Ashoka and Affiliates
Consolidated Financial ReportAugust 31, 2020

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

7-22

Independent Auditor’s Report
Board of Directors
AshokaReport on the Financial Statements
We have audited the accompanying consolidated financial statements of Ashoka and Affiliates (Ashoka),which comprise the consolidated statement of financial position as of August 31, 2020, the related
consolidated statement of activities, functional expenses and cash flows for the year then ended, and therelated 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 inaccordance 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 fairpresentation 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 ofAmerica. 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 theassessment 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 areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe 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 forour audit opinion.
OpinionIn our opinion, the financial statements referred to above present fairly, in all material respects, thefinancial position of Ashoka and Affiliates as of August 31, 2020, and the changes in their net assets andtheir 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 Ashoka’s 2019 financial statements, and we expressed an unmodified audit
opinion on those audited financial statements in our report dated September 3, 2020. In our opinion, thesummarized comparative information presented herein as of and for the year ended August 31, 2019, isconsistent, in all material respects, with the audited financial statements from which it has been derived.

McLean, Virginia
September 3, 2021

2

Ashoka and Affiliates
Consolidated Statement of Financial Position
August 31, 2020
(With Comparative Totals for 2019)2020

AssetsCash and cash equivalents
Promises to give, net
Endowment and other investments
Prepaid expenses and other assets
Property and equipment, net
Total assets

2019

$

16,367,740
27,791,828
35,311,664
2,026,470
1,470,391$

13,374,784
36,868,904
23,244,923
1,534,974
1,330,189$

82,968,093$

76,353,774$

1,360,669
5,374,521
6,735,190$

1,938,401
6,375,882
8,314,283

Liabilities and Net Assets
Liabilities:
Accounts payable and accrued expenses
Stipends payable
Total liabilities
Commitments and contingencies (Notes 6, 10, 12 and 14)
Net assets:
Without donor restrictions (deficit)
With donor restrictions
Total net assets

10,246,397
65,986,506
76,232,903$

Total liabilities and net assets

See notes to consolidated financial statements.

3

82,968,093(1,400,032)
69,439,523
68,039,491$

76,353,774

Ashoka and Affiliates
Consolidated Statement of Activities
Year Ended August 31, 2020
(With Comparative Totals for 2019)

Support and revenue:
Contributions
Investment income (loss), net
Miscellaneous income
Net assets released from restriction
Total support and revenue

2020
With
Donor
Restrictions

Without
Donor
Restrictions$

27,090,679
20,0512,217,697
23,150,249
52,478,676$

16,415,213
2,460,056(23,150,249)(4,274,980)

2019
Total

Total
$

43,505,892
2,480,107
2,217,697
48,203,696$

64,429,685(1,033,354)
921,800
64,318,131

Expenses:
Program services:Leading social entrepreneurship
Empathy and young changemaking
Organizing for changemaking
Idea spread and framework change
Total program services

10,592,312
6,220,265
8,477,520
4,557,009
29,847,106-

10,592,312
6,220,265
8,477,520
4,557,009
29,847,106

13,707,281
7,021,252
7,616,081
5,000,320
33,344,934

Supporting services:Management and generalFundraising
Total supporting services

9,594,036
1,743,375
11,337,411-

9,594,036
1,743,375
11,337,411

9,044,869
3,923,620
12,968,489

Total expenses

41,184,517-

41,184,517

46,313,423

Change in net assets before loss on translation

11,294,159(4,274,980)

7,019,179

18,004,708

352,270

821,963

1,174,233(1,012,298)

11,646,429(3,453,017)

8,193,412

16,992,410(1,400,032)

69,439,523

68,039,491

51,047,081

Gain (loss) on translation of affiliate net assets
Change in net assets
Net assets:
Beginning (deficit)
Ending$10,246,397

See notes to consolidated financial statements.

4$

65,986,506$

76,232,903$

68,039,491

Ashoka and Affiliates
Consolidated Statement of Functional Expenses
Year Ended August 31, 2020
(With Comparative Totals for 2019)
Program Services
Empathy andOrganizing

Idea SpreadSocialYoung

forand Framework

Entrepreneurship

Changemaking

Changemaking

Change$Salaries

Supporting Services

Leading

2,825,926$

2,211,353$

4,366,341$

2019Management
Total

1,793,671$

and General

11,197,291$

3,424,643

Fundraising$702,595

Total$

4,127,238

$

Total

Total

Expenses

Expenses

15,324,529$

14,788,261

Payroll taxes

532,443

352,024

796,744

204,774

1,885,985

943,608

105,046

1,048,654

2,934,639

2,541,706

Employee benefits

406,789

278,050

421,394

216,067

1,322,300

352,094

108,351

460,445

1,782,745

1,152,427

1,790,575

1,528,631

989,507

980,700

5,289,413

2,057,918

187,958

2,245,876

7,535,289

9,626,351

549,805

457,957

343,343552,253

1,903,358

865,517423,567

1,289,084

3,192,442

3,556,823

6,105,538

4,828,015

6,917,329

3,747,465

21,598,347

7,643,780

1,527,517

9,171,297

30,769,644

31,665,568
3,855,177

Consulting
Outside services
Total personnel andrelated expenses

2,975,805---

2,975,805---

2,975,805

Office supplies and expenses

6,759

21,253

9,961

7,770

45,74332,293

1,718

34,01179,754

97,734

Occupancy

57,133

179,261

381,394357,394

975,182

665,083

44,539709,622

1,684,804

1,780,463

Fellowship

Telephone, telex and facsimile

65,852

9,322

18,451

24,292

117,91729,7896,575

36,364

154,281

109,913

Postage and messenger

17,616

6,650

11,996

4,501

40,763

17,307

3,111

20,41861,181

159,743
415,058

Printing and publications

7,700

7,708

17,973

12,56945,95015,673

4,018

19,69165,641Equipment rental and repair

3,127

3,119

8,295

4,215

18,756

11,3491,791

13,14031,89648,308Equipment expensed

35,50865,565102,142

34,833

238,048

60,856

11,441

72,297

310,345427,129

Accounting and audit

13,247

21,472

8,960

3,019

46,698239,972

3,706

243,678

290,376

608,285

-

-

-

-

-

-

-

-

-

1,555,703

Bad debt expense
Bank and brokerage fees

15,72910,95822,243

6,985

55,91543,283

3,179

46,462

102,377

155,090

Travel354,790259,869

315,204

106,621

1,036,484

210,100

90,872300,972

1,337,456

2,292,287
914,143

Conferences

130,329

47,61657,514

111,834

347,293

46,2372,536

48,773396,066

Miscellaneous expenses

56,88536,184

129,796

24,862

247,727

150,278

19,355

169,633

417,360

99,185

Local transportation and meals

73,90332,58837,53020,034

164,055

29,772

7,401

37,173201,228

412,034

Awards598,685

601,200

296,267

10,8181,506,970

9,667

146

9,813

1,516,783

885,347

Dues, books, license fees and subscriptions

15,431

16,02855,55820,206107,223

22,402

5,452

27,854135,077

87,623Training

13,806

21,2404,269

20,814

60,12933,010186

33,196

93,32584,712

Insurance

9,263

18,744

19,15917,04264,20884,1992,253

86,452

150,660

142,073

Taxes and penalties

11,78813,91813,605

6,715

46,026173,077

1,700

174,777

220,803

120,084

10,568,894

6,200,710

8,427,646

4,541,989

29,739,239

9,518,127

1,737,496

11,255,623

40,994,862

45,915,659

23,41819,55549,87415,020107,867

75,9095,879

81,788

189,655

397,764

Total expenses before
depreciation
Depreciation of equipment
Total expenses$

10,592,312$

6,220,265$

8,477,520$

4,557,009$

See notes to consolidated financial statements.

529,847,106$

9,594,036$

1,743,375$

11,337,411$

41,184,517$

46,313,423

Ashoka and Affiliates
Consolidated Statement of Cash Flows
Year Ended August 31, 2020
(With Comparative Totals for 2019)
Cash flows from operating activities:
Change in net assets
Adjustments to reconcile change in net assets to net cash
provided by operating activities:
Depreciation and amortization
Net realized and unrealized (gain) loss on investments
Bad debt expense
Decrease in allowance for uncollectible pledges(Decrease) increase in discount for pledge receivables
Contributions restricted for long-term investment
Changes in operating assets and liabilities:(Increase) decrease in:
Promises to give
Prepaid expenses and other assets
Increase (decrease) in:
Accounts payable and accrued expenses
Stipends payable
Net cash provided by operating activities

2020$

8,193,412

2019$

16,992,410

189,655(1,522,291)(62,962)(180,942)(228,886)

397,764
2,139,643
1,555,703(1,261,152)
52,903(1,085,000)

9,320,980(491,496)(18,564,157)
370,269(577,732)(1,001,361)
13,638,377

506,161(472,380)
632,164

Cash flows from investing activities:
Purchases of property and equipment
Purchases of investments
Proceeds from sales or maturity of investments
Net cash used in investing activities(329,857)(17,350,064)
6,805,614(10,874,307)(382,810)(1,244,509)
57,877(1,569,442)

Cash flows from financing activities:
Proceeds from the line of credit
Repayments to the line of credit
Collection of endowment fund support
Net cash provided by financing activities

7,500,000(7,500,000)
228,886
228,886

5,000,000(5,000,000)
1,085,000
1,085,000

Net increase in cash and cash equivalents

2,992,956

147,722

13,374,784

13,227,062

Cash and cash equivalents:
Beginning
EndingSupplemental disclosure of cash flow information:
Cash paid for interest

See notes to consolidated financial statements.

6$

16,367,740$

13,374,784$

54,723$25,480Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 1.

Nature of Activities

Nature of Activities: Ashoka and Affiliates (Ashoka) is a nonprofit organization headquartered in
Arlington, Virginia, with offices throughout the world. Ashoka is a nonprofit, publicly supported corporation
incorporated on June 3, 1980 under the laws of the District of Columbia. Ashoka envisions a global
community that responds quickly and effectively to social challenges, where everyone has the freedom,
confidence and societal support to address any societal problem and make change. This global
community spreads innovation and the desire to change, such that everyone finds within themselves thepotential to be changemakers.
Social entrepreneurs are the engines of change and role models for the citizen sector. Ashoka identifies
and invests in Leading Social Entrepreneurs (Fellows) – entrepreneurs working to achieve positive social
impact – supporting the individual, idea and institution through all phases of their career. Through Group
Entrepreneurship programs, Ashoka engages communities of entrepreneurs and develops patterns ofeffective collaborations that accelerate and spread social impact. Ashoka encourages the creation ofsustainable social solutions by developing New Architecture for the sector to support and accelerate
progress within the community. Systems include: access to social financing, bridges to business andacademic sectors and frameworks for strategic partnerships that deliver social and financial value.
Ashoka works to define and strengthen the field of social entrepreneurship through Idea Spread and
Education programs, including spreading the innovations of both individual social entrepreneurs andthose developed cooperatively among social entrepreneurs working on common or related problems. This
includes publications, professional training of social entrepreneurs in communications and Ashoka’s web
presence. Ashoka makes disbursements of funds in support of these objectives directly to individuals andgroups as well as through affiliated groups and its own regional and country branches in East Asia,
Southeast Asia, South Asia, Africa, South America, Mexico/the Caribbean Basin/Central America,
Europe, North America and Middle East/North Africa.
Affiliates: The accompanying consolidated financial statements include the operations of the followinginternational nonprofit affiliates that are represented by a controlling interest:
Ashoka Conosur Este
(Argentina)
Ashoka Indonesia
Ashoka Romania
Ashoka CEE (Austria)
Ashoka Nordics
Ashoka Sahel (Senegal)
Ashoka Italia
Ashoka Singapore and Malaysia
Ashoka Brazil
Ashoka Japan

Ashoka Southern Africa
Ashoka Canada
Ashoka East Africa (Kenya)
Ashoka Spain
Ashoka Chile
Ashoka Korea
Ashoka Colombia
Ashoka Mexico
Ashoka Switzerland
Ashoka Arab World (Egypt)
Ashoka Netherlands

Ashoka Thailand
Ashoka France
Ashoka West Africa (Nigeria)
Ashoka Turkiye (Turkey)
Ashoka Deutschland (Germany)
Ashoka Philippines
Ashoka UK
Ashoka Poland
Ashoka Venezuela
Ashoka India
Ashoka USA

Additionally, Ashoka is the sole member of Ashoka LLC. Accordingly, all financial activities of Ashoka LLC
have been consolidated with Ashoka. Ashoka LLC was incorporated in order to serve Ashoka donors in amore transaction-oriented way, as well as to raise funding without restrictions for Ashoka. Ashoka LLC isa disregarded entity for tax purposes.

7Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 1.

Nature of Activities (Continued)

Ashoka entered into an affiliation agreement with an affiliate, Get America Working! (GAW!), which is aseparately incorporated 501(c)(3) organization. The majority of funds raised for GAW! Come via Ashoka,
both from Ashoka donors or via efforts managed by Ashoka employees. GAW! has three board members,
each with the same voting rights. Two of these board members also serve on Ashoka’s board, and thethird is an employee of Ashoka. Accordingly, all financial activities of GAW! have been consolidated with
Ashoka.
Ashoka has entered into an affiliation agreement with Youth Venture, Inc. (Youth Venture), a separately
incorporated 501(c)(3) organization. The mission of Youth Venture is to assist disadvantaged urban
youths with the establishment and operation of business and civic projects, so as to instill in the youths anentrepreneurial spirit and to develop community ties. There are programmatic overlaps between Ashoka
and Youth Venture, including sharing of staff and resources. Two of the four board members also serveon Ashoka’s board, and one of these overlapping board members casts the deciding vote in the event ofa tie vote. Accordingly, all financial activities of Youth Venture have been consolidated with Ashoka.
Note 2.

Significant Accounting Policies

A summary of Ashoka’s significant accounting policies follows:
Principles of consolidation: The accompanying consolidated financial statements include the accountsof Ashoka and its affiliates. All inter-entity transactions between Ashoka and its affiliates have been
eliminated in consolidation.
Adoption of recent accounting pronouncement: In June 2018, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958):
Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.
This ASU clarifies the guidance for evaluating whether a transaction is reciprocal (i.e., an exchangetransaction) or nonreciprocal (i.e., a contribution) and for distinguishing between conditional andunconditional contributions. The ASU also clarifies the guidance used by entities other than nonprofits to
identify and account for contributions made. The ASU has different effective dates for resource recipientsand resource providers. Where Ashoka is the resource recipient, the ASU is applicable to contributions
received for annual periods beginning after December 15, 2018. Where Ashoka is a resource provider,
the ASU is effective for annual periods beginning after December 15, 2019. Early adoption is permitted.
Ashoka adopted this ASU during 2020. As a result of adopting this standard, this guidance is applied on amodified prospective basis, meaning there is no cumulative-effect adjustment reflected in the opening
balance of net asset. There was no material impact to the consolidated financial statements as a result of
this adoption.

8

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 2.

Significant Accounting Policies (Continued)

Basis of presentation: Ashoka reports information regarding its financial position and activities
according to two classes of net assets: with donor restrictions and without donor restrictions.
Net assets, support, and revenue are classified based on the existence or absence of donor-imposed
restrictions. Accordingly, net assets and changes therein are classified and reported as follows:
Net assets without donor restrictions: Represent funds that are not restricted by donor-imposed
stipulations. Certain amounts have been designated by Ashoka’s Board to function as an endowment.
Net assets with donor restrictions: Result from unconditional contributions whose use is limited bydonor-imposed stipulations. Net assets with donor restrictions may be temporary in nature for various
purposes, such as use in future periods or use for specified purposes. When a restriction is fulfilled, net
assets with donor restrictions are reclassified to net assets without donor restrictions and reported in the
consolidated statement of activities as assets released from restrictions. Net assets with donor restrictions
may be permanent in nature whose use is limited by donor-imposed stipulations that neither expire bypassage of time nor can be fulfilled or otherwise removed by Ashoka’s actions. The donors of theseassets permit Ashoka to use the income and gains earned on related investments for operations or for
specific purposes stipulated by donors.
Cash and cash equivalents: Cash consists of balances in interest-bearing and non-interest-bearing
accounts as well as demand deposits. Cash equivalents consist of highly liquid investments, with original
maturities of 91 days or less.
Cash held in international offices primarily represents cash in foreign bank accounts that will be used forprogram activities. Cash held in international offices includes both cash advanced to field offices byheadquarters and cash disbursed directly to field offices by donors.
Investments: Investments are carried at estimated fair value in the accompanying consolidated
statement of financial position. Unrealized gains and losses are recorded in the accompanying
consolidated statement of activities as a component of investment income. Dividend and interest income
is recorded as earned. Donated securities are recorded at their fair value at the date of donation.
Concentration of credit and market risk: Ashoka maintains its cash and cash equivalents in variousbank accounts and money market funds that, at times, may exceed federally insured limits. Ashoka’s
cash and cash equivalent accounts are placed with high credit quality financial institutions. Ashoka had$14,626,892 in foreign accounts, some of which are not insured as of August 31, 2020. Ashoka has notexperienced, nor does it anticipate, any losses in such accounts.
Ashoka’s endowment investment committee invests in a professionally managed portfolio that contains
various securities which are exposed to various risks, such as market, interest and credit. Due to the levelof risk associated with such investments and the level of uncertainty related to changes in the value ofsuch investments, it is at least reasonably possible that changes in risks in the near-term could materiallyaffect investment balances and the amounts reported in the consolidated financial statements.

9

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 2.

Significant Accounting Policies (Continued)

Contributions and promises to give: Ashoka records unconditional promises to give as a receivable
and revenue when donors make a promise to give. Contributions received are classified as net assets
with or without donor restrictions depending on the existence or nature of any donor restriction.
Unconditional promises to give that are expected to be collected in future years are recorded at thepresent value of the estimated future cash flows. The discounts on outstanding pledges are computed
using a risk-adjusted rate applicable to the years in which the promises are received. Amortization of the
discounts is included within contribution revenue in the accompanying consolidated statement ofactivities. Conditional promises to give are not included as support until the conditions are substantiallymet.
Ashoka determines whether an allowance for uncollectible pledges should be provided for outstanding
pledges receivable. Such estimates are based on management’s assessment of the aged basis ofreceivables, current economic conditions, subsequent cash receipts and historical information.
Receivables are written off against the allowance for uncollectible pledges when all reasonable collection
efforts have been exhausted. The allowance for uncollectible pledges was $50,078 at August 31, 2020.
Contributions include in-kind gifts that consist of goods and services provided by various organizations
related to Ashoka’s mission as well as in the fields of law, publications, television and strategic planning.
The in-kind contributions are recorded at their fair value as of the date the goods or services are provided.
In-kind contributions were $3,161,179 for the year ended August 31, 2020.
During the year ended August 31, 2020, Ashoka received a total of $1,585,600 as part of the Payroll
Protection Plan (PPP) funds, from the U.S. Small Business Administration (SBA) in April 2020 to support
U.S. based salaries. The amount received was recognized as a liability until conditions were met.
$1,585,600 is included as unrestricted revenue for the year ended August 31, 2020 in the consolidated
statements of activities as all conditions were met and funds were forgiven in 2021.
Property and equipment: Property and equipment are recorded at cost or, in the case of donated items,
at fair value as of the date of acquisitions, less accumulated depreciation. Ashoka capitalizes assets thatcost more than $500 and have an estimated useful life greater than one year. Purchases with anacquisition cost of less than $500 or a useful life of less than one year are expensed in the year ofpurchase and allocated to functional areas based upon actual usage. Depreciation of assets is provided
based upon the estimated useful lives of the assets (5 to 10 years) using the straight-line method.
Leasehold improvements are amortized over the shorter of the lease term, inclusive of expected
renewals, or the estimated useful lives of the assets. Software implementation costs are amortized over a
10-year period.
Valuation of long-lived assets: Ashoka reviews long-lived assets for impairment whenever events orchanges in circumstances indicate that the carrying amount of an asset may not be recoverable.
Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset tofuture undiscounted net cash flows expected to be generated by the asset. If such assets are considered
to be impaired, the impairment to be recognized is measured by the amount by which the carrying
amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of arereportable at the lower of the carrying amount or fair value, less costs to sell.
Stipends payable: Ashoka makes unconditional commitments to support new and existing Fellows forperiods ranging from one to four years. The total commitment to senior Fellows, Fellows, associates andaffiliates elected was $5,374,521 as of August 31, 2020.

10

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 2.

Significant Accounting Policies (Continued)

Functional allocation of expenses: The costs of providing Ashoka’s various programs and supporting
services have been summarized on a functional basis in the consolidated statement of activities. Direct
costs associated with specific programs are recorded as program expenses. Certain expenses areallocated among the programs and supporting services benefited in the consolidated statement offunctional expenses and statement of activities. Those expenses include depreciation, rent, information
technology, and leadership team cost which are allocated based on a weighted average of global
program salaries. Remaining management and general expenses are unallocated in the consolidated
statement of activities.
Foreign currency translation and transactions: The functional currency of Ashoka is the U.S. dollar.
Gains and losses resulting from translations of foreign currencies into U.S. dollars are recognized as anonoperating activity in the consolidated statement of activities. Where local currencies are used, assets
and liabilities are translated into U.S. dollars at the consolidated statement of financial position date at theexchange rate in effect at year-end. Translation gains amounted to $1,174,233 for the year ended
August 31, 2020.
Use of estimates: The preparation of consolidated financial statements, in conformity with generally
accepted accounting principles, requires management to make estimates and assumptions that affect thereported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenue and expenses during the reporting period.
Actual results may differ from those estimates.
Income taxes: Ashoka, GAW! and Youth Venture are all recognized as non-profit organizations and are
exempt from income tax under the provisions of section 501(c)(3) of the Internal Revenue Code (IRC). In
addition, Ashoka, Get America Working! and Youth Venture have been determined by the Internal
Revenue Service not to be a private foundation.
Ashoka has obtained similar tax status under the laws of the many other countries where it works andoperates. Ashoka is subject to unrelated business income taxes under Section 512 of the IRC; however,in the opinion of management, no provision for income taxes is required to be made.
Management evaluated Ashoka’s tax positions and concluded that Ashoka had taken no uncertain tax
positions that require adjustment to the consolidated financial statements to comply with the provisions of
the accounting standards on accounting for uncertainty in income taxes.
Reclassifications: Certain items in the 2019 summarized comparative information have been reclassified
to conform with the current year presentation. These reclassifications had no effect on previously reportedchange in net assets or net assets.

11

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 2.

Significant Accounting Policies (Continued)

Recent accounting pronouncements: In May 2014, the FASB issued ASU 2014-09, Revenue fromContracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it
expects to be entitled for the transfer of promised goods or services to customers. The updated standard
will replace most existing revenue recognition guidance in generally accepted accounting principles in the
United States of America when it becomes effective and permits the use of either a full retrospective or
retrospective with cumulative effect transition method. In August 2015, the FASB issued ASU 2015-14,
Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred theeffective date of ASU 2014-09 one year. In June 2020, the FASB issued ASU 2020-05, Revenue fromContracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, further
delaying the effective date an additional year, making it effective for annual reporting periods beginning
after December 15, 2019. Management is currently evaluating the effect that the standard will have on its
consolidated financial statements.
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance in this ASU
supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required torecognize lease assets and lease liabilities on the consolidated statement financial position for all leases
with terms longer than 12 months. Leases will be classified as either finance or operating, withclassification affecting the pattern of expense recognition in the consolidated statement of activities. In
June 2020, the FASB issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) andLeases (Topic 842): Effective Dates for Certain Entities, which defers the effective date an additional
year, making it effective for annual reporting periods beginning after December 15, 2021. A modified
retrospective transition approach is required for lessees for capital and operating leases existing at, or
entered into after, the beginning of the earliest comparative period presented in the consolidated financial
statements, with certain practical expedients available. Management is currently evaluating the impact ofthe pending adoption of the new standard on its consolidated financial statements.
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure
Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The ASU results in
the removal, modification and addition of certain disclosure requirements related to transfers between
levels within the fair value hierarchy, valuation processes and unrealized gains/losses presentation forLevel 3 measurements, and liquidation timing for investments held at net asset value. The changes in thisASU should generally be applied on a retrospective basis in the year that the ASU is first applied except
for the changes related to Level 3 measurements, which should be applied prospectively. ASU 2018-13 iseffective for fiscal years, and interim period within those fiscal years, beginning after December 15, 2019.
Management is currently evaluating the impact of this ASU on its consolidated financial statements.
In September 2020, the FASB issued ASU 2020-07, Not-for-Profit Entities (Topic 958): Presentation andDisclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets, which requires a nonprofit entity
to present contributed nonfinancial assets in the consolidated statement of activities as a line item that is
separate from contributions of cash or other financial assets. ASU 2020-07 also requires additional
qualitative and quantitative disclosures about contributed nonfinancial assets received, disaggregated bycategory. This guidance is effective for fiscal years beginning after June 15, 2021, and for interim periods
within annual periods beginning after June 15, 2022. Management is currently evaluating the impact of
this ASU on its consolidated financial statements.
Subsequent events: Ashoka evaluated subsequent events through September 3, 2021, which is thedate the consolidated financial statements were available to be issued.

12

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 3.

Promises to Give

Unconditional promises to give expected to be collected within one year are recorded at their net
realizable value. Those expected to be collected in future years are recorded at the present value of
estimated future cash flows. The present value of estimated future cash flows has been measured
utilizing a rate of return in the appropriate period during which the outstanding promises are expected tobe collected. A discount rate of 2.0% was used for fiscal years ended August 31, 2020.
Unconditional promises to give as of August 31, 2020 are due as follows:
Within one year
Two to five years
Gross pledges receivable
Allowance for uncollectible pledges
Discount to present value
Net pledges receivable

Note 4.

$ 18,125,510
9,838,782
27,964,292(50,078)(122,386)$ 27,791,828

Investments and Fair Value Measurements

As of August 31, 2020, the fair value of investments were as follows:
Cash and money market funds
Certificates of deposit
Equities
Mutual funds
Exchange traded funds
Real estate investment trusts
Corporate bonds
U.S. government agency securities
U.S. treasuries$

4,489,790
9,623,504
7,424,284
6,071,613
2,192,175
88,036845,949
77,836
4,498,477$ 35,311,664

Investment income (loss) for the year ended August 31, 2020, consists of the following:

Realized and unrealized gain, net
Interest and dividends
Investment management fees$$

1,522,291
961,258(3,442)2,480,107

The Accounting Standards Codification (ASC) Topic on Fair Value Measurement establishes a framework
for measuring fair value in accordance with U.S. GAAP, and expands disclosures about fair market value
measurements. This enables the reader of the financial statements to assess the inputs used to develop
those measurements by establishing a hierarchy for ranking quality and reliability of the information used
to determine fair value.

13

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 4.

Investments and Fair Value Measurements (Continued)

The provision applies to all assets and liabilities that are being measured and reported on a fair value
basis, and are disclosed in one of the following three categories:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market-based inputs or unobservable inputs corroborated by market data
Level 3: Unobservable inputs that are not corroborated by market data.
In determining the appropriate levels, Ashoka performs a detailed analysis of the assets and liabilities thatare subject to the Fair Value Measurement Topic. At each reporting period, all assets and liabilities forwhich the fair value measurement is based on significant unobservable inputs are classified as Level 3.
There were no Level 3 inputs for any assets held by Ashoka at August 31, 2020.
The methods described above may produce a fair value calculation that may not be indicative of net
realizable value or reflective of future fair values. Furthermore, while Ashoka believes its valuation
methods are appropriate and consistent with other market participants, the use of different methodologies
or assumptions to determine fair value of certain financial instruments could result in a different fair value
measurement at the reporting date.
The table below present the balances of assets measured at fair value on a recurring basis by level within
the hierarchy as of August 31, 2020:
Investments:
Cash and money market funds
Certificates of deposit
Equities
Mutual funds
Exchange traded funds
Real estate investment trusts
Corporate bonds
U.S. government agency securities
U.S. treasuries

Note 5.

Level 2

Level 1$

4,489,790
7,424,284
6,071,613
2,192,175
88,036
4,498,477$ 24,764,375$

9,623,504
845,949
77,836$ 10,547,289

Level 3
$

$

Total
-

$

4,489,790
9,623,504
7,424,284
6,071,613
2,192,175
88,036845,949
77,836
4,498,477$ 35,311,664

Property and Equipment, Net

Property and equipment as of August 31, 2020, are comprised of the following:
Furniture and equipment
Leasehold improvements
Software$899,931
169,708
2,268,407
3,338,046(1,867,655)$ 1,470,391

Less accumulated depreciation and amortization

Depreciation and amortization expense was $189,655 for the year ended August 31, 2020.

14

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 6.

Line of Credit

In 2011, Ashoka entered into a $12,000,000 line of credit agreement with a bank which bears interest at a
fixed rate and variable rate equal to the London Interbank Offered Rate (LIBOR) for deposits having amaturity of 30 days, adjusted daily plus the percentage rate spread. The line of credit is secured by
Ashoka’s investment accounts. At August 31, 2020, the line of credit has no outstanding balance. Total
interest expense for the year ended August 31, 2020 was $54,723.
Note 7.

Net Assets With Donor Restrictions

Net assets with donor restrictions are available for the following purposes or periods at August 31, 2020:
Leading social entrepreneurship
Empathy and young changemaking
Organizing for changemaking
Idea spread and framework change
Fundraising
Other restricted use
Endowment funds in perpetuity:
Social entrepreneurs within emerging market countries
Fellows
Fellows within a specific country
Fellows who are women
Fellows for education and social development
Fellows for health and hunger
Fellows for the environment
Fellows for justice and peace
General purpose$ 18,223,297
3,173,174
4,668,031
4,777,247
1,263,493
6,595,005
1,089,999
733,340
340,818
228,238
647,619
235,842
151,334
841,898
23,017,171$ 65,986,506

Net assets were released from donor restrictions during the year ended August 31, 2020, by incurring
expenses satisfying the restricted purposes as follows:
Leading social entrepreneurship
Empathy and young changemaking
Organizing for changemaking
Idea spread and framework change
Fundraising
Other restricted use
Total restrictions released$

6,680,920
4,438,683
4,478,830
1,967,577
805,719
4,778,520$ 23,150,249

15

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 8.

Endowments

Ashoka is building an endowment and now has 43 specific endowments that together totaled$27,286,259 and $24,597,317 on August 31, 2020 and 2019, respectively. The individual endowments
typically are given by individuals or institutions to ensure permanent support in an area of concern to thedonor and commonly are named to honor someone of the donor’s choosing. The endowment is important
to Ashoka for two reasons:•

Ashoka’s work supporting the people and ideas most critical to society’s ability to change andadapt, is a permanent one. The issues will change but not the need for social entrepreneurs.

•

Since Ashoka’s average commitment to the social entrepreneurs it helps launch is for three years
whereas most contributions are for one year, it needs the funding stability the endowment
provides.

The Amaterasu Endowment: For the support of women Fellows working outside the Americas in theareas of women’s reproductive rights, women’s empowerment or sustainable community.
The Henry Beal Endowment: In memory of Henry Beal, a founding friend of Ashoka and an inspired
national environmental leader. For environment issues and HIV/AIDS.
The E. Noel Bergere Endowment: In memory of Noel Bergere who, crippled by polio at three years old,became Master of the High Court and a leader of the disabled. For supporting a Fellow who ishandicapped and/or whose work relates either to education or the law.
The Joan Bergere Endowment: In memory of Joan Bergere, a loving parent and a citizen of the world withbroad interests. Joan Bergere came to America as a young musician and later helped other young
musicians get their key career openings and first major New York City public concerts.
The Benjamin and Anne Bloom Endowment: In memory of Ben Bloom, who was a successful lawyer andbusinessman as well as the son of immigrant parents. To honor his desire to provide opportunities for
those who are willing to work hard but need a chance in life. Without donor restrictions.
The Columbia Ashoka Fellowships I and II: The Columbia Foundation created two endowments to enable
Ashoka to elect more women as Fellows.
The C.M. Cresta Fund: The C.M. Cresta Fund was established in 1986. The endowment contains norestrictions.
The Padma Rag Datta Endowment: Established In memory of Dr. Padma Rag Datta and his father,
Parasuram Datta, by their family to continue their legacy and allow Ashoka Fellows to find their own paths
to the simple and profound acts that make a difference.
The Sarah Dunbar Endowment: Sarah Dunbar had an enduring concern for downtrodden people whoseenvironment had been destroyed or reduced by modern times, especially war and industry, and a passion
for maintaining a people-friendly environment.
The General Endowment Fund for Ashoka: The General Endowment for Ashoka was established in 1998
from numerous individual contributions. Without donor restrictions.
The Ashoka Endowment Fund B: In late 1999 and early 2000, Ashoka received a major anonymous
endowment gift. No restrictions.
16

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 8.

Endowments (Continued)

The Michael Fein Honorary Endowment: In memory of Michael Fein and his ability to touch so many lives.
He was very passionate about the social enterprises that Ashoka fulfilled.
The Maurice Fitzgerald Ashoka Fellowship: Maurice Fitzgerald taught in the Philippines after the Spanish
American War. For a teaching and education fellowship.
The John and Eleanor Forrest Fellowship: Established in 1986, this endowment contains no restrictions.
The Fort Hill Endowment Fund: The Fort Hill Endowment was established in 1993. No restrictions.
The Fox Peace Endowment: Inspired by the Peace Testimony articulated by George Fox in 1651 and by
the commitment of Tom Fox, who was killed in Iraq in 2006, while serving as a witness for peace. For
identifying and launching social entrepreneurs dedicated to the development of structure, conditions andcommunities that nurture peace.
The Buckminster Fuller Ashoka Fellowship: For Fellows working to alleviate hunger in South Asia.
The Sanjoy Ghose Endowment: This endowment is a tribute to the work and sacrifice that Ashoka Fellow
Sanjoy Ghose made in building a culture of volunteerism and a sense of citizen responsibility among theyouth in India’s northeastern state of Assam. Without donor restrictions.
William T. Golden Ashoka Endowment: Bill Golden helped launch Ashoka in 1980 and was a close
partner, advisor and endowment trustee for over three decades. In common with Ashoka, Bill brought
opportunity to people with ideas for highly constructive ends.
The James P. Grant Ashoka Endowment: Named for the late Executive Director of the UNICEF andcreated by his friends, colleagues and family to “continue his life’s work and world vision” of supportingsocial development among children and the disadvantaged.
Harding Innovation Fund: Dedicated to funding innovation at Ashoka, in memory of John and Judy
Harding, who encouraged and supported innovation throughout Ashoka’s history.
The Jeroen Hehuwat Endowment: In memory of Jeroen Hehuwat who lost his life in a landslide causedby an earthquake while hiking in Nepal’s Langtang Valley. For Ashoka Fellows and Youth Venturers inIndonesia.
The Albert O. Hirschman Fellowship: Given to honor Professor Hirschman’s long leadership in the field ofpractical, grassroots development. Without donor restrictions.
The Jimmy Hopkins Fellowship: Jimmy Hopkins was a Judge in the New York State Supreme Court,
Appellate Division. Created for a Fellow in the legal or judicial arena.
The Harris and Eliza Kempner Fund Ashoka Fellowship: For support of Fellows working in Mexico.
The Abdul Waheed Khan Memorial Endowment: In memory of Abdul Waheed Khan, an Ashoka Fellow inPakistan who was assassinated in 2013 following death threats for his work in education in poor
communities.
The Martin Klitzner Endowment: Marty Klitzner was a loved and respected man in the financial
community. Known for his integrity, the endowment hopes to reverse greed and excesses in the financial
community in Marty’s honor.
17

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 8.

Endowments (Continued)

Svayam Krishi Endowment: The Svayam Krishi Endowment was created to support social entrepreneurs
and changemakers to build models for sustainable villages and self-reliance among villagers and to
spread the models across villages in India.
The W. Arthur Lewis Ashoka Fellowship: Given to honor Professor Lewis’s remarkably broad
contributions to our understanding of development and of key areas of the world. Without donor
restrictions.
The Mack Lipkin Sr. Memorial Endowment: In memory of Dr. Mack Lipkin, a leader in the medical
profession and a founding friend to Ashoka. For innovations in the effectiveness and humane quality ofhealthcare.
The Jan Schmidt Marmor Endowment: In memory of Jan Marmor, a fine poet and artist and a close friend
to Ashoka from its launch.
The Francisco “Chico” Mendes Endowment: In memory of Chico Mendes, a friend and early Ashoka
Fellow, who created a grassroots approach to organizing in the Amazon basin. Preferred use forgrassroots work and environmental issues, though the endowment carries no restrictions.
The Helen Meresman Fellowship: In memory of Helen Meresman, the personification of breaking
boundaries with determination, grace and charm. Without donor restrictions.
The Jawaharlal Nehru Endowment: In memory of the first prime minister in India, Jawaharlal Nehru.
Without donor restrictions.
The Nguyen-Phuong Family Endowment: Dedicated to supporting social entrepreneurs who operate inemerging markets; a permanent symbol of the family’s keen commitment to social services in thedeveloping world.
The Jacob H. Oxman Memorial Fund: In memory of Dr. Jacob H. Oxman, a devoted husband and father,and a kind, caring, generous and principled man. Without donor restrictions.
Diane Pierce Phillips Ashoka Fellowship Endowment: Diane Pierce Phillips led an exemplary life of
spiritual integrity and servant leadership. Without donor restrictions.
The Eiler Ravnholt Ashoka Endowment: In memory of Eiler Ravnholt, a dedicated public servant andactive citizen, generous with his time, voice and heart. Funds devoted to social justice.
The Daniel Saks Ashoka Fellowship: In memory of Daniel Saks, one of Ashoka’s earliest creators
beginning in 1963, and a leader in changing U.S. employment policies. For creating work opportunities forthe poor or otherwise disadvantaged.
The Morton Sand Memorial Endowment: Mort Sand, long a highly successful business entrepreneur,turned his energy and creativity to solving society’s ills over his last decades. Although it is without donor
restrictions, the Endowment will give priority to enabling disadvantaged young people throughopportunities in business.
The Richard H. Ullman Endowment: In memory of Dick Ullman, a man who deeply cared about the
wellbeing of others. He intuitively knew why the Ashoka Fellows are so powerful, and he recognized theimportance of supporting them.
18

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 8.

Endowments (Continued)

The Father Eugene Watrin Endowment: In memory of Father Watrin, a remarkable educational founderand builder for over 50 years in Nepal and Ashoka’s volunteer representative there for our first 15 years.
For the support of Fellows working in Nepal.
The Ibrahim Sobhan Endowment: In memory of Muhammed Ibrahim Sobhan, the first Ashoka Fellow in
Bangledesh. He launched the innovative Association for School Based Education (ASBE) to improve rural
primary education for Bangladeshi children attending government, non-government and community
schools.
Ashoka has consistently promised endowment donors and its broader constituencies that it will maintainthe real (inflation-adjusted) value of endowment gifts. (This is one of the reasons the board put control in
the hands of separate endowment trustees.) This is both a contractual obligation and Ashoka policy.
Moreover, management has interpreted the Uniform Prudent Management of Institutional Funds Act of2006 (UPMIFA) as requiring the preservation of the fair value of original donor cash-restricted
contributions as of the date of the gift, absent explicit donor stipulations to the contrary. In adhering to
Ashoka’s longstanding policy and its commitment to its endowment donors, in addition to following thisinterpretation of UPMIFA, Ashoka classifies as donor-restricted net assets that are permanent in nature
the original value of the perpetually restricted contributions plus whatever adjustment for inflation isnecessary to maintain the original whole value. Any amount above the inflation-adjusted real value of theendowments are classified as donor-restricted net assets until those amounts are appropriated for
expenditure in a manner consistent with the standard prudence prescribed by UPMIFA.
In accordance with UPMIFA, Ashoka considers the following factors in making a determination toappropriate or accumulate donor-restricted cash contributions:•

The purpose of Ashoka and donor-restricted endowment fund•

The duration and preservation of the fund•

General economic conditions•

The possible effect of inflation and deflation•

The expected total return from income and the appreciation of investments•

Other available financial resources•

Investment policies

All earnings from the donor-restricted endowment funds are reflected as net assets with donor
restrictions, until appropriated for program expenditures.
Ashoka’s endowment consists of individual endowments established over many years for a variety of
purposes. The endowment includes permanent endowments, as well as funds without donor restrictions
designated by the Board of Trustees to function as an endowment. The endowment is managed by theEndowment Trustees, and they shall be responsible for the maintenance, investment and preservation of
the funds.
Ashoka maintains donor-restricted and board-designated funds whose purpose is to provide long-term
support for programs. In classifying such funds for financial statement purposes as either net assets withor without donor restrictions, the Endowment Trustees looks to the explicit directions of the donor whereapplicable and the provisions of the law. The intent is that these funds are to be conservatively invested
to minimize unrealized losses. It is the intent of the Board of Trustees that income shall not be withdrawn
but remain for future growth, therefore spending for these funds are determined by the Endowment
Trustees on an annual basis.
19

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 8.

Endowments (Continued)

Ashoka’s endowment funds consist of the following at August 31, 2020:

Donor-restricted endowment funds$$

Without
Donor
Restrictions

2020
With
Donor
Restrictions

Total

-

$ 27,286,259$ 27,286,259$ 27,286,259$ 27,286,259

Return Objectives and Risk Parameters
Ashoka has adopted investment and spending policies for endowment assets that attempt to provide a
stream of returns that would be utilized to maintain the purchasing power of the endowment assets andwith the Endowment Trustees consent, to fund various programs. Endowment assets include thoseassets of donor-restricted funds that Ashoka must hold in perpetuity or for a donor-specified period(s) as
well as board-designated funds. Under this policy, as approved by the Endowment Trustees, theendowment assets are invested in a manner that is intended to produce results that exceed the price andyield results of the relevant market indices while assuming a moderate level of investment risk. Ashoka
expects its endowment funds, over time, to provide an average rate that will keep pace with or exceed
inflation annually. Actual returns in any given year may vary from this amount.
Strategies Employed for Achieving Objectives
To satisfy its long-term rate-of-return objectives, Ashoka relies on a total return strategy in whichinvestment returns are achieved through both capital appreciation (realized and unrealized) and current
yield (interest and dividends). Ashoka targets a diversified asset allocation that places a greater emphasison equity-based investments to achieve its long-term return objectives within prudent risk constraints.
Spending Policy
The overall goal for Ashoka’s board-designated funds is to preserve the real (inflation adjusted) capitalbase and, over time, to cause the total value of funds to appreciate, exclusive of growth derived fromdonations.
Endowment fund activity for the year ended August 31, 2020, consists of the following:

Endowment net assets, August 31, 2019
Interest and dividends
Net appreciation (realized and unrealized)
Contributions
Appropriation for expenditure
Investment fees
Endowment net assets, August 31, 2020

$

$

20

Without
Donor
Restrictions

With
Donor
Restrictions

Total

-

$ 24,597,317
943,471
1,519,952
228,886(3,367)$ 27,286,259$ 24,597,317
943,471
1,519,952
228,886(3,367)$ 27,286,259

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 9.

Stipends Payable

Stipends payable at August 31, 2020, were as follows:
Prior year Fellows
New Fellows and extensions in 2020$$

GlobalAsia
AfricaSouth America
Central America
North America
EuropeNote 10.

$$

3,057,054
2,317,467
5,374,521
2,970,361
601,026
135,552
136,053
113,157
150,006
1,268,366
5,374,521

Lease Obligations

Ashoka has negotiated operating leases for office space across different countries with varying tenures.
The minimum future lease payments under the terms of these operating leases are as follows:
Years ending August 31:
2021
2022
2023

$
$

1,298,248
159,418
43,492
1,501,158

Rental expense for the year ended August 31, 2020 was $1,662,405.
Note 11.

Retirement Plan

Ashoka operates a 403(b) retirement plan in the US-based Global office and statutory based retirement
plans in four country offices: Germany, Argentina, Sahel (Senegal) and India. Effectively all employees ofthese offices are eligible to participate. No match is provided under the US-based Global office plan.
Matching for the other four offices is provided as required by law. Total expenses and matching costs
under the plan were minimal for the year ended August 31, 2020.
Note 12.

Commitments Budget (Unaudited)

Ashoka commits to provide financial support to its Fellows for an average of three years. It therefore
budgets for that average three-year commitment and tries to keep outlays plus commitments balanced byincome plus future pledges. The unaudited Commitment Budget reflects as expenses the full newcommitments made to the Fellows elected in the current year, including several much smaller multiyear
commitments, plus all other payments made in that year only.
Ashoka uses this unaudited Commitments Budget as the basis of its management and planning. Ashoka
believes that the organization must raise as much each year as it spends and commits to spend. This
Commitment Budget is managed on a worldwide basis, inclusive of all Ashoka affiliates.

21

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 12.

Commitments Budget (Unaudited) (Continued)

During the fiscal years ended August 31, 2020, 2019 and 2018, Ashoka spent (not including payments toFellows committed to and funded in prior years) and committed (to new Fellows) $36,929,000,$40,085,000 and $38,399,000. Ashoka raised (new donations received for the current year, distributed
endowment income, and certain net assets that Ashoka’s Board of Directors requested not be counted
entirely in the year they were raised) $40,477,450, $42,458,013 and $38,155,799 for those years,
respectively. Ashoka's utilization of commitments budget allowed it to grow its board spread, or surplus,
into future years.
Note 13.

Liquidity

Ashoka regularly monitors liquidity required to meet its annual operating needs and other contractual
commitments while also striving to maximize the return on investment of its funds not required for annual
operations. Financial assets available for general expenditure, this is, without donor or other restrictions
limiting their use, within one year of the consolidated statement of financial position date, comprise thefollowing:$ 16,367,740
27,791,828
35,311,664
79,471,232

Cash and cash equivalents
Promises to give, net
Endowment investments
Less those unavailable for general expenditure within one year due to:Contractual or imposed restrictions:
Investments held for net assets with donor restrictions
Financial assets available to meet cash needs forgeneral expenditures within one year

(65,986,506)$ 13,484,726

Ashoka various sources of liquidity at its disposal, including cash and investments. As part of liquidity
management, Ashoka invests cash in excess of daily requirements in short-term investments. Ashoka
assesses its operating budget and cash flow projections monthly to monitor the availability of resources tosupport operations.
Note 14.

COVID-19

The continued global pandemic in 2020 has created substantial volatility in financial markets and theeconomy, including the geographical areas in which Ashoka operates. While Ashoka has mitigated thefinancial impact to its business, it is unknown how long these conditions will last. Accordingly, there could
be further negative impact to operations, the extent to which will depend on future developments, which
are highly uncertain and cannot be predicted, and as such cannot be determined.

22