Civic Intelligence

Watsi Inc

990 • Fiscal year 2021 • EIN 45-3236734

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 14, 2022

Organization Profilewww.watsi.org

View Organization Page

548 Market Street 75903San Francisco, CA 94104

(256) 792-8747

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

47th percentile

0.05x

Higher debt load relative to assets than 47% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

48th percentile

0.08x

Higher debt load relative to revenue than 48% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

42nd percentile

8.0%

Higher net margin than 42% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

86th percentile

$157,510

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 9.6% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

20th percentile

-2.3%

Faster asset growth than 20% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

42nd percentile

6.4%

Faster revenue growth than 42% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets47th percentile

Assets

Down

$2,349,677

Down $55,557 (-2.3%) from 2020

Net Assets

Up

$2,222,105

Up $131,397 (+6.3%) from 2020

Liabilities

Down

$127,572

Down $186,954 (-59%) from 2020

Revenue And Expenses
Liabilities / Revenue48th percentileNet Margin42nd percentile

Revenue

Up

$1,638,634

Up $97,893 (+6.4%) from 2020

Expenses

Down

$1,506,874

Down $62,461 (-4.0%) from 2020

Net Income

Up

$131,760

Up $160,354 (+561%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth20th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$6.0M$4.0M$2.0M$0Assets 2013: $1,639,675Liabilities 2013: $33,877Net Assets 2013: $1,605,7982013Assets 2014: $2,603,050Liabilities 2014: $54,636Net Assets 2014: $2,548,4142014Assets 2015: $4,691,508Liabilities 2015: $96,049Net Assets 2015: $4,595,4592015Assets 2016: $4,158,852Liabilities 2016: $47,687Net Assets 2016: $4,111,1652016Assets 2017: $1,596,847Liabilities 2017: $25,837Net Assets 2017: $1,571,0102017Assets 2018: $3,736,564Liabilities 2018: $46,490Net Assets 2018: $3,690,0742018Assets 2019: $2,150,384Liabilities 2019: $31,082Net Assets 2019: $2,119,3022019Assets 2020: $2,405,234Liabilities 2020: $314,526Net Assets 2020: $2,090,7082020Assets 2021: $2,349,677Liabilities 2021: $127,572Net Assets 2021: $2,222,1052021Assets 2022: $2,178,054Liabilities 2022: $129,768Net Assets 2022: $2,048,2862022Assets 2023: $2,388,424Liabilities 2023: $27,833Net Assets 2023: $2,360,5912023Assets 2024: $2,244,629Liabilities 2024: $97,766Net Assets 2024: $2,146,8632024

Highlighted filing

2021

Assets$2,349,677
Liabilities$127,572
Net Assets$2,222,105
Open 2021 Filing

Operations Trend

Revenue Growth42nd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MRevenue 2013: $2,230,370Expenses 2013: $650,898Net Income 2013: $1,579,4722013Revenue 2014: $3,014,372Expenses 2014: $2,071,760Net Income 2014: $942,6122014Revenue 2015: $4,555,483Expenses 2015: $2,508,438Net Income 2015: $2,047,0452015Revenue 2016: $3,359,371Expenses 2016: $3,843,665Net Income 2016: -$484,2942016Revenue 2017: $3,071,857Expenses 2017: $5,612,012Net Income 2017: -$2,540,1552017Revenue 2018: $5,597,192Expenses 2018: $3,524,399Net Income 2018: $2,072,7932018Revenue 2019: $2,443,410Expenses 2019: $3,844,774Net Income 2019: -$1,401,3642019Revenue 2020: $1,540,741Expenses 2020: $1,569,335Net Income 2020: -$28,5942020Revenue 2021: $1,638,634Expenses 2021: $1,506,874Net Income 2021: $131,7602021Revenue 2022: $1,588,745Expenses 2022: $1,762,277Net Income 2022: -$173,5322022Revenue 2023: $2,235,950Expenses 2023: $1,923,645Net Income 2023: $312,3052023Revenue 2024: $2,268,111Expenses 2024: $2,482,900Net Income 2024: -$214,7892024

Highlighted filing

2021

Revenue$1,638,634
Expenses$1,506,874
Net Income$131,760
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 14, 2022
Return Version
2021v4.0
Gross Receipts
$1,638,634
Mission and Program Overview

Mission

Watsi's mission is to fund healthcare by connecting people.

Watsi, Inc. is a San Francisco-based 501(c(3) non-profit organization that builds technology to finance healthcare for patients around the world. Crowdfunding for healthcare is delivered to patients through global medical partners.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$2,309,592$2,231,481▼ $78,111
Savings and Temporary Cash Investments$50,316$50,321▲ $5
Intangible Assets-$28,715-
Pledges and Grants Receivable$11,080$28,550▲ $17,470
Prepaid Expenses and Deferred Charges$2,605$4,304▲ $1,699
Land, Buildings, and Equipment, Net-$3,679-
Investments in Publicly Traded Securities-$2,627-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Inventories for Sale or Use-$0-
Total Assets$2,405,234$2,349,677▼ $55,557
Other Assets Total$31,641$0▼ $31,641
Liabilities
Unsecured Notes Loans Payable$182,985$125,084▼ $57,901
Deferred Revenue$125,084--
Accounts Payable and Accrued Expenses$6,457$2,488▼ $3,969
Total Liabilities$314,526$127,572▼ $186,954
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,166,675$1,204,445▲ $37,770
Net Assets With Donor Restrictions$924,033$1,017,660▲ $93,627
Total Net Assets Fund Balance$2,090,708$2,222,105▲ $131,397
Total Liabilities and Net Assets / Fund Balance$2,405,234$2,349,677▼ $55,557

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings-$4,066$4,066
Equipment$3,679$105$3,784
Compensation and Service Providers
Top Officer Pay86th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mackinnon EngenExecutive DirectorFT$130,000$27,510$157,510
Keenyn McFarlaneCFOPT$48,672$28,143$76,815

Board Members and Trustees

NameTitle
Grace GareyChair from 2-21
Paul HudnutChair thru 2-21
Chase AdamDirector
Dr Mahlet Kifle HabtemariamDirector
Margaret CorneliusDirector
Premal ShahDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$1,638,629
Program Service Revenue
$0
Investment Income
$5
Other Revenue
$0
All Other Contributions
$1,621,665
Change in Net Assets
$131,760

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table55$50,000Fair Mkt Value
Total Noncash Contributions55$50,000-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,638,634
Revenue Not Reported on Form 990
$70,523
Total Revenue per Audited Statements
$1,709,157
Total Revenue per Form 990
$1,638,634
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,028,955
Salaries, Compensation, and Employee Benefits$359,634
Other Expenses$118,285
Total Fundraising Expense$47,137
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$1,028,955--$1,028,955
Current Officers, Directors, Trustees, and Key Employees$83,491$111,457$39,377$234,325
Other Salaries and Wages$44,500$46,848$1,625$92,973
Fees for Services Other$23,521$28,471-$51,992
Other Expenses$34,526$2,545-$37,071
Payroll Taxes$7,556$8,834$2,355$18,745
Information Technology$10,683$2,706$499$13,888
Other Employee Benefits$7,285-$1,625$8,910
Office Expenses$3,323$3,654$974$7,951
Pension Plan Contributions$2,136$2,349$196$4,681
Insurance$1,519$1,776$473$3,768
Advertising-$2,035-$2,035
Interest-$1,475-$1,475
Depreciation Depletion$42$50$13$105
Total Functional Expenses$1,247,537$212,200$47,137$1,506,874

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,577,760
Expenses per Audited Statements$1,506,874
Total Expenses per Form 990$1,506,874
Expenses Not Reported on Form 990$70,886
International Activity

International Summary

Employees
1,927
Spending
$1,028,955

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
AfricaGrantmaking-0937$552,178
East Asia & PacificGrantmaking-0954$415,661
CaribbeanGrantmaking-025$46,753
South AmericaGrantmaking-011$14,363
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“A draft Form 990 is reviewed by Finance Committee and emailed to Board for approval in advance of submission.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“The conflict of interest policy is communicated to the directors and officers on a regular basis. Directors respond if there has been a change causing a conflict to arise. Directors also disclose whether or not they have any possible conflicts annually during a board meeting.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Watsi participates in a periodic collective of tech-nonprofits to carryout a salary landscape review. The results are used to structure Watsi's executive compensation as well as across all levels of the organization. The board approves salary of the Executive Director as part of the budget and makes a judgment based on fair market compensation.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The board approves salary of the CFO as part of the budget and makes a judgment based on fair market compensation.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Financial Statements are available on our website and all other documents are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Watsi Inc
EIN
45-3236734
Phone
2567928747
Address
548 Market Street 75903, San Francisco, CA 94104

Signing Officer

Name
Mackinnon Engen
Title
Executive Director
Signed
2022-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mackinnon Engen
Formed
2011
Legal Domicile
CA
Voting Board Members
6
Independent Board Members
6
Employees
3
Volunteers
16

Preparer

Firm
Schall & Ashenfarb Cpas LLC
Address
307 FIFTH AVE 15TH FL, NEW YORK, NY 10016
Preparer
Michael Schall
Phone
2122682800
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization does not believe its financial statements include any material, uncertain tax positions. Tax filings for periods ending December 31, 2018 and later are subject to examination by applicable taxing authorities.”

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IRS990/Desc01. Watsi increased access to critical healthcare for patients through the COVID-19 pandemic, including directly funding life-changing surgery for 2,207 patients from across 13 countries.2. Watsi launched 10 new medical partner care centers in Burma, Colombia, Malawi, the Philippines, Thailand, and Uganda.3. From birth to 94 years old, Watsi helped patients access life-changing medical treatment for more than 100 conditions.
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IRS990/MissionDesc0Watsi, Inc. is a San Francisco-based non-profit organization that directly connects people through technology to fund life-changing healthcare for patients around the world. Since launching in 2012, the Organization has helped more than 23,000 patients across 27 countries. Watsi, Inc.'s innovative approach has been featured by the BBC, The New York Times, NPR, CNN, The Wall Street Journal, and Fast Company.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization does not believe its financial statements include any material, uncertain tax positions. Tax filings for periods ending December 31, 2018 and later are subject to examination by applicable taxing authorities.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,349,677
Liabilities
$127,572
Net assets
$2,222,105
Revenue
$1,638,634
Expenses
$1,506,874
Net income
$131,760
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.24$0.10$2.15$2.27$2.48$0.21
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.39$0.03$2.36$2.24$1.92$0.31
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.18$0.13$2.05$1.59$1.76$0.17
2021Detailed filing. Detailed filing data is available for this year.$2.35$0.13$2.22$1.64$1.51$0.13
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.41$0.31$2.09$1.54$1.57$0.03
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.15$0.03$2.12$2.44$3.84$1.40
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.74$0.05$3.69$5.60$3.52$2.07
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.60$0.03$1.57$3.07$5.61$2.54
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.16$0.05$4.11$3.36$3.84$0.48
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.69$0.10$4.60$4.56$2.51$2.05
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.60$0.05$2.55$3.01$2.07$0.94
2013Summary only. Only limited summary data is available for this year.$1.64$0.03$1.61$2.23$0.65$1.58