I promised to keep everyone posted as the NGO released their financial and/or Form 990's for fiscal year 2010.
Here's the first of those updates:
-----------------------------------------------------------------------------------
Partners in Health - Boston, MA
I still do not have their Form 990 (critical given some huge gaps in their financials) but here are their released financial statements for fiscal 2009/2010:
Total revenue:
Fiscal 2010: $152 million
Fiscal 2009: $63.4 million
Increase of 140%
------------------------------------------------------------------------------------
Use of the donated money:
2010 Purchase of investments (stocks, bonds, ETF’s etc): $60.2 million
In other words, instead of putting the donated money to work in Haiti, they
“invested” it in the stock market where it sits today.
They now have $71.5 million in stocks and bonds etc. vs. $15.6 last year.
In addition they now pay out over $20 million per year in salaries with Rwanda and Boston by far the largest recipients of salary pay;
dwarfing what is paid out in Haiti. As a side note (Farmer no longer has a residence in Haiti but he does in Rwanda & Boston)
-----------------------------------------------------------------------------------------
Future expansion programs investment.
This one is very interesting. We’ve all heard about PIH’s massive future hospital programs for Haiti.
2010 Purchases of Land
Worldwide: $781,886
2009 : $730,212
Despite adding $90 million in revenue, they basically invested none of it in land worldwide.
$782 thousand vs. $60 million in the stock market.
--------------------------------------------------------------------------------------------------------------
PIH in Haiti:
Here’s where the Form 990 is going to be critical because PIH claims
that they spent $44.7 million vs. $24.6 there.
But, $32.9 million (73%) went to “Grants to Partner organizations”. The financials do not disclose who
these org’s are.
So 73% of the budget is unaccounted for relative to PIH in Haiti.
We do know that a charge of $1.5 million was added for “Social support payments”. No indication
of what this entails.
Medical consumables were only 14% of the expenses and operations was only 3.5%
Why would PIH take 73% of what they spent in Haiti and dole it out in grant form?
In essence, PIH spent only $11.8 million on their own operations/facilities in Haiti.
That's nothing given what happened in 2010 and how they like proclaim how active they are in Haiti.
Even if all $44.7 million was spent in Haiti (and for 73%, we haven't a clue) that still leaves
$107.3 million of donated money for Haiti not allocated.
-----------------------------------------------------------------------------------------------
Spreading the wealth around PIH’s hometown in Boston:
Let the pork fest begin!
Thru August 2009, Harvard University allowed PIH free office space.
Starting in October 2009, that rental rate is now $2.3 million annually.
In addition, PIH is paying Harvard employees salaries of $1 million per year.
So, Harvard Fiscal 2009: $0
Harvard Fiscal 2010: $3.3 million.
We’re not done yet!
Boston University:
Fiscal 2009: $0.00
Fiscal 2010: $8.1 million
Rent: $7.1 million
Brigham and Women’s Hospital Employee Salaries: $937,859
PIH is now leasing 28,209 sq ft of prime office space in Boston.
Rent is now costing $10.4 million per year or about what they spent in Haiti during 2009/2010.
PIH also tossed in another $800,000 to a little known sub-NGO within the Clinton Foundation
to cover their salaries.
So, Boston cronies picked up $11.4 million that was donated for Haiti.
----------------------------------------------------------------------------------------------------------
Farmer’s residence in Rwanda:
2010 Human resources: $6.5 million (40% of budget)
2009 Human Resources: $5.5 million.
So, Farmer gave himself a nice little pay raise of $1 million
courtesy of the Rwandans.
How do I know that it went to Farmer?
Because “consumables” dropped in 2010 meaning fewer
medical products were used.
2010 Consumables: $2.5 million
2009 Consumables: $3.4 million
Therefore, more staff was not responsible for the “HR” increase.
--------------------------------------------------------------
http://parthealth.3cdn.net/f08cc862a7aca15475_i0m6bne7v.PDF