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NONPROFIT  INVESTOR 
    I N D E P E N D E N T   R E S E A R C H   F O R   P H I L A N T H R O P Y 
                                                                                         

    Vital Voices Global                                     SUMMARY 
                                                            Vital Voices Global Partnership (“VVGP”) was bred from Vital Voices 
    Partnership                                             Democracy  Initiative,  a  U.S.  government  program  led  by  then‐First 
                                                            Lady  Hillary  Rodham  Clinton  and  former  Secretary  of  State 
    Nonprofit Investor Rating:                              Madeleine  Albright.  VVGP  was  created  in  2000  to  focus  on  human 
    BUY                                                     rights,  economic  empowerment  and  political  participation  by 
                                                            creating  a  platform  to  provide  valuable  skills  and  connections  for 
                                                            women  globally  to  make  a  transformative  impact  in  their 
    Mission Statement                                       communities.  
    Identify,  invest  in  and  bring  visibility  to 
                                                            STRENGTHS  
    extraordinary  women  around  the  world  by 
    unleashing  their  leadership  potential  to            ▲High success rate in empowering leaders through an experienced 
    transform  lives  and  accelerate  peace  and           staff. VVGP reports that it has +1,000 partners and experts who have 
    prosperity in their communities                         empowered  +12,000  women  leaders  who  in  turn  have  mentored 
                                                            +500,000 women in their communities.  
     
                                                            ▲Extensive global reach. VVGP empowers women from Africa, Asia, 
    Financial Overview                                      Eurasia,  Europe,  Latin  America  and  the  Caribbean,  and  the  Middle 
    $ in MM, Fiscal Year Ended December 31                  East and North Africa. 
                               2008        2009     2010 
                                                            ▲Strong  partnerships.  Many  of  VVGP’s  key  initiatives  are  through 
    Revenue and Support        $5.7       $12.1     $9.7 
    Operating Expenses         $6.9        $7.8     $9.2 
                                                            collaborations with the U.S. Department of State, Avon Foundation, 
                                                            Goldman Sachs, and other well‐established organizations.  
    % of Total:                                          
                                                            CAUTIONS 
       Program Expenses       93.2%       92.9%    80.8% 
       G&A                     3.1%        5.1%    13.2% 
                                                            ▼ High  travel  and  other  fee  for  services  expenses.  Over  the  last 
       Fundraising             3.7%        2.0%     6.0%    three years,  travel and other expenses are about 45% of  both total 
    Source: IRS Form 990 (Tax Accounting Basis)             revenue  and  expenses.  This  seems  likely  given  the  mission  of  the 
     Year Founded: 2000                                     non‐profit but more clarity around the line items would be helpful.   
                                                            ● Majority of the revenue is generated through donations. VVGP is 
     Contact Details                                        extremely reliant upon 3rd‐party contributors as its programs do not 
     Vital Voices Global Partnership                        generate revenue. This poses a self‐sustainability risk as revenue has 
     1625 Massachusetts Ave., NW, Suite 3 00                been eroding.  
     Washington, DC 20036  
     (202) 861‐2625                                         ●  Revenue  highly  concentrated  in  top  5  donors.  71%  of  VVGP’s 
                                                            revenue  comes  from  five  donors.  If  one  of  these  top  contributors 
     www.vitalvoices.org                                    decides to stop donating, VVGP will need to implement an aggressive 
     EIN: 52‐2151557                                        cost saving strategy. 
      
     Analyst: Janet Yen                                      RECOMMENDATION: BUY 
     Peer Review: Jason Schifman, Kent Chao                  VVGP  has  been  able  to  successfully  identify,  train  and  empower 
                                                              
                                                             women  leaders  and  social  entrepreneurs  globally.  Yet,  securing  a 
                                                             diversified donor base and stable/growing revenue stream along with 
     Publication Date 
                                                             allocating expenses for efficiency is an opportunity for improvement.   
     September 10, 2012 
      
                                                                               Nonprofit Investor Research | nonprofitinvestor.org
      
 
OVERVIEW OF VITAL VOICES’ ACTIVITIES 
In 1997, then‐First Lady Hillary Rodham Clinton and former Secretary of State Madeleine Albright started the Vital Voices 
Democracy Initiative, which partnered with government organizations to unite and hold summits for emerging women 
leaders from around the world. Due to the success of the initiative, many countries began to hold regional conferences. 
In 2000, VVGP was established to continue identifying and empowering emerging political and entrepreneurial leaders. 

Today,  VVGP’s  mission  is  to  identify,  invest  in  and  bring  visibility  to  extraordinary  women  around  the  world  by 
unleashing  their  leadership  potential  to  transform  lives  and  accelerate  peace  and  prosperity  in  their  communities.  It 
focuses on human rights, economics empowerment and political and public leadership. VVGP prepares women with the 
appropriate training, skills and network to advance their participation in political discussions and entrepreneurial efforts.  

VVGP has a very extensive and strong network whether through partners, Board of Directors, Global Advisory Council or 
staff.  Its  partners  include  Avon,  Nike,  Abbott,  Exxon  Mobil,  Walmart,  Goldman  Sachs,  Bank  of  America,  and  U.S. 
Department  of State. The non‐profit’s  Global Advisory Council  comprises of leaders from  over 30 countries. Lastly,  its 
staff  includes  senior  executives  from  government  organizations  and  corporations  who  have  exception  experience  in 
training and mentoring women.  VVGP states on its website that its team of +1,000 partners and experts have trained 
and  mentored  +12,000  leaders  who  have  in  turn  trained  and  mentored  +500,000  other  women  in  their  respective 
communities.  

As  of  September  2010,  VVGP  launched  a  Global  Leadership  Network,  which  is  a  directory  of  Global  Advisory  Council 
members, Global Leadership Awards honorees and program alumnae. This is a great resource to further allow emerging 
women  leaders  to  connect  with  others  and  to  provide  a  platform  for  women  around  the  world  to  share  ideas  and 
potential solutions to issues in their countries. 

PROGRAM OVERVIEW 


Human Rights 
 Initiative to Combat Human Trafficking: led by nine organizations in the Alliance to End Slavery and Trafficking to 
  alleviate trafficking in the United States 
 Cameroon Initiative to Combat Human Trafficking: aid collaboration between the U.S. Department of State, AEquitas, 
  VVGP Cameroon participants and Cameroon criminal justice officials 
 Global Partnership to End Violence Against Women: partnership with U.S. Department of State and Avon Foundation 
  to join leaders in fifteen countries that face violence against women to devise a plan of action 
 
Economic Empowerment 
 Business women’s networks: connects local business associations and women in VVGP’s local chapters to foster 
  leadership for economic and social change 
 Entrepreneurs in handcrafts: program used as a tool for women business leaders who own/manage small‐to‐medium 
  size enterprises to make a positive impact in their community 
 Mentoring: leverage successful leaders in the U.S. in various industries to provide mentorship to aspiring women 
  leaders worldwide. Year‐long program is in partnership with FORTUNE/U.S. State Department   
 
Political Participation 
 Emerging Pacific Women’s Leadership Program: partnership with New Zealand Ministry of Foreign Affairs and trade, 
  AusAID, and the Asian Development Bank to institute initiatives in eleven Pacific Island countries in the areas of labor, 
  entrepreneurship and mentorship 

 

                                                   Vital Voices Global Partnership | Nonprofit Investor Research  2 
 
2010 PROGRAM ACCOMPLISHMENTS 
VVGP  provides  a  considerable  amount  of  details  on  its  initiatives  and  annual  achievements  in  its  public  disclosures 
including  its  website  and  financial  statements.  The  organization  does  not  provide  specific  metrics  that  quantify  the 
effectiveness  and  impact  of  its  programs.  Yet,  based  on  the  qualitative  descriptions  of  the  initiatives  and  the  annual 
achievements, VVGP has exhibited strength in continuing to align its programs and conferences with its three main areas 
of focus. Below are the key 2010 achievements as mentioned in Form 990.  

Human Rights ‐ 13%, or $1.0 million, of program services expenses 
 Launched first program for ten outstanding international leaders in the Global Partnership to End Violence Against 
  Women (GPEVAW) 
 Partnered with Arizona State University and the Sandra Day Foundation, O’Connor College of Law 
 Awarded eleven additional grants to initiate projects in different GPEVAW country delegations 
 Geographic reach:  
       o Working sessions in Argentina and South Africa 
       o Piloted program in Cambodia 
       o Content expansion for Latin America and Caribbean Businesswomen’s Network 
       o Launch Cameroon project 

Economic Empowerment ‐ 40%. or $3.0 million. of program services expenses 
Women’s Global Leadership Network 
Businesswomen’s Network (BWN):  
 Deliver programs and offer partnering opportunities for businesswomen to be more active in promoting 
  entrepreneurship in their countries 
 Geographic regions:  
       o Success stories: Africa, Middle East and North Africa (MENA) 
       o In progress: Latin America and the Caribbean 
       o Next expansion: Asia 
 Reach: 4,500 members in 16 countries in Africa and MENA since 2007 
 Provided programs to +26,500 women 

Political Participation ‐ 32%, or $2.4 million, of program services expenses 
Leadership Training 
Peace and prosperity initiative: 
 Empower and encourage dialogue and social cohesion between Israeli Arab and Jewish participants 
 Week‐long seminar in Haifa, Israel and year‐long monthly meetings led by international conflict experts 
Fortune/State Mentoring Program: 
 Month‐long mentorship in the US for thirty three emerging global leaders 
 Partner with the Fortune Most Powerful Women’s Summit 
         
                                     




                                                    Vital Voices Global Partnership | Nonprofit Investor Research  3 
 
TRANSPARENCY 
VVGP posts 2010 Form 990 and audited financials on its website. It also discloses comprehensive information about its 
initiatives and accomplishments on its website, and in its Form 990 and audited financials. However, there are a couple 
of  line  items  in  Form  990  that  VVGP  could  provide  more  details  around  including  travel  and  other  fee  for  services 
expenses which account for a meaningful percent of total expenses. Also, there are additional questions that I had asked 
the Communications and Media Relations department in which they responded that they were not able to address them 
at this time given their schedule. The inquiries included both general strategy and financial questions.  
 


FINANCIAL OVERVIEW 
Revenue 
VVGP’s revenues grew by 112% from 2008 to 2009 but decreased by 20% to $9.6MM in 2010. Contribution, gifts and 
grants, which accounted for 65% of the revenue in 2009, remained relatively stable in 2010 and accounted for 80% of 
the  revenue  in  2010.  Government  grants,  which  represented  29%  of  2009  revenue,  decreased  by  61%  in  2010  to 
$1.4MM from $3.5MM and there is no mention of the reason. This is a key risk factor for VVGP if what was a third of its 
revenue continues to erode. Fundraising revenue remains to be a small portion of total revenue: ranging from 13% in 
2009 to 9% in 2010.  

In terms of revenue mix, approximately 80% of VVGP’s revenue comes from contributions, gifts and grants. Of that 80%, 
90% comes from its top 5 donors. In other words, 72% of its revenue comes from VVGP’s top 5 donors. If the top two 
contributors  of  $4.0MM  and  $1.3MM  halt  donations  in  the  following  years,  VVGP  will  lose  54%  of  its  revenue  which 
funds 57% of its total expenses.  

While  noting  two  main  areas  of  concerns,  NPI  puts  a  buy  rating  for  VVGP  not  only  because  of  its  success  in 
accomplishing  its  objectives  but  also  because  the  allocation  of  expenses  seems  to  imply  VVGP  may  be  actively 
addressing  its  revenue  issues.  A  large  investment  in  human  capital  was  made  due  to  the  dramatic  increase  in  2010 
compensation,  other  wages  and  salaries,  employee  benefits  and  payroll  taxes  line  items  in  management  and  general 
expenses.  NPI  is  assuming  that  the  increased  investment  in  human  capital  is  allocated  towards  funding  efforts  and 
increasing brand awareness that hopefully drives growth in all revenue streams and diversifies the donor mix.  
 




                       Revenue Contribution Mix Over Time(1)                                               2010 Donor Contribution  
$ in MM                                                                                   $ in MM 


    $14
                                                   $12.4 
    $12                                             8%                                     Other, $3.0, 
                                                                                              30%
                                                                        $9.8                                                            Donor, 
    $10
                                                   28%                  8%                                                             $4.0, 41%

    $8                                                                  14%

                       $5.9 
    $6
                       12%
    $4                 49%                         64%                  78%
                                                                                             Donor, 
                                                                                            $0.4, 3%
    $2
                       39%                                                                      Donor, 
                                                                                               $0.5, 5%
    $0
                       2008                        2009                 2010                            Donor, 
                                                                                                                          Donor, 
                                                                                                       $0.8, 8%
                                                                                                                         $1.3, 13%
                  All other contributions(2)     Government Grants   Fundraising events
          (1) Revenue does not include net income from fundraising events, investment income and other revenue. 
          (2) Includes gifts, grants, and similar amounts 
          Source: IRS Form 990 (Tax Accounting Basis) 

                                                               Vital Voices Global Partnership | Nonprofit Investor Research  4 
 
Expenses 
 
Operating  expenses  grew  by  14%  from  2008  to  2009  and  18%  from  2009  to  2010.  Expenses  as  a  percent  of  revenue 
were 121% in 2008, 65% in 2009 and 95% in 2010. Cash balance at year end 2010 was $2.0MM. In order to continue 
supporting the growing costs, VVGP will need to  put additional efforts into  driving revenue growth from all channels: 
fundraising, government grants and all other contributions.  

A majority of VVGP’s expenses went towards program services but it is down from the proportions during previous years. 
Approximately 93% of 2008 and 2009 expenses were for program services as opposed to 81% in 2010. G&A as a percent 
of  total  expenses  were  3%  and  5%  in  2008  and  2009,  respectively  and  rose  to  13%  in  2010.  Based  on  Form  990,  the 
additional  costs  are  attributed  to  human  capital  (compensation,  employee  benefits,  payroll  taxes,  etc).  Fundraising 
expenses also more than doubled from 2008 to 2010 from $250K to $550K. Yet, the additional dollars barely made an 
impact in fundraising revenue which only grew by 14% or $100K. The increase in incurred costs for fundraising further 
drives home the point that VGGP is reallocating expenses to potentially boost revenue. Although the investment did not 
bear fruit in 2010, hopefully a revenue jump will come in 2011.   

There  are  a  couple  items  to  note  in  VVGP’s  cost  structure.  Travel  expenses  and  other  fees  for  services  seem 
exceptionally high; they represent about 46% of total 2010 expenses. High travel expenditures seem possible since most 
of the conferences require members to travel from around the world; however, there are no clear explanations in the 
public  disclosures.  Secondly,  Form  990  does  not  mention  what  items  are  included  in  other  fees  for  services  which 
accounts for 24% of total 2010 expenses. Lastly, Form 990 lists grants made to entities outside the U.S. by region and 
dollars.  VVGP  also  provides  sufficient  details  around  the  QA  process  for  reliability  of  those  entities  and  also  the 
objectives of the grants. The purposes of the grants are in‐line with the key focus areas of the organization. On the other 
hand, it is unclear as to where those expenses roll into in the income statement given that grants to entities outside the 
U.S. total to $2.9m and the income statement shows $1.2m.  

 
                    Expenditure Composition Over Time                                                2010 Expenditure Mix  
$ in MM                                                                         $ in MM 
                                                                                       Grants to 
$10                                                              $9.2                    other 
                                                                                        entities,                              Fees for 
                                               $7.8               6%                   $1.2, 13%                               services, 
                   $6.9                        2%                 13%                                                         $2.4, 26%
    $8
                    4%                         5%                                  Non‐
                                                                                headcount, 
                    3%                                                           $1.4, 16%
    $6


    $4
                                               93%                81%
                   93%

    $2


                                                                                         Travel                               Headcount, 
    $0
                                                                                       expenses,                               $2.2, 24%
                  2008                         2009              2010                  $2.0, 21%
            Program services         Management and G&A      Fundraising

Source: IRS Form 990 (Tax Accounting Basis) 

 



                                                          Vital Voices Global Partnership | Nonprofit Investor Research  5 
 
Detailed Financial Information
Fiscal Year Ended December 31                                                        2008         2009         2010
Revenue and Expenses (Tax Accounting Basis)
   Contributions, Gifts, Grants and Other Similar Amounts:
     Fundraising events                                                              $729,010   $1,003,612     $830,131
     Government Grants                                                              2,874,007    3,496,778    1,367,971
     All other contributions, gifts, grants, and similar amounts                    2,266,132    7,863,699    7,635,135
   Other Revenue:
     Net income from fundraising events                                              (212,751)   (300,491)     (172,867)
     Investment income                                                                 21,559       3,281         1,409
     Other revenue                                                                        243       9,173         3,575
   Total Support and Revenues                                                      $5,678,200 $12,076,052    $9,665,354
     % Growth                                                                                      112.7%       (20.0%)

Expenses
     Grants and other assistance to governments and ogranizations (US)               $84,728      $122,488       $7,028
     Grants and other assistance to governments and ogranizations (outside US)       734,871       785,156    1,199,104
   Supporting Services:
     Compensation of current officers, directors, trustees, and key employees        228,983       244,000      283,081
     Other salaries and wages                                                        557,771       975,469    1,669,175
     Pension plan contributions                                                             ‐        2,715        8,302
     Other employee benefits                                                         122,410       175,155      128,097
     Payroll taxes                                                                    61,545        97,936      136,680
     Fees for Services:
       Legal                                                                          48,207        33,299        8,536
       Accounting                                                                     96,509       100,613      111,810
       Other                                                                       1,594,137     2,490,909    2,258,341
     Office expenses                                                                 300,161       234,073      243,445
     Information technology                                                          183,321        19,608       17,286
     Occupancy                                                                       243,799       263,418      310,668
     Travel                                                                        1,034,250     1,752,449    1,975,743
     Conferences, conventions, and meetings                                        1,410,035       431,291      713,411
     Depreciation, depletion and amortization                                         11,279        11,508       19,030
     Insurance                                                                        12,670         8,340       20,227
     Other Expenses:
       Miscellaneous                                                                  58,763        53,779       92,806
       Receptions and events                                                          74,286        14,237       22,531
   Total Expenses:                                                                $6,857,725    $7,816,443   $9,225,301
     % of Revenue                                                              5      120.8%         64.7%        95.4%
   Increase in Net Assets from Operations                                        ($1,179,525)   $4,259,609     $440,053
     Net assets or fund balances at beginning of the year                          4,216,300     3,036,775    7,296,384
   Net assets or fund balances at end of the year                                 $3,036,775    $7,296,384   $7,736,437

Expenses by Function (Tax Accounting Basis)
     Program services expenses                                                     $6,394,001   $7,263,804   $7,452,576
     Management, G&A                                                                  212,280      394,753    1,219,885
     Fundraising expenses                                                             251,444      157,886      552,840
   Total Expenses                                                                  $6,857,725   $7,816,443   $9,225,301
       Program Costs as a % of Total Expenses                                           93.2%        92.9%        80.8%
       G&A as a % of Total Expenses                                                      3.1%         5.1%        13.2%
       Fundraising as a % of Total Expenses                                              3.7%         2.0%         6.0%
Source: IRS Form 990 (Tax Accounting Basis)

                                                   Vital Voices Global Partnership | Nonprofit Investor Research  6 
 
Fiscal Year Ended December 31                                                                  2008            2009           2010
Balance Sheet
    Assets
     Cash and cash equivalents                                                             $1,135,873 $1,455,395           $1,932,457
     Savings and temporary cash investments                                                          ‐   201,641              203,035
     Pledges and grants receivable, net                                                     2,396,723  6,098,064            6,446,620
     Accounts receivable, net                                                                  12,122     47,783               85,749
     Inventories for sale or use                                                               28,077     10,307               28,916
     Prepaid expenses and deferred charges                                                     67,887    164,902               35,945
     Other assets                                                                              21,416     23,266                     ‐
           Total current assets                                                             3,662,098  8,001,358            8,732,722

     Property and Equipment
      Land, buildings, and equipment: cost or other                                            183,769         212,913         226,931
      Less: Accumulated depreciation                                                          (149,069)       (160,577)       (179,606)
            Net property and equipment                                                          34,700          52,336          47,325

     Total Assets                                                                          $3,696,798      $8,053,694      $8,780,047

     Liabilities
       Accounts payable and accured expenses                                                  $633,015        $681,530        $792,484
       Deferred revenue                                                                         27,008          63,883         196,192
       Escrow or custodial account liability                                                          ‐         11,897          13,884
       Other liabilities                                                                              ‐               ‐         41,050

     Net Assets
      Unrestricted                                                                             929,960       1,088,195       1,279,059
      Temporarily restricted                                                                 2,106,815       6,208,189       6,457,378

     Total Liabilities and Net Assets                                                      $3,696,798      $8,053,694      $8,780,047
Source: IRS Form 990 (Tax Accounting Basis)                                                                                                

OTHER THIRD PARTY RATINGS 
 Charity  Navigator  rates  Vital  Voices  Group  Partnership  4  out  of  4  stars  or  64.06  out  of  70.  62.62  for  financials  and 
  66.00 for accountability and transparency.  
 GreatNonprofits rates Vital Voices Group Partnership 5 out of 5 stars based on 4 user reviews (two from volunteers 
  and two from the public).  

Vital Voices Group Partnership is not currently covered by Philanthropedia and GiveWell. 

GET INVOLVED 
Become a partner: http://vitalvoices.org/get‐involved/partner  
Attend events:  http://vitalvoices.org/get‐involved/events   
Shop for products: http://vitalvoices.org/get‐involved/shop   
Make a financial donation: http://vitalvoices.org/get‐involved/why‐donate  
Volunteer: http://vitalvoices.org/get‐involved/volunteer  

                                                      Vital Voices Global Partnership | Nonprofit Investor Research  7 
 
DISCLOSURES 
Janet Yen certifies that she does not have any affiliation with Vital Voices Group Partnership and has never made a donation to the 
organization.  Additionally,  Janet  Yen  has  not  supported  directly  competing  organizations  in  a  greater  capacity  than  a  nominal 
donation. NPI analysts and NPI as an organization do not receive any form of compensation from reviewed charities. 
This report is for informational purposes only and does not constitute a solicitation for donations. While the reliability of information 
contained  in  this  report  has  been  assessed  by  NPI,  NPI  makes  no  representation  as  to  its  accuracy  or  completeness,  except  with 
respect to the Disclosure Section of the report. Any opinions expressed herein reflect our judgment as of the date of the materials 
and  are  subject  to  change  without notice. NPI  has  no  obligation  to update,  modify  or  amend  any  report  or  to  otherwise  notify  a 
reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes 
or subsequently becomes inaccurate, or if research on the subject organization is withdrawn.   
Opinions  and  recommendations  in  our  reports  do  not  take  into  account  specific  reader  circumstances,  objectives,  or  needs.    The 
recipients of our reports must make their own independent decisions regarding any organization mentioned by NPI. 
 

ABOUT NONPROFIT INVESTOR 
Nonprofit  Investor  is  a  nonprofit  organization  with  the  mission  of  improving  philanthropic  capital  allocation  and  nonprofit 
effectiveness  through  research  and  analysis.  NPI  brings  together  volunteers  with  professional  due  diligence  skills  to  produce 
independent,  in‐depth  evaluations  of  nonprofits.  NPI  research  is  available  for  free,  public  download  here: 
www.nonprofitinvestor.org/research.  To  suggest  a  charity  for  NPI  to  review  or  to  apply  as  a  volunteer,  please  contact  us: 
www.nonprofitinvestor.org/contact.  NPI  is  a  tax‐exempt  charity  under  section  501(c)(3)  of  the  Internal  Revenue  Code  (EIN:  45‐
3627609). Follow Nonprofit Investor on Twitter: @nonprofitinvest 
 
 
 




                                                         Vital Voices Global Partnership | Nonprofit Investor Research  8 
 

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NPI Evaluation of Vital Voices Global Partnership (VVGP)

  • 1. NONPROFIT  INVESTOR  I N D E P E N D E N T   R E S E A R C H   F O R   P H I L A N T H R O P Y      Vital Voices Global  SUMMARY  Vital Voices Global Partnership (“VVGP”) was bred from Vital Voices  Partnership  Democracy  Initiative,  a  U.S.  government  program  led  by  then‐First    Lady  Hillary  Rodham  Clinton  and  former  Secretary  of  State  Nonprofit Investor Rating:  Madeleine  Albright.  VVGP  was  created  in  2000  to  focus  on  human  BUY  rights,  economic  empowerment  and  political  participation  by  creating  a  platform  to  provide  valuable  skills  and  connections  for    women  globally  to  make  a  transformative  impact  in  their  Mission Statement  communities.   Identify,  invest  in  and  bring  visibility  to  STRENGTHS   extraordinary  women  around  the  world  by  unleashing  their  leadership  potential  to  ▲High success rate in empowering leaders through an experienced  transform  lives  and  accelerate  peace  and  staff. VVGP reports that it has +1,000 partners and experts who have  prosperity in their communities  empowered  +12,000  women  leaders  who  in  turn  have  mentored    +500,000 women in their communities.       ▲Extensive global reach. VVGP empowers women from Africa, Asia,  Financial Overview  Eurasia,  Europe,  Latin  America  and  the  Caribbean,  and  the  Middle  $ in MM, Fiscal Year Ended December 31  East and North Africa.    2008  2009  2010  ▲Strong  partnerships.  Many  of  VVGP’s  key  initiatives  are  through  Revenue and Support  $5.7  $12.1  $9.7  Operating Expenses  $6.9  $7.8  $9.2  collaborations with the U.S. Department of State, Avon Foundation,          Goldman Sachs, and other well‐established organizations.   % of Total:        CAUTIONS     Program Expenses  93.2%  92.9%  80.8%     G&A  3.1%  5.1%  13.2%  ▼ High  travel  and  other  fee  for  services  expenses.  Over  the  last     Fundraising  3.7%  2.0%  6.0%  three years,  travel and other expenses are about 45% of  both total  Source: IRS Form 990 (Tax Accounting Basis)  revenue  and  expenses.  This  seems  likely  given  the  mission  of  the  Year Founded: 2000  non‐profit but more clarity around the line items would be helpful.      ● Majority of the revenue is generated through donations. VVGP is  Contact Details  extremely reliant upon 3rd‐party contributors as its programs do not  Vital Voices Global Partnership  generate revenue. This poses a self‐sustainability risk as revenue has  1625 Massachusetts Ave., NW, Suite 3 00  been eroding.   Washington, DC 20036   (202) 861‐2625  ● Revenue  highly  concentrated  in  top  5  donors.  71%  of  VVGP’s    revenue  comes  from  five  donors.  If  one  of  these  top  contributors  www.vitalvoices.org  decides to stop donating, VVGP will need to implement an aggressive  EIN: 52‐2151557  cost saving strategy.    Analyst: Janet Yen    RECOMMENDATION: BUY  Peer Review: Jason Schifman, Kent Chao  VVGP  has  been  able  to  successfully  identify,  train  and  empower       women  leaders  and  social  entrepreneurs  globally.  Yet,  securing  a   diversified donor base and stable/growing revenue stream along with  Publication Date  allocating expenses for efficiency is an opportunity for improvement.    September 10, 2012    Nonprofit Investor Research | nonprofitinvestor.org     
  • 2. OVERVIEW OF VITAL VOICES’ ACTIVITIES  In 1997, then‐First Lady Hillary Rodham Clinton and former Secretary of State Madeleine Albright started the Vital Voices  Democracy Initiative, which partnered with government organizations to unite and hold summits for emerging women  leaders from around the world. Due to the success of the initiative, many countries began to hold regional conferences.  In 2000, VVGP was established to continue identifying and empowering emerging political and entrepreneurial leaders.  Today,  VVGP’s  mission  is  to  identify,  invest  in  and  bring  visibility  to  extraordinary  women  around  the  world  by  unleashing  their  leadership  potential  to  transform  lives  and  accelerate  peace  and  prosperity  in  their  communities.  It  focuses on human rights, economics empowerment and political and public leadership. VVGP prepares women with the  appropriate training, skills and network to advance their participation in political discussions and entrepreneurial efforts.   VVGP has a very extensive and strong network whether through partners, Board of Directors, Global Advisory Council or  staff.  Its  partners  include  Avon,  Nike,  Abbott,  Exxon  Mobil,  Walmart,  Goldman  Sachs,  Bank  of  America,  and  U.S.  Department  of State. The non‐profit’s  Global Advisory Council  comprises of leaders from  over 30 countries. Lastly,  its  staff  includes  senior  executives  from  government  organizations  and  corporations  who  have  exception  experience  in  training and mentoring women.  VVGP states on its website that its team of +1,000 partners and experts have trained  and  mentored  +12,000  leaders  who  have  in  turn  trained  and  mentored  +500,000  other  women  in  their  respective  communities.   As  of  September  2010,  VVGP  launched  a  Global  Leadership  Network,  which  is  a  directory  of  Global  Advisory  Council  members, Global Leadership Awards honorees and program alumnae. This is a great resource to further allow emerging  women  leaders  to  connect  with  others  and  to  provide  a  platform  for  women  around  the  world  to  share  ideas  and  potential solutions to issues in their countries.  PROGRAM OVERVIEW  Human Rights   Initiative to Combat Human Trafficking: led by nine organizations in the Alliance to End Slavery and Trafficking to  alleviate trafficking in the United States   Cameroon Initiative to Combat Human Trafficking: aid collaboration between the U.S. Department of State, AEquitas,  VVGP Cameroon participants and Cameroon criminal justice officials   Global Partnership to End Violence Against Women: partnership with U.S. Department of State and Avon Foundation  to join leaders in fifteen countries that face violence against women to devise a plan of action    Economic Empowerment   Business women’s networks: connects local business associations and women in VVGP’s local chapters to foster  leadership for economic and social change   Entrepreneurs in handcrafts: program used as a tool for women business leaders who own/manage small‐to‐medium  size enterprises to make a positive impact in their community   Mentoring: leverage successful leaders in the U.S. in various industries to provide mentorship to aspiring women  leaders worldwide. Year‐long program is in partnership with FORTUNE/U.S. State Department      Political Participation   Emerging Pacific Women’s Leadership Program: partnership with New Zealand Ministry of Foreign Affairs and trade,  AusAID, and the Asian Development Bank to institute initiatives in eleven Pacific Island countries in the areas of labor,  entrepreneurship and mentorship    Vital Voices Global Partnership | Nonprofit Investor Research  2   
  • 3. 2010 PROGRAM ACCOMPLISHMENTS  VVGP  provides  a  considerable  amount  of  details  on  its  initiatives  and  annual  achievements  in  its  public  disclosures  including  its  website  and  financial  statements.  The  organization  does  not  provide  specific  metrics  that  quantify  the  effectiveness  and  impact  of  its  programs.  Yet,  based  on  the  qualitative  descriptions  of  the  initiatives  and  the  annual  achievements, VVGP has exhibited strength in continuing to align its programs and conferences with its three main areas  of focus. Below are the key 2010 achievements as mentioned in Form 990.   Human Rights ‐ 13%, or $1.0 million, of program services expenses   Launched first program for ten outstanding international leaders in the Global Partnership to End Violence Against  Women (GPEVAW)   Partnered with Arizona State University and the Sandra Day Foundation, O’Connor College of Law   Awarded eleven additional grants to initiate projects in different GPEVAW country delegations   Geographic reach:   o Working sessions in Argentina and South Africa  o Piloted program in Cambodia  o Content expansion for Latin America and Caribbean Businesswomen’s Network  o Launch Cameroon project  Economic Empowerment ‐ 40%. or $3.0 million. of program services expenses  Women’s Global Leadership Network  Businesswomen’s Network (BWN):    Deliver programs and offer partnering opportunities for businesswomen to be more active in promoting  entrepreneurship in their countries   Geographic regions:   o Success stories: Africa, Middle East and North Africa (MENA)  o In progress: Latin America and the Caribbean  o Next expansion: Asia   Reach: 4,500 members in 16 countries in Africa and MENA since 2007   Provided programs to +26,500 women  Political Participation ‐ 32%, or $2.4 million, of program services expenses  Leadership Training  Peace and prosperity initiative:   Empower and encourage dialogue and social cohesion between Israeli Arab and Jewish participants   Week‐long seminar in Haifa, Israel and year‐long monthly meetings led by international conflict experts  Fortune/State Mentoring Program:   Month‐long mentorship in the US for thirty three emerging global leaders   Partner with the Fortune Most Powerful Women’s Summit        Vital Voices Global Partnership | Nonprofit Investor Research  3   
  • 4. TRANSPARENCY  VVGP posts 2010 Form 990 and audited financials on its website. It also discloses comprehensive information about its  initiatives and accomplishments on its website, and in its Form 990 and audited financials. However, there are a couple  of  line  items  in  Form  990  that  VVGP  could  provide  more  details  around  including  travel  and  other  fee  for  services  expenses which account for a meaningful percent of total expenses. Also, there are additional questions that I had asked  the Communications and Media Relations department in which they responded that they were not able to address them  at this time given their schedule. The inquiries included both general strategy and financial questions.     FINANCIAL OVERVIEW  Revenue  VVGP’s revenues grew by 112% from 2008 to 2009 but decreased by 20% to $9.6MM in 2010. Contribution, gifts and  grants, which accounted for 65% of the revenue in 2009, remained relatively stable in 2010 and accounted for 80% of  the  revenue  in  2010.  Government  grants,  which  represented  29%  of  2009  revenue,  decreased  by  61%  in  2010  to  $1.4MM from $3.5MM and there is no mention of the reason. This is a key risk factor for VVGP if what was a third of its  revenue continues to erode. Fundraising revenue remains to be a small portion of total revenue: ranging from 13% in  2009 to 9% in 2010.   In terms of revenue mix, approximately 80% of VVGP’s revenue comes from contributions, gifts and grants. Of that 80%,  90% comes from its top 5 donors. In other words, 72% of its revenue comes from VVGP’s top 5 donors. If the top two  contributors  of  $4.0MM  and  $1.3MM  halt  donations  in  the  following  years,  VVGP  will  lose  54%  of  its  revenue  which  funds 57% of its total expenses.   While  noting  two  main  areas  of  concerns,  NPI  puts  a  buy  rating  for  VVGP  not  only  because  of  its  success  in  accomplishing  its  objectives  but  also  because  the  allocation  of  expenses  seems  to  imply  VVGP  may  be  actively  addressing  its  revenue  issues.  A  large  investment  in  human  capital  was  made  due  to  the  dramatic  increase  in  2010  compensation,  other  wages  and  salaries,  employee  benefits  and  payroll  taxes  line  items  in  management  and  general  expenses.  NPI  is  assuming  that  the  increased  investment  in  human  capital  is  allocated  towards  funding  efforts  and  increasing brand awareness that hopefully drives growth in all revenue streams and diversifies the donor mix.     Revenue Contribution Mix Over Time(1)  2010 Donor Contribution   $ in MM  $ in MM  $14 $12.4  $12 8% Other, $3.0,  30% $9.8  Donor,  $10 28% 8% $4.0, 41% $8 14% $5.9  $6 12% $4 49% 64% 78% Donor,  $0.4, 3% $2 39% Donor,  $0.5, 5% $0 2008 2009 2010 Donor,  Donor,  $0.8, 8% $1.3, 13% All other contributions(2) Government Grants Fundraising events (1) Revenue does not include net income from fundraising events, investment income and other revenue.  (2) Includes gifts, grants, and similar amounts  Source: IRS Form 990 (Tax Accounting Basis)  Vital Voices Global Partnership | Nonprofit Investor Research  4   
  • 5. Expenses    Operating  expenses  grew  by  14%  from  2008  to  2009  and  18%  from  2009  to  2010.  Expenses  as  a  percent  of  revenue  were 121% in 2008, 65% in 2009 and 95% in 2010. Cash balance at year end 2010 was $2.0MM. In order to continue  supporting the growing costs, VVGP will need to  put additional efforts into  driving revenue growth from all channels:  fundraising, government grants and all other contributions.   A majority of VVGP’s expenses went towards program services but it is down from the proportions during previous years.  Approximately 93% of 2008 and 2009 expenses were for program services as opposed to 81% in 2010. G&A as a percent  of  total  expenses  were  3%  and  5%  in  2008  and  2009,  respectively  and  rose  to  13%  in  2010.  Based  on  Form  990,  the  additional  costs  are  attributed  to  human  capital  (compensation,  employee  benefits,  payroll  taxes,  etc).  Fundraising  expenses also more than doubled from 2008 to 2010 from $250K to $550K. Yet, the additional dollars barely made an  impact in fundraising revenue which only grew by 14% or $100K. The increase in incurred costs for fundraising further  drives home the point that VGGP is reallocating expenses to potentially boost revenue. Although the investment did not  bear fruit in 2010, hopefully a revenue jump will come in 2011.    There  are  a  couple  items  to  note  in  VVGP’s  cost  structure.  Travel  expenses  and  other  fees  for  services  seem  exceptionally high; they represent about 46% of total 2010 expenses. High travel expenditures seem possible since most  of the conferences require members to travel from around the world; however, there are no clear explanations in the  public  disclosures.  Secondly,  Form  990  does  not  mention  what  items  are  included  in  other  fees  for  services  which  accounts for 24% of total 2010 expenses. Lastly, Form 990 lists grants made to entities outside the U.S. by region and  dollars.  VVGP  also  provides  sufficient  details  around  the  QA  process  for  reliability  of  those  entities  and  also  the  objectives of the grants. The purposes of the grants are in‐line with the key focus areas of the organization. On the other  hand, it is unclear as to where those expenses roll into in the income statement given that grants to entities outside the  U.S. total to $2.9m and the income statement shows $1.2m.     Expenditure Composition Over Time  2010 Expenditure Mix   $ in MM  $ in MM  Grants to  $10 $9.2  other  entities,  Fees for  $7.8  6% $1.2, 13% services,  $6.9  2% 13% $2.4, 26% $8 4% 5% Non‐ headcount,  3% $1.4, 16% $6 $4 93% 81% 93% $2 Travel  Headcount,  $0 expenses,  $2.2, 24% 2008 2009 2010 $2.0, 21% Program services Management and G&A Fundraising Source: IRS Form 990 (Tax Accounting Basis)    Vital Voices Global Partnership | Nonprofit Investor Research  5   
  • 6. Detailed Financial Information Fiscal Year Ended December 31 2008 2009 2010 Revenue and Expenses (Tax Accounting Basis) Contributions, Gifts, Grants and Other Similar Amounts: Fundraising events $729,010 $1,003,612 $830,131 Government Grants 2,874,007 3,496,778 1,367,971 All other contributions, gifts, grants, and similar amounts 2,266,132 7,863,699 7,635,135 Other Revenue: Net income from fundraising events (212,751) (300,491) (172,867) Investment income 21,559 3,281 1,409 Other revenue 243 9,173 3,575 Total Support and Revenues $5,678,200 $12,076,052 $9,665,354 % Growth 112.7% (20.0%) Expenses Grants and other assistance to governments and ogranizations (US) $84,728 $122,488 $7,028 Grants and other assistance to governments and ogranizations (outside US) 734,871 785,156 1,199,104 Supporting Services: Compensation of current officers, directors, trustees, and key employees 228,983 244,000 283,081 Other salaries and wages 557,771 975,469 1,669,175 Pension plan contributions ‐ 2,715 8,302 Other employee benefits 122,410 175,155 128,097 Payroll taxes 61,545 97,936 136,680 Fees for Services: Legal 48,207 33,299 8,536 Accounting 96,509 100,613 111,810 Other 1,594,137 2,490,909 2,258,341 Office expenses 300,161 234,073 243,445 Information technology 183,321 19,608 17,286 Occupancy 243,799 263,418 310,668 Travel 1,034,250 1,752,449 1,975,743 Conferences, conventions, and meetings 1,410,035 431,291 713,411 Depreciation, depletion and amortization 11,279 11,508 19,030 Insurance 12,670 8,340 20,227 Other Expenses: Miscellaneous 58,763 53,779 92,806 Receptions and events 74,286 14,237 22,531 Total Expenses: $6,857,725 $7,816,443 $9,225,301 % of Revenue 5 120.8% 64.7% 95.4% Increase in Net Assets from Operations ($1,179,525) $4,259,609 $440,053 Net assets or fund balances at beginning of the year 4,216,300 3,036,775 7,296,384 Net assets or fund balances at end of the year $3,036,775 $7,296,384 $7,736,437 Expenses by Function (Tax Accounting Basis) Program services expenses $6,394,001 $7,263,804 $7,452,576 Management, G&A 212,280 394,753 1,219,885 Fundraising expenses 251,444 157,886 552,840 Total Expenses $6,857,725 $7,816,443 $9,225,301 Program Costs as a % of Total Expenses 93.2% 92.9% 80.8% G&A as a % of Total Expenses 3.1% 5.1% 13.2% Fundraising as a % of Total Expenses 3.7% 2.0% 6.0% Source: IRS Form 990 (Tax Accounting Basis) Vital Voices Global Partnership | Nonprofit Investor Research  6   
  • 7. Fiscal Year Ended December 31 2008 2009 2010 Balance Sheet Assets Cash and cash equivalents $1,135,873 $1,455,395 $1,932,457 Savings and temporary cash investments ‐ 201,641 203,035 Pledges and grants receivable, net 2,396,723 6,098,064 6,446,620 Accounts receivable, net 12,122 47,783 85,749 Inventories for sale or use 28,077 10,307 28,916 Prepaid expenses and deferred charges 67,887 164,902 35,945 Other assets 21,416 23,266 ‐ Total current assets 3,662,098 8,001,358 8,732,722 Property and Equipment Land, buildings, and equipment: cost or other 183,769 212,913 226,931 Less: Accumulated depreciation (149,069) (160,577) (179,606) Net property and equipment 34,700 52,336 47,325 Total Assets $3,696,798 $8,053,694 $8,780,047 Liabilities Accounts payable and accured expenses $633,015 $681,530 $792,484 Deferred revenue 27,008 63,883 196,192 Escrow or custodial account liability ‐ 11,897 13,884 Other liabilities ‐ ‐ 41,050 Net Assets Unrestricted 929,960 1,088,195 1,279,059 Temporarily restricted 2,106,815 6,208,189 6,457,378 Total Liabilities and Net Assets $3,696,798 $8,053,694 $8,780,047 Source: IRS Form 990 (Tax Accounting Basis)   OTHER THIRD PARTY RATINGS   Charity  Navigator  rates  Vital  Voices  Group  Partnership  4  out  of  4  stars  or  64.06  out  of  70.  62.62  for  financials  and  66.00 for accountability and transparency.    GreatNonprofits rates Vital Voices Group Partnership 5 out of 5 stars based on 4 user reviews (two from volunteers  and two from the public).   Vital Voices Group Partnership is not currently covered by Philanthropedia and GiveWell.  GET INVOLVED  Become a partner: http://vitalvoices.org/get‐involved/partner   Attend events:  http://vitalvoices.org/get‐involved/events    Shop for products: http://vitalvoices.org/get‐involved/shop    Make a financial donation: http://vitalvoices.org/get‐involved/why‐donate   Volunteer: http://vitalvoices.org/get‐involved/volunteer   Vital Voices Global Partnership | Nonprofit Investor Research  7   
  • 8. DISCLOSURES  Janet Yen certifies that she does not have any affiliation with Vital Voices Group Partnership and has never made a donation to the  organization.  Additionally,  Janet  Yen  has  not  supported  directly  competing  organizations  in  a  greater  capacity  than  a  nominal  donation. NPI analysts and NPI as an organization do not receive any form of compensation from reviewed charities.  This report is for informational purposes only and does not constitute a solicitation for donations. While the reliability of information  contained  in  this  report  has  been  assessed  by  NPI,  NPI  makes  no  representation  as  to  its  accuracy  or  completeness,  except  with  respect to the Disclosure Section of the report. Any opinions expressed herein reflect our judgment as of the date of the materials  and  are  subject  to  change  without notice. NPI  has  no  obligation  to update,  modify  or  amend  any  report  or  to  otherwise  notify  a  reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes  or subsequently becomes inaccurate, or if research on the subject organization is withdrawn.    Opinions  and  recommendations  in  our  reports  do  not  take  into  account  specific  reader  circumstances,  objectives,  or  needs.    The  recipients of our reports must make their own independent decisions regarding any organization mentioned by NPI.    ABOUT NONPROFIT INVESTOR  Nonprofit  Investor  is  a  nonprofit  organization  with  the  mission  of  improving  philanthropic  capital  allocation  and  nonprofit  effectiveness  through  research  and  analysis.  NPI  brings  together  volunteers  with  professional  due  diligence  skills  to  produce  independent,  in‐depth  evaluations  of  nonprofits.  NPI  research  is  available  for  free,  public  download  here:  www.nonprofitinvestor.org/research.  To  suggest  a  charity  for  NPI  to  review  or  to  apply  as  a  volunteer,  please  contact  us:  www.nonprofitinvestor.org/contact.  NPI  is  a  tax‐exempt  charity  under  section  501(c)(3)  of  the  Internal  Revenue  Code  (EIN:  45‐ 3627609). Follow Nonprofit Investor on Twitter: @nonprofitinvest        Vital Voices Global Partnership | Nonprofit Investor Research  8