management and general

Total

program and

supporting services

2017

2016

$ 350,821 $ 114,293 465,114 101,669 68,494 50,787 47,020

206,261 $ 191,443 $

33,508

94,412

239,769

285,855

-

25,706

21,701

69,100

2,651

92,518

146,667 109,454

5,088 $ 1,806 6,894 3,750

107 -

753,613 $ 244,019 997,632 131,125 159,402 145,956 303,141

108,196 $ 861,809 $ 862,134

57,032 301,051 312,564

165,228 1,162,860 1,174,698

35,404 166,529 307,777

36,943 196,345 174,885

- 145,956

57,599

950 304,091

30,063

210,420 7,211 5,290

11,500 3,316 6,510

11,668 15,098 18,249 26,834

6,166 7,019 11,508 (6,954 ) 1,066,919 (49,516 ) $ 1,017,403 $

12,080 149,759

-

18,876

5,655

13,345

500

12,333

-

6,162

3,117

9,722

4,055

15,748

-

3,813

1,509

16,075

24,000

36,055

8,938

3,137

5,062

11,577

7,820

1,798

-

-

483,524

881,033

-

(51,900 )

483,524 $ 829,133 $

100 10,851 10,851

372,259 26,087 24,290 24,333 9,478 19,349 31,471 18,911 35,833 86,889 18,241 23,758 21,126 (6,954 )

2,442,327 (101,416 ) $ 2,340,911 $

- 372,259 370,521

4,429

30,516

37,284

2,777

27,067

12,292

29,752

54,085

-

1,745

11,223

1,745

3,832

23,181

21,448

8,194

39,666

26,758

6,411

25,322

14,219

-

35,833

33,096

38,133 125,022 121,905

-

18,241

14,971

18,355

42,112

41,309

1,753

22,879

8,282

-

(6,954 )

-

353,906 2,796,233 $ 2,448,852

- (101,416 )

-

353,906 $ 2,694,817 $ 2,448,852

The accompanying notes are an integral part of these financial statements. 6

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