Population Services International

“The organization's governing body is presented with a draft of the forms 990 and 990-t prior to filing. The audit risk and compliance committee of the governing body is able to speak directly with the preparer to have any questions or concerns answered. The audit risk and compliance committee authorizes that the filings be finalized and submitted to the internal revenue service.”

“The organization requires officers, directors and key employees to complete the form annually and the forms are reviewed for any disclosures. A decision is made to determine whether the director must abstain in voting on any matters where the conflict may be an issue.”

“The CEO incentive compensation is determined by the organization's board of directors. The board obtains comparability statistics from organizations of similar size and also considers additional factors including skills needed for the position. The board then votes and approves the level of compensation for the CEO. The CEO consults with the board on compensation for other key employees.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“ANGOLA, BELIZE, BENIN, BURUNDI, CAMBODIA, CAMEROON, COSTA RICA, KAZAKHSTAN, KYRGYZSTAN, TAJIKISTAN, COTE D IVOIRE, DEMOCRATIC REPUBLIC OF CONGO, DOMINICAN REPUBLIC, EL SALVADOR, ETHIOPIA, GUATEMALA, ghana, GUINEA, HAITI, HONDURAS, INDIA, JAMAICA, KENYA, LAOS, LESOTHO, LIBERIA, MADAGASCAR, MALAWI, MALI, MOZAMBIQUE, MYANMAR, NEPAL, NICARAGUA, NIGER, PAKISTAN, PANAMA, PAPUA NEW GUINEA, PARAGUAY, SOMALILAND, SOUTH AFRICA, SOUTH SUDAN, SWAZILAND, TANZANIA, TRINIDAD & TOBAGO, UGANDA, VIETNAM, ZAMBIA, ZIMBABWE FORM 990, PART VI, SECTION A, LINE 5: In 2017, during a routine internal audit of our program in the Democratic Republic of the Congo (DRC), PSI uncovered that several of our employees defrauded PSI and The Global Fund of $7.38 million by inflating the costs of transporting and storing a portion of the mosquito nets in our $173 million bed net project funded by The Global Fund. Despite the fraud that was perpetrated, over 35 million nets were distributed in DRC in the last 3 years. PSI has a zero-tolerance policy for fraud. As soon as we discovered the fraud, we took immediate action, including promptly informing The Global Fund and other donors in DRC. PSI no longer employs the implicated staff and we have closed our operations in the DRC. We have repaid The Global Fund from our reserves and no taxpayer or donor funds were used. PSI has instituted a range of additional controls and improvements to our existing processes to prevent recurrence, including a dedicated team to oversee The Global Fund projects, a revised risk framework and review process led by PSI executive leadership, direct reporting lines between country office finance and audit staff to management in PSI headquarters for high risk countries, revised monthly financial performance review processes, and additional spot checks of certain transactions including procurements. In addition, PSI has strengthened internal training to reinforce a culture of ethics and integrity globally. reinforce a culture of ethics and integrity globally.”

“Foreign currency translation gains 1,864,031 prior year adjustment-guatemala sa 469,603 miscellaneous adjustment 19,079 ------------ total 2,352,713”

“There have been no changes during the year in the process for oversight of the audit of the financial statements.”