Ashoka and Affiliates
Consolidated Financial ReportAugust 31, 2022

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
AshokaOpinionWe have audited the consolidated financial statements of Ashoka and Affiliates (collectively, Ashoka),which comprise the consolidated statement of financial position as of August 31, 2022, the related
consolidated statements of activities, functional expenses and cash flows for the year then ended, andthe related notes to the consolidated financial statements (collectively, financial statements).
In our opinion, the financial statements referred to above present fairly, in all material respects, thefinancial position of Ashoka as of August 31, 2022, and the changes in their net assets and their cash
flows for the year then ended in accordance with accounting principles generally accepted in the UnitedStates of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica (GAAS). Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report. We are required to be
independent of Ashoka and to meet our other ethical responsibilities, in accordance with the relevant
ethical requirements relating to our audit. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements inaccordance with accounting principles generally accepted in the United States of America, and for thedesign, 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.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about Ashoka’s ability to continue as agoing concern within one year after the date that the financial statements are issued or available to beissued.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect amaterial misstatement when it exists. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentionalomissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment
made by a reasonable user based on the financial statements.

1

In performing an audit in accordance with GAAS, we:

Exercise professional judgment and maintain professional skepticism throughout the audit.



Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements.

Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of Ashoka’s internal control. Accordingly, no such opinion is expressed.



Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of thefinancial statements.

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, thatraise substantial doubt about Ashoka’s ability to continue as a going concern for a reasonable periodof time.

We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.
Report on Summarized Comparative Information
We have previously audited Ashoka’s 2021 financial statements, and we expressed an unmodified audit
opinion on those audited financial statements in our report dated October 7, 2022. In our opinion, thesummarized comparative information presented herein as of and for the year ended August 31, 2021, isconsistent, in all material respects, with the audited financial statements from which it has been derived.

McLean, Virginia
September 26, 2023

2

Ashoka and Affiliates
Consolidated Statement of Financial Position
August 31, 2022
(With Comparative Totals for 2021)
2022

2021

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

Total assets

20,651,103
30,446,471
49,685,691
1,397,767
1,028,965$

18,317,112
28,640,487
58,364,355
1,760,708
908,244$ 103,209,997$ 107,990,906$$

Liabilities and Net Assets
Liabilities:
Accounts payable and accrued expenses
Stipends payable
Total liabilities

2,109,468
4,781,197
6,890,665

1,102,195
6,987,162
8,089,357

Commitments and contingencies (Notes 6, 10 11, 12 and 13)
Net assets:
Without donor restrictions
With donor restrictions
Total net assets
Total liabilities and net assets

See notes to consolidated financial statements.

3

25,267,739
71,051,593
96,319,332

21,603,631
78,297,918
99,901,549$ 103,209,997$ 107,990,906

Ashoka and Affiliates
Consolidated Statement of Activities
Year Ended August 31, 2022
(With Comparative Totals for 2021)

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

Without
Donor
Restrictions

2022
With
Donor
Restrictions

Total

18,486,120
2,686,739
300,000
2,408,370
26,962,465
50,843,694$ 27,187,586(4,086,397)(26,962,465)(3,861,276)$ 45,673,706
2,686,739(3,786,397)
2,408,370
46,982,418

2021
Total
$

53,117,878
5,062,784
10,984,348
1,187,882
70,352,892

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

12,168,208
5,500,403
10,969,277
4,889,896
33,527,784-

12,168,208
5,500,403
10,969,277
4,889,896
33,527,784

13,022,968
4,046,516
10,075,359
4,912,426
32,057,269

Supporting services:Management and generalFundraising
Total supporting services

11,174,971
1,026,096
12,201,067-

11,174,971
1,026,096
12,201,067

13,409,608
1,319,406
14,729,014

Total expenses

45,728,851-

45,728,851

46,786,283

Change in net assets before (loss) gain on translation

5,114,843(3,861,276)

1,253,567

23,566,609(Loss) gain on translation of affiliate net assets
Change in net assets(1,450,735)
3,664,108(3,385,049)(7,246,325)(4,835,784)(3,582,217)

102,037
23,668,646

Net assets:
Beginning

21,603,631

78,297,918

99,901,549

76,232,903

25,267,739$ 71,051,593$ 96,319,332

Ending$See notes to consolidated financial statements.

4$

99,901,549

Ashoka and Affiliates
Consolidated Statement of Functional Expenses
Year Ended August 31, 2022
(With Comparative Totals for 2021)
2022
Program Services

Salaries

Leading

Empathy andOrganizing

Idea SpreadSocialYoung

forand Framework

Entrepreneurship

Changemaking

Changemaking

Change$$$2,920,718

1,961,380

5,101,491$

Supporting Services
Total

1,973,251

2021

Management$

11,956,840

and General$

4,586,993

Fundraising$497,681

Total$

5,084,674

$

Total

Total

Expenses

Expenses

17,041,514$

15,413,083

Payroll taxes

631,117

263,916

1,020,092

296,8022,211,927

909,11778,315

987,432

3,199,359

Employee benefits

366,931

173,196435,659

279,750

1,255,536

361,759

49,465411,224

1,666,760

1,799,077

2,827,712

1,286,725

2,136,220

880,406

7,131,063

1,976,697

108,537

2,085,234

9,216,297

10,661,695

727,653

402,538

417,318

704,766

2,252,275

620,288

26,825647,1132,899,388

3,386,620

7,474,131

4,087,755

9,110,780

4,134,975

24,807,641

8,454,854

760,823

9,215,677

34,023,318

34,293,233
5,255,472

Consulting
Outside services

3,032,758

Total personnel andrelated expenses
Fellowship

1,842,863---

1,842,863---

1,842,863

Office supplies and expenses

8,750

28,13011,882

2,920

51,682

46,142515

46,657

98,33980,729

Occupancy

75,642

99,148348,987

343,876

867,653

875,430

23,593899,023

1,766,676

1,651,998

Telephone, telex and facsimile

21,252

34,073

26,314

67,180148,819

42,518384

42,902

191,721102,671

Postage and messenger

4,069

3,792

14,1894,827

26,877

18,76362,854

81,617

108,494309,897

Printing and publications

5,009

10,1881,537

17,55534,2899,585

134,737

144,322

178,611

19,274Equipment rental and repair

5,355

2,705

8,922

2,544

19,526

21,878243

22,121

41,647

40,217Equipment expensed

40,63259,935

168,686

45,071

314,324

104,773

5,891

110,664

424,988336,470

Accounting and audit

32,43828,976

156,784

23,868242,066

337,792

7,829

345,621587,687

673,380

Bank and brokerage fees

11,567

21,87018,441

3,982

55,86056,075709

56,784112,644

83,638Travel333,272

331,867

152,397

59,239876,775

190,264

11,765

202,029

1,078,804

113,838

Conferences

72,126

185,065

70,73023,882351,80348,2742,255

50,529402,332

93,187

Miscellaneous expenses

385,089

13,57829,023-427,690

252,98813

253,001

680,691

93,322

Local transportation and meals
Awards41,54823,04042,931

19,596

127,115

47,713677

48,390175,505

41,6491,742,105

505,604

577,428

84,9722,910,109

78,905477

79,382

2,989,491

1,953,510
117,140

Dues, books, license fees and subscriptions

12,087

15,40154,478

14,831

96,797

46,996599

47,595

144,392

Training

13,112

10,74916,181

1,273

41,315

15,078113

15,19156,506

84,137

Insurance

15,514

18,62039,605

7,553

81,292

131,853

1,276

133,129

214,421

180,943

Taxes and penalties

13,7197,641

37,231

15,57874,169186,839

8,829

195,668

269,837

392,587

12,150,280

5,488,137

10,886,526

4,873,722

33,398,665

10,966,720

1,023,582

11,990,302

45,388,967

45,917,292

17,92812,26682,751

16,174

129,119

208,2512,514

210,765

339,884

868,991

Total expenses before
depreciation
Depreciation of equipment and write-off
Total expenses$

12,168,208$

5,500,403$

10,969,277$

4,889,896$

See notes to consolidated financial statements.

533,527,784$

11,174,971$

1,026,096$

12,201,067$

45,728,851$

46,786,283

Ashoka and Affiliates
Consolidated Statement of Cash Flows
Year Ended August 31, 2022
(With Comparative Totals for 2021)
2021

2022
Cash flows from operating activities:
Change in net assets
Adjustments to reconcile change in net assets to net cash (used in)provided by operating activities:
Depreciation, amortization and write-off
Net realized and unrealized loss (gain) on investments
Increase in allowance for uncollectible pledges
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 (used in) provided by operating activities$(3,582,217)$

23,668,646

339,884
5,601,952
19,66474,498(175,100)

868,991(9,774,749)
238,744
96,303(272,052)(1,900,146)
362,941(1,183,706)
265,762

1,007,273(2,205,965)(457,216)(258,474)
1,612,641
15,262,106

Cash flows from investing activities:
Purchases of property and equipment
Purchases of investments
Proceeds from sales or maturity of investments
Net cash provided by (used in) investing activities(460,605)(2,443,071)
5,519,783
2,616,107(306,844)(19,885,371)
6,607,429(13,584,786)

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

4,000,000(4,000,000)
175,100
175,100

3,500,000(3,500,000)
272,052
272,052

Net increase in cash and cash equivalents

2,333,991

1,949,372

18,317,112

16,367,740

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

See notes to consolidated financial statements.

6$

20,651,103$

18,317,112$

38,117$

19,264

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 Israel

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 Belgium

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.
Adopted accounting pronouncement: On September 2020, the Financial Accounting Standards Board(FASB) issued Accounting Standards Update (ASU) No. 2020-07, Not-for-Profit Entities (Topic 958):
Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The
amendments in this ASU is intended to increase the transparency of contributed nonfinancial assets, or
gifts-in-kind, for not-for-profit entities through enhanced presentation and disclosure. This ASU requiresthat nonfinancial assets are presented as separate line items in the consolidated statement of activities
and disclosures include a disaggregation of the amount contributed by category, a description of donor
restrictions if any, and valuation techniques for the contributed nonfinancial assets received. The update
was applied on a retrospective basis to the contributions recognized in the years ended August 31, 2022
and 2021.
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.

8

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 2.

Significant Accounting Policies (Continued)

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
statements 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$15,525,359 in foreign accounts, some of which are not insured as of August 31, 2022. 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.
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 promises to give arecomputed 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 of activities. Conditional promises to give are not included as support until the conditions aresubstantially met.
Ashoka determines whether an allowance for uncollectible promises to give should be provided foroutstanding promises to give receivable. Such estimates are based on management’s assessment of theaged basis of receivables, current economic conditions, subsequent cash receipts and historicalinformation. Receivables are written off against the allowance for uncollectible promises to give when all
reasonable collection efforts have been exhausted. The allowance for uncollectible promises to give was$308,846 at August 31, 2022.
9

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 2.

Significant Accounting Policies (Continued)

Contributions of nonfinancial assets: Contributions of nonfinancial assets consist of goods andservices provided by various organizations related to Ashoka’s mission as well as in the fields of law,
publications, television and strategic planning. The nonfinancial asset contributions are recorded at theirfair value as of the date the goods or services are provided.
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 (five 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 $4,781,197 as of August 31, 2022.
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 consolidated statement of activities. Those expenses include depreciation, rent,
information technology and leadership team cost which are allocated based on a weighted average ofglobal 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,financial assets and financial liabilities are translated into U.S. Dollars at the consolidated statement offinancial position date at the exchange rate in effect at year-end. Translation losses amounted to$4,835,784 for the year ended August 31, 2022.
Use of estimates: The preparation of consolidated financial statements, in conformity with generally
accepted accounting principles (U.S. GAAP), requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the consolidated financial statements and the reported amounts of revenue and expenses
during the reporting period. Actual results may differ from those estimates.

10

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 2.

Significant Accounting Policies (Continued)

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.
Prior period information: The consolidated financial statements include certain prior year summarizedcomparative information in total, but not by net asset class. Such information does not include sufficientdetail to constitute a presentation in conformity with U.S. GAAP. Accordingly, such information should beread in conjunction with Ashoka’s consolidated financial statements for the year ended August 31, 2021,
from which the summarized information was derived.
Reclassification: Certain reclassifications of amounts previously reported have been made to theaccompanying consolidated financial statements to maintain consistency between periods presented. The
reclassifications had no impact on previously reported net assets.
Recent accounting pronouncements: 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 to recognize lease assets and lease liabilities on the consolidated
statement financial position for all leases with terms longer than 12 months. Leases will be classified aseither finance or operating, with classification affecting the pattern of expense recognition in the
consolidated statement of activities. In June 2020, the FASB issued ASU 2020-05, Revenue fromContracts with Customers (Topic 606) and Leases (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 capitaland 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 has adopted and is currently implementing the new standard on the consolidated financial
statements.
Subsequent events: Ashoka has evaluated subsequent events through September 26, 2023, the dateon which the consolidated financial statements were available to be issued.
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 4.0% was used for the new promises to give received in the fiscal year
ended August 31, 2022.

11

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 3.

Promises to Give (Continued)

Unconditional promises to give as of August 31, 2022, 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.

$ 24,638,569
6,409,575
31,048,144(308,486)(293,187)$ 30,446,471

Investments and Fair Value Measurements

As of August 31, 2022, 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
Municipal bonds
U.S. treasuries$

6,750,235
3,876,887
9,603,179
2,692,634
1,063,648
89
65,00025,634,019$ 49,685,691

Investment loss for the year ended August 31, 2022, consists of the following:
Realized and unrealized loss, net
Interest and dividends
Investment management fees

$ (5,601,952)
1,817,206(1,651)$ (3,786,397)

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

12

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 4.

Investments and Fair Value Measurements (Continued)

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, 2022.
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, 2022:
Level 2

Level 1
Investments:
Cash and money market funds
Certificates of deposit
Equities
Mutual funds
Exchange traded funds
Real estate investment trusts
Municipal bonds
U.S. treasuries

Note 5.

$6,750,235
9,603,179
2,692,634
1,063,648
89
25,634,019$ 45,743,804$$

3,876,887
65,0003,941,887

Level 3
$

$

Total
-

$

6,750,235
3,876,887
9,603,179
2,692,634
1,063,648
89
65,00025,634,019$ 49,685,691

Property and Equipment, Net

Property and equipment as of August 31, 2022, are comprised of the following:
Furniture and equipment
Leasehold improvements
Software$1,049,088
169,7082,274,591
3,493,387(2,464,422)$ 1,028,965

Less accumulated depreciation and amortization

Depreciation and amortization expense was $339,884 for the year ended August 31, 2022.
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 for deposits having a maturity of
30 days, adjusted daily plus the percentage rate spread. The line of credit is secured by Ashoka’s
investment accounts. At August 31, 2022, the line of credit has no outstanding balance.

13

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 7.

et Assets With Donor Restrictions

Net assets with donor restrictions are available for the following purposes or periods at August 31, 2022:
Leading social entrepreneurship
Empathy and young changemaking
Organizing for changemaking
Idea spread and framework change
Fundraising
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$ 17,643,315
4,920,568
12,003,778
4,067,163
1,185,602
1,147,769
772,207722,418
240,334
822,943
248,342
159,355
936,518
26,181,281$ 71,051,593

Net assets were released from donor restrictions during the year ended August 31, 2022, 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

Note 8.

$ 10,360,155
5,168,344
7,062,717
3,325,565
361,824
683,860$ 26,962,465

Contributions of nonfinancial assets

Ashoka reports contributions of nonfinancial assets as contribution revenue and program expense uponreceipt. Accounting principles generally accepted in the United States of America (GAAP) allow
recognition of contributed services only if: (a) the services create or enhance nonfinancial assets or (b)the services would have been purchased if not provided by contribution, require specialized skills, and areprovided by individuals possessing those skills. Ashoka reports contributions of nonfinancial assets as
restricted support if they are received with donor-imposed time or purpose restrictions. When a donor
restriction expires or is satisfied, net assets with donor restrictions are reclassified to net assets without
donor restrictions and are reported in the accompanying consolidated statements of activities as net
assets released from restrictions. None of the contributed nonfinancial assets received were restricted inuse. All contributed nonfinancial assets are used in programmatic activities.
During the year ended August 31 2022, the value of contributed nonfinancial assets were related toservices of $2,686,739. These contributed services were included in the consulting and outside services
lines on the accompanying consolidated statement of functional expense.

14

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 9.

Endowments

Ashoka is building an endowment and now has 43 specific endowments that together totaled$32,589,494 on August 31, 2022. The individual endowments typically are given by individuals or
institutions to ensure permanent support in an area of concern to the donor and commonly are named tohonor 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 and adapt,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
with broad 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: Ben Bloom was a successful lawyer and businessman
who, as the son of immigrant parents, believed strongly in creating opportunities for others to succeed as
he had succeeded. This endowment has been established to honor his desire to provide opportunities for
those who are willing to work hard but need a chance in life. Anne, his lifelong partner, passed away in2019 and thoroughly agreed with him about providing opportunities for others. She would be honored to
add her name to this endowment. Established in 1996, expanded in 2019. Without donor restrictions.
The Columbia Ashoka Fellowships I and II: The Columbia Foundation created two endowments toenable 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 in1998 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.
15

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 9.

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 norestrictions.
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 the youth 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 andJudy 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 fieldof practical, 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
in Pakistan who was assassinated in 2013 following death threats for his work in education in poor
communities.

16

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 9.

Endowments (Continued)

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.
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 closefriend 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 andfather 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.

17

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 9.

Endowments (Continued)

The Richard H. Ullman Endowment: Dick Ullman cared deeply about others—from the wellbeing of theworld (reflected in his scholarly and journalistic work in the difficult field of international relations) to that ofhis students (who repeatedly rated him the best professor). As a young professor in the 1960s, heencouraged one of his undergraduate students in the early thinking that eventually led to Ashoka. Overthe ensuing decades he was always with Ashoka—sharing ideas, opening doors and serving on the North
America Council. Why was Ashoka such a close fit for Dick? One reason was that he believed in andhelped develop young people of values. This belief—plus, in the words of his students, his combination ofrigor and candor, his dry wit and his genuine kindness—changed many lives and, as a result, many
important foreign policy decisions. He intuitively knew why the Ashoka Fellows are so powerful, and herecognized the importance of supporting them. These qualities also allowed him to change the country’s
course more directly. In addition to teaching at Princeton University for 35 years, he headed the 1980s
Project of the Council on Foreign Relations, helped lead Foreign Policy magazine, and served on the
Editorial Board of the New York Times. Established in 2014.
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 to improve rural primaryeducation for Bangladeshi children attending government, non-government and community schools.
Nancy Hamilton Endowment: In memory of Nancy Hamilton, she loved what Ashoka stood for and its
ability to empower extraordinary individuals to help so many.
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) in Virginia 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

18Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 9.

Endowments (Continued)

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 look 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.
Ashoka’s endowment funds consist of the following at August 31, 2022:

Donor-restricted endowment funds$$

Without
Donor
Restrictions

With
Donor
Restrictions

Total

300,000
300,000$ 32,289,494$ 32,289,494$ 32,589,494$ 32,589,494

Return objectives and risk parameters: Ashoka has adopted investment and spending policies forendowment assets that attempt to provide a stream of returns that would be utilized to maintain thepurchasing power of the endowment assets and with the endowment trustees consent, to fund various
programs. Endowment assets include those assets 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, the endowment assets are invested in a manner that is intended to
produce results that exceed the price and yield results of the relevant market indices while assuming amoderate level of investment risk. Ashoka expects its endowment funds, over time, to provide an averagerate that will keep pace with or exceed inflation annually. Actual returns in any given year may vary fromthis amount.
Strategies employed for achieving objectives: To satisfy its long-term rate-of-return objectives,
Ashoka relies on a total return strategy in which investment returns are achieved through both capital
appreciation (realized and unrealized) and current yield (interest and dividends). Ashoka targets adiversified asset allocation that places a greater emphasis on 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) capital base and, over time, to cause the total value of funds to appreciate, exclusive of growthderived from donations.

19

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 9.

Endowments (Continued)

Funds with deficiencies: If an endowment falls in value beneath the inflation-adjusted value of theoriginal gift, the endowment trustees must rebuild it back up so that Ashoka’s commitment to maintain atleast the original endowment value in real terms is honored; however, everything the endowment trustees
do is on a five-year rolling basis. This allows judgment about what to do and when to do it. On August 31,
2022, there are no underwater Endowment funds in the Ashoka portfolio.
Endowment fund activity for the year ended August 31, 2022, consists of the following:

Endowment net assets, August 31, 2021
Interest and dividends
Net appreciation (realized and unrealized)
Contributions
Appropriation for expenditure
Investment fees
Endowment net assets, August 31, 2022

Note 10.

$$

Without
Donor
Restrictions

With
Donor
Restrictions

Total

300,000
300,000$ 35,252,740
1,664,769(4,501,563)
175,100(300,000)(1,552)$ 32,289,494$ 35,252,740
1,664,769(4,501,563)
475,100(300,000)(1,552)$ 32,589,494

Stipends Payable

Stipends payable at August 31, 2022, were as follows:
Prior year Fellows
New Fellows and extensions in 2022$$

GlobalEast and Southeast Asia
South Asia
AfricaMENA
Latin America
North America
Europe$$20

1,555,906
3,225,291
4,781,197
3,035,858
41,336
226,515
38,966
57,624
224,519
290,825
865,554
4,781,197

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 11.

Lease Obligations

Ashoka has negotiated operating leases for office space across different countries with varying tenures.
Ashoka entered into a new lease for office space subsequent to year-end. The new lease expires in 2035.
The minimum future lease payments under the terms of these operating leases are as follows:
Years ending August 31:
2023
2024
2025
2026
2027
Thereafter$$

179,962
43,642779,497862,131883,599
6,907,952
9,656,783

Rental expense for the year ended August 31, 2022, was $1,766,876.
Note 12.

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, 2022.
Note 13.

Commitments Budget

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 promises. The commitments budget reflects as expenses the full new commitments
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 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
commitments budget is managed on a worldwide basis, inclusive of all Ashoka affiliates.
During the fiscal year ended August 31, 2022, Ashoka spent (not including payments to Fellows
committed to and funded in prior years) and committed (to new Fellows) $39,486,859. Ashoka raised$37,809,973 (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) for
the year ended August 31, 2022. Ashoka’s utilization of commitments budget allowed it to grow its board
spread, or surplus, into future years.

21

Ashoka and Affiliates
Notes to Consolidated Financial Statements
Note 14.

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:$ 20,651,103
30,446,471
49,685,691
100,783,265

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

(300,000)(71,051,593)$ 29,431,672

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.

22