Human Rights Watch, Inc. and Subsidiaries

Human Rights Watch, Inc.

and Subsidiaries

Consolidated Financial Report

June 30, 2021

Contents

Independent auditor¡¯s report

1-2

Financial statements

Consolidated statement of financial position

3

Consolidated statement of activities

4

Consolidated statement of functional expenses

5

Consolidated statement of cash flows

6

Notes to consolidated financial statements

7-20

Independent Auditor¡¯s Report

Board of Directors

Human Rights Watch, Inc. and Subsidiaries

Report on the Financial Statements

We have audited the accompanying consolidated financial statements of Human Rights Watch, Inc. and

Subsidiaries (HRW), which comprise the consolidated statement of financial position as of June 30, 2021,

the related consolidated statements of activities, functional expenses and cash flows for the year then

ended, and the related notes to the consolidated financial statements (collectively, 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.

Auditor¡¯s 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 significant accounting

estimates made by management, as well as evaluating the overall presentation of the financial

statements.

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 HRW as of June 30, 2021, 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.

1

Report on Summarized Comparative Information

We have previously audited HRW¡¯s 2020 financial statements, and we expressed an unmodified audit

opinion on those audited financial statements in our report dated December 7, 2020. In our opinion, the

summarized comparative information presented herein as of and for the year ended June 30, 2020, is

consistent, in all material respects, with the audited financial statements from which it has been derived.

New York, New York

December 8, 2021

2

Human Rights Watch, Inc. and Subsidiaries

Consolidated Statement of Financial Position

June 30, 2021

(With Comparative Financial Information as of June 30, 2020)

2021

2020

Assets

Cash and cash equivalents

Contributions receivable, net

Prepaid expenses and other assets

Investments

Property and equipment, net

$

Total assets

38,327,353

18,020,488

3,601,894

189,446,174

7,209,018

$

44,668,603

15,929,749

2,927,668

144,849,654

8,379,469

$ 256,604,927

$ 216,755,143

$

$

Liabilities and Net Assets

Liabilities:

Accounts payable, accrued expenses and other liabilities

Deferred rent

Total liabilities

6,997,105

3,391,087

10,388,192

7,588,774

3,643,488

11,232,262

Commitments and contingencies

Net assets:

Without donor restrictions

With donor restrictions

Total net assets

Total liabilities and net assets

See notes to consolidated financial statements.

3

28,233,741

217,982,994

246,216,735

22,949,717

182,573,164

205,522,881

$ 256,604,927

$ 216,755,143

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